Initially, this was made for a reward process called mining. A year after it was created, it was made available to the public. The first-ever online purchase made with Bitcoin was from Laszlo Hanyecz. He purchased two boxes of pizza for 10,000 BTC or 30 US dollars in 2010.
Since then, Bitcoin has come a long way. Its value has dramatically risen in the last decade. A BTC right now is valued at around 6,600 US dollars and this is used in many online transactions. The online casino industry has adapted its use too. You can now play online casino games and even the classic board game Monopoly with Bitcoin nowadays.
Since cryptocurrencies are decentralized, this has become a convenient payment option for many. Especially for online casinos. Banks are usually strict when it comes to gambling transactions and using cryptocurrencies helps gamblers avoid such problems.
Typically, crypto transactions are faster because unlike with banks, approvals are no longer needed. It’s also generally safer. If you are one of those people who are always hesitant about disclosing your bank information and personal details online, this is the best option for you.
To transact with cryptos, you only really need a crypto wallet or address. Every time you transact with an online casino, there’s no need to disclose other information aside from that. Of course, online casinos will still need a bit of your personal information like your age to make sure that they are not transacting with a minor.
There are now many online casinos that would accept cryptocurrencies. The traditional online casinos have already added this as an option for their players as there are people who’d rather gamble with cryptos. There are also the so-called Bitcoin casinos that only transact with cryptocurrency users.
On these casinos, you can play classic games like poker, blackjack, roulette, baccarat, the slots, and many more. You can also wager on sports like football and basketball with your cryptos. There are also online lotteries that accept such digital currency.
When it comes to the legality of Bitcoin gambling, this depends on where you are. The operations of Bitcoin casinos in the US are still illegal, but there’s no law that the Americans can’t gamble with Bitcoin casinos located outside the country.
This is why many online casino operators are based outside the US. The Isle of Man is a popular place where these online casinos are based. In fact, this is known to be a hotspot for Bitcoin casinos since the Isle of Man has already acknowledged the use of cryptocurrencies. This means that in the Isle of Man, cryptocurrencies are at the same level as fiat currencies.
The challenge that the authorities and governments have when it comes to allowing the operations of Bitcoin casinos lies in how it can be taxed and controlled. It is possible that this gets settled in the US in the future, but right now, this still remains a topic that has not yet been thoroughly discussed by the government.
Countries like Japan, on the other hand, regulates the use of cryptocurrencies. This makes sense as Japan is one of the countries that use cryptos a lot. However, crypto gambling is still not that popular over there. It could be because of what happened to Mt. Gox, a crypto-exchange platform in Japan, in 2014. Mt. Gox got hacked and it is the first in the history of Bitcoin. It is something that’s hard to forget.
Overall, crypto-gambling is still on the rise in the different parts of the world. It can very well be the future of online gambling because of its benefits. Regardless of whether it’s a stable currency or not, this remains convenient for many people online.