How Online Gambling has Embraced Crypto Currency and Why

By August 29, 2016Bitcoin Business

Unlike several years ago, when online casinos were too afraid to embrace Bitcoin as a currency for a number of reasons – be it the fear of attacks, instability, or its negative association with criminal collectives, the cryptocurrency is nowadays freely accepted in many online casinos like these , some of which even exclusively offer Bitcoins for their withdrawals and payments. However, the road to using Bitcoin for online gambling wasn’t always as smooth as it is today. How Casinos Changed Their Mind If you’re already familiar with the history of Bitcoin, or have been following this website in general, you’ve probably already heard about Satoshi Dice – a pioneering gambling site that exclusively deals with Bitcoins. When Satoshi Dice was launched back in 2012, it was met with much enthusiasm from Bitcoin users as it gave players a new dose of anonymity and freedom unseen before in the gambling world. The site quickly grew and was sold a year after, inspiring other casino operators to look into the digital currency that made the site successful. Part of that success was owed to the period in which the casino was launched. The global economic crisis of 2012 has left many wondering about what commodity is worth investing in next following the recession that hit that year. This inspired many to start investing in Bitcoin, which drastically raised the price of the currency and created another problem that casinos would solve in the upcoming years – exchanging Bitcoins or even doubling them. The rest is history, as throughout the following years more and more operators became aware of the convenience and benefits of using Bitcoin – the most important of which being bypassing regulatory restrictions – and other online casinos introduced the cryptocurrency or launched their platforms with the intention […]

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