When online casinos first appeared, players were looking for speedy transfers and security. Bank transfers and credit/debit cards were the only possible payment options. E-wallets came to the market later.
Recently, Crypto came onboard and transcended prior options in respect to — decentralization, anonymous transactions and speed.
⏳ Let’s take you down memory lane…
Ever since it was introduced to the market in 2009, it emerged as a potential use case for online gambling. Since it’s not associated with banks, it became the perfect vessel for online gambling transactions. There was only one problem — it’s not a legal payment method around the world.
It took a while for the online gambling market to warm up to the cryptocurrency idea. The first such casino was SatoshiDice, obviously an homage to the mysterious creator of Bitcoin, Satoshi Nakamoto. It launched in 2012, 3 years after Bitcoin’s whitepaper hit the Internet. It was the first casino to implement Bitcoin payments and feature the famous Satoshi dice game 🎲
This was quickly followed by other well-known digital currencies, such as Ethereum and XRP Ripple, which appeared shortly after that. Aside from cryptocurrency, non-fungible tokens (also known as NFTs) are a revolutionary new idea born out of the blockchain revolution.
The anonymity and distributed nature of these online gaming platforms began to appeal to an ever-increasing number of users worldwide.
SatoshiDice introduced Bitcoin to the online gambling space and set an example for many similar gaming sites. Now, Bitcoin and cryptocurrencies are getting implemented in many virtual businesses, and online casinos are on top of the list. While the number of Bitcoin casinos was low in the past, it’s skyrocketing in recent years. There number of cryptocurrency casinos has greatly multiplied.
đź’ˇ Crypto Benefit To The Online Casino Market
For one thing, players are able to gamble with decentralized digital currency. This is much safer and also helps prevent fraud and account hacking.
Instead of using conventional methods where information and data can be tampered with, crytocurrency eliminates these risks. If you have gambled online in the past, you know that many sites have restrictions in regards to who can open a real money account and not all sites were accessible to players.
In addition, some players may be restricted from using certain payment methods, such as credit and debit cards. With crypto gambling, these issues are addressed.
It is now easier to manage personal finances, decentralization has erased all boarders and you can play any game from all over the world using any currencies (crypto) you want.
đź”® What Does The Future Hold For Crypto Gaming?
From the Bitslot Team’s point of view, the future of online casinos seems very bright and promising 🌟
Crypto/Blockchain is a technology that cannot be disregarded. For this reason, we should expect to see more widespread use of Crypto in the casino world.
đź’š Visit www.Bitslot.io to play your loved games using your favorite cryptocurrencies!
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