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The rise of Bitcoin is having a positive impact on the gambling industry

No matter what the United States decides to do, cryptocurrency is an extremely safe way to gamble.

physical bitcoin on table
Image: Unsplash

In 2017, the Bitcoin revolution began. This was because the popularity of cryptocurrency reached previously unseen highs. The value reached an unprecedented $20,000 per Bitcoin. This was when the eyes of the world started noticing the true potential of cryptocurrency. The main reason this phenomenon was so surprising was that by 2017, cryptocurrency was far from being new.

Bitcoin was first made available way back in 2009. When the public was first able to purchase Bitcoin, the cryptocurrency was worth less than a single dollar. This may have been part of the reason Bitcoin had not yet become popular. This was also when so many people became interested in mining. This is the term used to describe the way the cryptocurrency is made.

In the beginning, the purpose of cryptocurrency was to make an exchange for a wide variety of services and products. In some cases, Bitcoin was being used as a trade for other types of currency. Papa Johns will always be remembered as the company responsible for the very first commercial Bitcoin transaction. History was made when a pizza was purchased using this relatively new type of currency.

As time began to pass, transactions involving cryptocurrency became more and more popular. One of the industries that always seem to be on the cutting edge is gambling. This is why it was no surprise when casinos began accepting many different types of cryptocurrency including Bitcoin. In 2012, the gambling industry turned yet another milestone by accepting Bitcoin. This resulted in a nice increase in cryptocurrency transactions.

digital bitcoin image
Image: Blockchain Global

Once the casino industry became involved, the number of transactions involving Bitcoin continued to increase. A lot of people believe 2012 was an important year. This is because people were able to gamble with true anonymity for the first time. Many people still believe this is one of the most exceptional benefits offered by cryptocurrency. In 2013, the Bitcoin phenomenon relating to the gambling industry was examined more closely.

The determination was made that more than half of all transactions involving Bitcoin were coming from the casino sector. Ever since then, more and more casinos have begun accepting Bitcoin from their clientele. More recently, some of the online casinos have decided cryptocurrency is the way of the future. These are now the only acceptable transactions for these online casinos.

Additional research was performed in 2014 regarding the connection between the gambling industry and cryptocurrency. The results showed players have bet in excess of $4.5 billion using cryptocurrency. Gambling with Bitcoin is increasing quickly and consistently. This is believed by many to represent the future of the casino industry. Part of the reason for the popularity is the anonymous nature of cryptocurrency.

Both the casino operators and the players have been enjoying all of the benefits of cryptocurrency. There are numerous benefits for the casino operators. The time necessary for the average casino to open their doors to the public is two or three months. Bitcoin has considerably shortened this process. A casino accepting Bitcoin can become operational in just two or three weeks.

Due to decentralization, the operators of online casinos can make transactions much less expensively with cryptocurrency than with the traditional currencies of the past. Decentralization has eliminated the need for processing debit, credit and bank transactions through the use of a third-party provider. One of the key benefits for the players is the anonymity offered by cryptocurrency.

cryptocurrency bitcoin price fluctuations
Image: Unsplash

When a player has their gambling transaction process by a bank, they are subjected to very strict rules and regulations. The decentralization of cryptocurrency means this obstacle has been completely eliminated. The player no longer has to wait for the banks to grant approval for their gambling transactions. This has resulted in an upsurge of offshore gambling because it is now more convenient and much easier.

Players can have their transactions approved a lot faster and more simply when they are making wagers at offshore casinos. This is extremely beneficial for players interested in enjoying their favorite games while they are traveling. Another excellent benefit is the deals and promotions becoming available through both online casinos and casinos now accepting cryptocurrency. Bitcoin casinos are able to provide their players with better offers than traditional casinos.

Gambling using Bitcoin is still fairly new. Despite this, the gambling sector is growing more quickly due to cryptocurrency. Modern casinos have become interested in obtaining more players who want to gamble using Bitcoin. The statistics for Bitcoin are nothing short of amazing. The equivalent of the $4.5 million already bet using Bitcoin is 24.5 million transactions. Bitcoin has become so popular, there are 337 placers making a wager every minute using three Bitcoin.

There is no longer any doubt the players using Bitcoin to gamble are at least partially responsible for the current growth of cryptocurrency. One of the most popular choices for storing Bitcoin is a cryptocurrency wallet. As more and more players are making bets using Bitcoin, the amount of active wallets has substantially increased.

The belief is this will trigger more players to start frequenting casinos accepting cryptocurrency. Unfortunately, the laws of the United States do not allow Bitcoin casinos. The majority of the casino sector accepting cryptocurrency is currently located outside of the United States. There are still a lot of gamblers in the United States who prefer to use cryptocurrency when they play their favorite games. The number of these players is expected to increase as more time passes.

There is always a chance Bitcoin gambling will one day become legalized within the United States. The Bitcoin gambling sector has not yet had enough time to become fully established. In time, the United States government may very well consider new legislation legalizing Bitcoin gambling. No matter what the United States decides to do, cryptocurrency is an extremely safe way to gamble. The players simply love anonymity.

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Chris has been blogging since the early days of the internet. He primarily focuses on topics related to tech, business, marketing, and pretty much anything else that revolves around tech. When he's not writing, you can find him noodling around on a guitar or cooking up a mean storm for friends and family.


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