Bitcoin started as an underground payment method but it quickly evolved into one of the most popular banking options in online casinos worldwide. As time went by, new cryptocurrencies emerged, but BTC remained an undisputed leader in the field.
Gamblers love crypto as it enables them fast and anonymous transactions. Although the number of casinos requesting players to complete ID verification is increasing, this payment option comes with less hassle than traditional banking options such as credit cards and e-wallets.
In the following guide, you will get an insight into the history of Bitcoin while learning more on how it works at online casinos. Plus, you will find out its pros and cons, familiarize yourself with Bitcoin bonuses, and much more. Stay tuned!
Bitcoin is a completely cyber form of currency using a series of characters to build up a unique identifier to make the cryptocurrency unique. This digital asset was created in 2008 by Satoshi Nakamoto, whose identity remains unknown. It is unclear whether that’s a real person’s name, an alias, or it could even represent a group of people.
This currency is created through a process known as mining, where computers use their computing resources to try to form this currency. Thanks to its peer-to-peer use, anonymity, and the fact that the currency is decentralized, meaning that it can’t simply be taken away from you by a government entity, BTC’s popularity surged to the highest heights.
Worth noting is that Bitcoin has continuously been the target of hackers, seeking out ways to gain access to people’s private wallets and coins. What’s even more, prices for this currency have been fluctuating wildly. Starting at a few cents when it first popped onto the market it now skyrocketed to tens of thousands, making its value unstable.
Controversial as it is, in 2013 Bitcoin ended up in the news, as banks in Cyprus ended up seeing many residents of the island country pulling their money from the banks and investing in the currency. The reason for this was the teetering financial stability of the country, confirming that BTC is much more than just a temporary craze.
While it is true that Bitcoin mining is becoming more and more difficult and the fluctuations in price are a definite concern, the casino industry and crypto enthusiasts are still positive that BTC is here to stay.
