Bitcoin Gambling History

Bitcoin is the first and most popular cryptocurrency in the world. Since it was first released in 2009, the currency has rapidly received widespread acceptance worldwide. Today, it is an acceptable payment method in many business spaces. Like most businesses, some online casinos have also openly received Bitcoin as an acceptable payment method. In this post, you will learn about Bitcoin gambling history in the USA and its future.

Blockchain & Cryptocurrencies Explained

Blockchain is a shared ledger that keeps record of every cryptocurrency payment. It is a decentralized network that allows the transfer of digital currency like Bitcoin from peer to peer without third-party verification. Most cryptocurrencies have their blockchain, which allows them to maintain a secure record of transactions.

Unlike traditional currencies, cryptos are stored only in digital wallets.

Cryptocurrencies, however, are digital currencies created using encryption algorithms. They are not connected to banks or other financial organizations. Due to the use of encryption tech, cryptocurrencies are used as currencies and a virtual accounting system.

Blockchain Gambling Site Development

A blockchain gambling site is a website that uses encrypted withdrawals and deposits where people can play casino games or place sports bets. On such sites, there are no other payment options like debit/credit cards, bank transfers, or e-wallets; players can only use cryptocurrencies like Bitcoin, Ethereum, Dogecoin, etc.

History of the First Bitcoin Gambling Casino Appearance

After the launch of Bitcoin in 2009, it was not immediately accepted as a payment means by many casinos and other establishments. Three years after Bitcoin hit the market, the first Bitcoin gambling casino launched. This was in 2012, and it was called SatoshiDice, in homage to the mystery man behind the creation of Bitcoin, Satoshi Nakamoto.

SatoshiDice was the first casino ever to accept Bitcoin payment, and it thrived for a while, allowing players to enjoy their favorite games. Unfortunately, just a year after its launch, the casino stopped catering to US players due to some legal issues. However, many other casinos got inspiration from SatoshiDice, and more of them continued the trend.

Bitcoin Gambling Features

The history of Bitcoin gambling features a lot of changes especially in the growing acceptance of the currency as a means of payment in casinos. Gamblers have recently been choosing crypto options instead of traditional payment methods. This is not surprising, considering the amazing features that Bitcoin gambling presents.

Privacy, Anonymity & Decentralization

This feature is one of the many reasons why players opt for Bitcoin gambling. Many gamblers want their gaming experience to be hush-hush; hence privacy is a priority. With Bitcoin gambling, you do not have to provide personal information or submit documents to play. Also, Bitcoin’s decentralization means it has no connections to banks or the government. As a result, you can keep your gambling activities away from prying eyes.

Trust, Safety & Security

Gambling with Bitcoin is possibly the safest due to blockchain technology. You can trust that your information and other essential data will be safe from external bodies. You can safely conduct deposits and withdrawals while enjoying a rewarding gambling experience.

Affordable, Convenient, and Fast Banking Options

With other traditional payment methods, there are usually waiting periods and transaction fees charged when players make deposits or withdraw their winnings.

This is not the case with Bitcoin gambling, where you are offered fast and convenient transactions with little or no fees.

There are no third parties like banks that will cause long wait periods (to approve the payment) and steeper transaction costs.

Taxes

In the history of Bitcoin gambling, taxes have been a major topic of discussion among gamblers. Like other casino winnings, Bitcoin gambling wins are taxed. However, the tax you pay on your winnings at a Bitcoin casino will be based on the value of the crypto currency at the time you receive the winnings.

More Bonus Offers for Players

Bitcoin casinos have some of the best bonus offers for players, better than casinos that accept traditional payment methods. You can enjoy daily, weekly, and monthly promo offers and deals, giving you a better opportunity to enjoy free cash, spins, and other bonuses.

Guide on How to Play BTC Casinos

Playing at Bitcoin casinos is as easy as playing in every other online casino. There are no technical steps you have to take first before you can start your gambling journey. These easy steps will guide you through the process:

1. Choose a Bitcoin Gambling Site and Register. Right now, there are many Bitcoin casinos in the market. Do your research, find one suitable for you, and register an account. Registering an account should be easy since you will be required only to provide a few pieces of information like your name, age, means of ID, and location.
2. Get a Crypto Wallet. There are many crypto wallets right now that are safe and trustworthy, like Binance, Coinbase, Trust Wallet, etc. Register with any of these or any other of your choice to hold your currency. After you have registered an account, you can purchase and store your Bitcoin.
3. Make a Deposit into your Casino Account. Once you have purchased your Bitcoin, you can easily deposit it into your casino account. Simply provide your crypto wallet address to the casino and the amount you want to deposit. The funds will be deposited instantly or within a few minutes.

After that, you can play your favorite casino games; choose any you want.

Advantages & Disadvantages of Online Casinos With Crypto

As cryptocurrencies receive more acceptance worldwide, more casinos are beginning to receive Bitcoin (and other cryptos) payments. This is great because it gives users more and slightly better payment options when gambling online. However, before diving into cryptocurrency gambling, ensure you learn all the advantages and disadvantages.

As with everything else, crypto gambling will not always be the best option for everyone. So, to determine if it is the best fit for you, you must know its pros and cons.

Crypto Casinos Trend & Future

According to experts, cryptocurrency is the future of online gambling. The question is, what exact time in the future? Since its launch, cryptocurrency has steadily gained recognition and acceptance worldwide. However, it is meeting resistance in some sectors for some reasons. The most compelling reason is its volatility.

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Due to how rapidly these digital currencies rise and fall, they are considered highly unstable. As a result, it is difficult for some casinos to entirely embrace crypto payments. Nevertheless, it is evident that the pros outweigh the cons. So, we can expect that there will be more crypto casinos and more players choosing to gamble with cryptocurrencies in the future.

Alternative Cryptocurrencies for Gambling

While Bitcoin is the most popular cryptocurrency used for online gambling (and in everything else), it is not the only crypto accepted by online casinos. Most sites that accept Bitcoin also allow their players to use other cryptocurrencies. Some other alternative cryptocurrencies that are also used for gambling are Ethereum, Litecoin, Ripple, Dogecoin, and Bitcoin Cash.

Myths of Bitcoin Gambling History

There are many myths surrounding Bitcoin gambling history; however, the most common is the anonymity of Bitcoin. Most people believe that Bitcoin gambling transactions are completely anonymous. This is not entirely true because most casinos find it necessary to verify the identity of their players, even though not by name.

This is why you must read through the terms and conditions of the casino you sign up with to know how they deal with your information.

Best Bitcoin Casino Sites

Bitcoin gambling history in the USA is pretty rich; many Bitcoin casino sites in the U.S. are legit and have multiple games lined up. While most of them are simply great and can provide satisfactory gambling experiences, these are our top picks.