Gambling and casino bettings have been among the most passionate and alluring games for the human race. Some do it for fun, a few for leisure, and some have made a full-blown career out of this and are earning handsome figures. It has been around since the early human civilizations, with its roots going back to the early Romans, who made bets for their favourite gladiators. But with the changing world, this, too, has seen a lot of changes.
Gambling has become a popular industry, attracting more people to easy money and thrilling activities. There has been a need to shift the betting industry online so that no one feels left out, and this was facilitated by the global lockdown that was enforced all around the world. Ever since then, there have been various innovations that help keep the modern up and running. There are many online platforms, such as SatoshiHero, that host many games that people can play and win big.
Over time, there has been an evolution in the modes of payments as well. And the same has been felt in the gambling industry. Casinos are now starting to accept various cryptocurrencies, such as Bitcoin, as a mode of payment to facilitate easier payments and ensure their business is safe. The following article will discuss the same, as it follows a path in the evolution of cryptocurrency transactions:
Birth Of Cryptocurrency: The Late 2000s
The first cryptocurrency, Bitcoin, was launched in the market by an unknown Japanese entity in 2008. This was the first time that the world came in contact with a new form of currency that had the potential to replace all traditional ones. Bitcoin was first termed digital gold and saw a sudden boom in users and buyers. Over the next few years, it was a bit dull, but once it exploded, Bitcoin took the world ablaze and was the most popular digital currency, as it was the only one for a while.
Casinos back then were still using the traditional methods of payments and generally relied on cash and magnetic strip cards, either debit or credit. Sometimes, it has been reported that when the players run out of cash, they pawn anything valuable to them for that moment; as fate has it, they usually cannot retrieve these valuables.
It’s Growth And Rise With No Competition (Till 2015)
Bitcoin saw a slow market, with not many users and buyers showing interest in the unknown and unrecognized money exchange. It was not until 2011 that the market saw a sudden surge after it was mentioned in international news articles, and ever since, it has been a source of investment.
Before 2011, per coin was sold for a nominal price of $1. However, since the stories got people’s attention, it got expensive, with the initial price rising to a new record high of $10 that year. And ever since, the coins have been getting more expensive with every passing year.
Bitcoin was still not used as a medium of exchange of services until 2015, when Ethereum was born, which later gave competition to Bitcoin. Even the casino and gambling industry were influenced by the growing digital currency market but did not make a move to accept them initially. The reasons were obvious: these were not centralized, and no government blacked them. It could have all been a scam, and they did what was best for their business back then.
The Crypto Competition Post 2015
With the rise of Ethereum in the market, Bitcoin was now getting tough competition in the market. People, too, were now getting used to the idea of digital currencies and used to purchase items. Interestingly, the first transaction using Bitcoin was for a couple of pizzas from Papa John’s.
Many other cryptocurrencies were born as well after Ethereum saw success. This was also the time when NFT or non-fungible tokens were introduced as a concept in the pop market, which later took the market by storm by the end of the decade.
The casinos were now considering these new currencies, and there were only a handful of them which now accepted them as a mode of payment. This was the start of a trend and a much more reliable business plan that they were to understand in the long run.
The Pandemic And Ever Since
Ever since the world was forced to be cooped up indoors following the global pandemic and mass lockdown in early 2020, people started to invest more in these digital currencies as various celebrities started to endorse them. Bitcoin and various other cryptocurrencies saw a significant surge in consumption and transactions. This was also the time when the major outlets and brands started to accept all forms of cryptocurrencies as payment methods.
NFTs and digital currencies are now accepted in most casinos, as most of them have now shifted to the online domain. This not only allowed them to be more collaborative and open to various individuals from all around the world but also made them realize that this was a foolproof plan that would help them prevent losses. They saw that adding the relatively new payment method alongside the old ones gave them better access to get their money from players and gamblers, who otherwise would have been crippled with debts.
All in all, it was a suitable move for the casino and gambling sector to incorporate the newer technologies, as it allowed them to expand their business in ways that were never seen before. With the development of more technologies, such as AI, AR and VR, casinos are planning to give users a feel of the real deal from the comfort of their homes soon.
Change is the only thing that is constant in this universe. With the incorporation of new technologies and making payments with Bitcoin and other digital currencies, casinos have made their market more lucrative.