Upon seeing this cryptocurrency as one of the payment options on a casino, you are now curious to know how Bitcoin landed in the casinos. Although many people do not care what banking selections they use on top up money on their account, you know that using Bitcoin provides plenty of benefits, which include safety, convenience, and savings.
Here is a short story for you to know how casinos started using bitcoin as a payment method.
Before the Creation of Bitcoin
People indeed recognize Bitcoin as the first currency. However, before its creation, there were already attempts to make cryptocurrencies that have value and encryption. It included Bit Gold, but it did not become as successful as Bitcoin.
The Invention of Bitcoin.
Until now, nobody knows who invented this valuable cryptocurrency. All that people know is that a guy named Satoshi Nakamoto created it. Nakamoto posted a paper with a title, “Bitcoin – Peer to Peer Electronic Cash System.” This system he created aimed to transfer money without anybody, such as banks, controlling the transaction.
People who wanted to use it should own encrypted wallets that hold this cryptocurrency. These wallets have signatures that ensure legit transactions. To acquire bitcoin, users must mine it through the computing power of their devices.
Because of Nakamoto's astounding idea, its use spread like wildfire, especially on a dark web site called Silk Road, where people bought illegal drugs. In 2009 when Bitcoin became available to the public and Nakamoto handed the project down to tech experts.
Popularity of Bitcoin
Words spread fast. In 2010, BitcoinMarket.com, a Bitcoin exchange website, started its operation. At that time, one of Bitcoin's value was only 0.003 dollars.
A man named Laszlo Hanyecz was the first one to use Bitcoin to pay for legal purchase. With his 10,000 Bitcoin, which could have been multi-million dollars today, he bought two pizzas in Florida. At that time, Bitcoin’s value was 0.01 dollars.
In July 2010, Bitcoin became increasingly popular, which made it more valuable than it was before. From that 0.01 dollars at the time of Hanyecz’s purchase, it increased to 0.08 USD. More and more people became interested in this cryptocurrency because of its increasing value, which is how Bitcoin landed in the casinos.
Landing on to the Casinos
Because Bitcoin eliminates the middle man for transactions, it is no wonder why casinos use it as one of its payment methods. Independent casinos like BitStarz was the first casinos to use Bitcoin.
Famous casinos like Grand Eagle incorporated this option to its operation. Land-based casinos like Two Vegas also started using this payment option. With this currency, you can already gamble and buy products in its area.
Now that you know how Bitcoin landed in the casinos, you can try to experience using it as your deposit option on your next game.