The Evolution of Online Bitcoin Gaming

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( — September 17, 2019) — Just a few years ago, not many people knew what Bitcoin was. They knew it was a digital currency but they didn’t understand anything about it. Most people weren’t interested in learning because it didn’t affect them. However, today, the situation is quite different, especially when it comes to the online gaming market. 

Bitcoin and online gaming have evolved hand in hand and are inseparable today. They go well together, as Bitcoin has some very important advantages over traditional fiat currencies that players are slowly getting used to.

Let’s take a closer look at the evolution of Bitcoin, online Bitcoin Table games (and other popular casino titles), and their position in the industry today.

The Humble Beginnings of Bitcoin

Bitcoin was invented in 2009 by a man called Satoshi Nakamoto, whose identity is not entirely known. Its source became public in 2009, which is when Bitcoin officially came to life. 

Since then, Bitcoin has had a turbulent history. In the beginning, it was worth next to nothing. Still, opportunistic people bought large quantities of it, hoping they would earn something when the prices spiked. 

Many forgot about it or sold it prematurely, which cost them dearly after a couple of years. Bitcoin reached its peak value in December 2017, when one BTC was worth $19,783.06. 

The Acceptance into the Online Gaming Realms

Soon after Bitcoin went public and people started learning about it, it became obvious that it is the perfect solution for online gaming woes. One by one, online casinos started adding BTC to their long lists of payment methods.

In 2015, traditional Las Vegas casinos started accepting Bitcoin as a payment method for buying small items. Soon after that, they started accepting it as a fully legitimate gaming payment option. 

Following in their footsteps, more and more operators, both online and offline, began to introduce BTC. Consequently, more and more players began using it, recognizing its benefits, some of which include improved safety, more privacy, and a chance to profit in the long run.

Bitcoin in the Online Gaming Industry Today

Today, the Bitcoin online gaming market is divided into two groups. The first group represents Bitcoin-specific casinos that only accept BTC and some other cryptocurrencies as legitimate payment methods. 

The other group consists of online casinos that accept Bitcoin, several other cryptos, and many other fiat-based payment options. The second group is much larger than the first one, but Bitcoin-specific casinos are on the rise as well. 

The overall sentiment in the online gaming industry when it comes to Bitcoin is quite positive. A lot of players use it and reap the benefits it provides. 

How Bitcoin Changed the Market

Bitcoin has had an immense effect on the entire online gaming market. It has made it much safer and much more approachable to people who found it risky beforehand. 

At first, Bitcoin was considered to be a shady business, to say the least. Most people used to believe it was only used by drug traffickers, criminals, and terrorists. However, that changed quickly after ordinary people learned about the benefits of the pseudo-anonymous environment Bitcoin provides. 

Before Bitcasinos came around, players had to go through lengthy authentication processes before they could register and deposit money. Moreover, their withdrawal requests could only be completed after time-consuming verifications were executed. 

That meant a lot of personal and sensitive information had to be shared with casinos, which put players at risk of hackers who would occasionally steal this information and use it for various criminal acts. 

Today, deposits and withdrawals are completed in a matter of minutes using Bitcoin. Plus, there’s no need to share any private information in the process. Players can stay anonymous and enjoy lower fees as well. 

Why Operators Should Accept Bitcoin Payments

There are many reasons why online casino operators should consider accepting Bitcoin payments, apart from the ones listed above. Here are some of the most important ones:

  • First of all, starting a Bitcoin online casino is much simpler than starting an online casino that uses fiat currencies. In terms of time, operation costs, and setup expenses, a Bitcoin casino is a much better choice than a traditional one. 
  • Transaction fees are very low or even non-existent with Bitcoin. That allows operators to be more competitive on the market by offering higher payouts and better odds. 
  • You can reach more customers and accept players from a variety of countries around the world. All they need is an internet connection and some BTC in their wallet.