Bitcoin is a new kind of money or virtual currency. It is very innovative payment network introduced eight years ago on 3rd of January in 2009. Bitcoin is a global digital payment system and cryptocurrency known as the very first entirely decentralized virtual currency since this system works without a single administrator and repository. Bitcoin system was invented by an unknown programmer or a group of programmers who use the name, Satoshi Nakamoto. The software was released as open-source using a peer-to-peer system which means that all transactions take place immediately and directly between users without any intermediary. All Bitcoin transactions are further verified by network nodes as well as recorded in a public ledger known as Blockchain.
Bitcoin is created mainly as a reward for mining, but this virtual currency may be exchanged for other virtual currencies or fiat money, various products as well as services. Over 100,000 vendors and merchants accepted Bitcoin as payment since 2015. According to sto same recent studies conducted in 2017, there are between 2.9 and 5.8 million users using a virtual currency wallet and most of them are using Bitcoin. The Bitcoin system like we said uses a top-notch peer-to-peer technology in order to operate with no any authority like banks managing Bitcoin transactions. The issuing of Bitcoin is entirely carried out collectively by the network. It should be noted that nobody controls and owns Bitcoin and that everyone from all over the world can take part. Bitcoin allows very exciting uses which couldn’t be carried by any traditional payment systems. It allows fast and secure peer-to-peer worldwide transactions and payments in low processing fees.
There is no one who can deny that virtual currencies especially Bitcoin will change the future of money. Virtual currencies have become more and more relevant as trade in relevant online marketplaces and Bitcoin and other similar currencies continue to expand and grow and online gambling market has been influenced as well. Thousands of business all over the globe accept virtual currencies as they shed their former image as a certain currency mainly used as payment for some illegal goods online.
Majority of reputable online businesses are beginning to accept virtual currencies namely Bitcoin like Overstock, Wordpress, Etsy, and Amazon. Therefore, there is no surprise in the fact that majority of gambling providers prefer the use of Bitcoin. Everyone is betting on Bitcoin since the virtual currency is something which is really integral to the certain way the Internet is going. Bitcoin remains to be the first of such kind and the most transparent commodity since every transaction trace is left in a certain public ledger Blockchain. This is of great importance when it comes to the preventing people spending their bitcoins more than once. It should be noted that Bitcoin transactions are way quicker and faster in comparison to some traditional payment methods.
Gambling is a huge industry and ever-growing business. It should be noted that online gambling industry, in fact, represents about 8% of that growing gambling business. Currently Bitcoin gambling accounts for a tiny percentage when it comes to the total online gambling revenue, but it is more than apparent that the potential and opportunity existing is what will significantly increase that currently tiny percentage. There are many advantages when it comes to the Bitcoin gambling like speedy payments and low-cost. Therefore, virtual currency-based online gambling companies are doing the best. It is more than apparent that overall Bitcoin world simply loves to gamble regardless of the form. One of the first Bitcoin-based online gambling sites is SatoshiDice designed by Eric Voorhees. More than half of the transactions on the Bitcoin network were used in order to transmit bets to this online gambling venue.
It should be pointed out that more than 5% of the total value of all Bitcoin transactions were, in fact, flowing to SantoshiDice. This means a lot of small transactions. Ivan Montik, CEO at major online gambling company SoftSwiss providing software for various entrepreneurs, recently stated that the company got about four hundred requests for launching a Bitcoin-based casino in the last couple of months which speaks greatly about this latest dominance of Bitcoin in the online gambling industry.
When it comes to the success of virtual currency in this certain industry, it really depends on several factors including the most important one, regulation. There are many countries like the United States where you can encounter some very strict gambling laws. The US Justice Department back in 2006 introduced UIGEA or the Unlawful Internet Gambling Enforcement Act that is designed to quell the latest rising tide of online gambling venus. This law act made it illegal for US residents to process any payments using banks. Further, the US government raided the most popular online gambling venue which had a certain chilling effect on various online poker sites based in the United States.
However, Bitcoin has emboldened entrepreneurs who allow US residents to access online gambling venus using the virtual currency. One of those sites Seals with Clubs which is managed poker player Bryan Micon. This means that Seals is entirely open to the world since the site is purely Bitcoin-based and no banking is done on the site. Bitcoin enables players from those countries with very strict online gambling laws to enjoy in online gambling using the numerous advantages of Bitcoin. On the other hand, it seems like that some states are softening their approaches to online gambling like Delaware that recently has allowed online gambling. By all accounts, things are opening up in the United States which is most certainly creating a positive environment for Bitcoin-based gambling sites which are already operating there. When it comes to the Bitcoin, we have to mention the very innovative nature of Bitcoin community. Bitcoin is absolutely innovative environment so it is not surprising that majority of new technologies and different gaming models have accepted Bitcoin. We have to mention SantoshiDice again since that is the purest model of Bitcoin innovation. SantoshiDice was the first to introduce the concept where players are a part of the bank, and this concept turned out to be the ultimate marketing vehicle. The industry is maturing since we witness that majority of gaming industry experts are coming with an amazing wealth of overall gaming industry experience and knowledge, and a majority of them turn to Bitcoin. It is fair to say that future of Bitcoin in inline gambling industry looks more than bright.
When it comes to the Bitcoin, we have to mention the very innovative nature of Bitcoin community. Bitcoin is absolutely innovative environment so it is not surprising that majority of new technologies and different gaming models have accepted Bitcoin. We have to mention SantoshiDice again since that is the purest model of Bitcoin innovation. SantoshiDice was the first to introduce the concept where players are a part of the bank, and this concept turned out to be the ultimate marketing vehicle. The industry is maturing since we witness that majority of gaming industry experts are coming with an amazing wealth of overall gaming industry experience and knowledge, and a majority of them turn to Bitcoin. It is fair to say that future of Bitcoin in inline gambling industry looks more than bright.