Important Milestones in the Evolution of Bitcoin Casinos

Gambling has undergone many transformations through the years. From its humble beginning as simple games of chance, it has grown into a huge multi-billion enterprise. As the popularity of gambling grew, its mode of operation also changed. The traditional brick and mortar casinos have quickly morphed into online gaming sites where no one needs to physically present at the gambling site. The introduction of bitcoins as an alternative means of payment has dramatically changed the stage for gaming. The following are some significant milestones in the evolution of bitcoin casinos in the world:

The introduction and use of bitcoins

One of the greatest influences in gambling is perhaps the introduction and use of bitcoins. Many people attribute the concept of bitcoins to a group of unidentified software programmers working under the aegis of one Satoshi Nakamoto. Bitcoin first saw the light of day on October 31, 2008, on a cryptography mailing list. It is an open-source software that allows peer-to-peer transactions; hence, eliminating the need for intermediaries.

The emergence of bitcoins gave a new push to the betting sector and online gambling industry. Bitcoin, unlike conventional payment methods that involve the use of currencies, do not require intermediaries such as banks. Gamblers love discretion and find this method of transaction quite convenient. Another factor endearing bitcoin to gamblers is its speed – a few seconds are usually enough to complete a transaction. Betting enthusiasts also like the fact that bitcoins are safely stored on a secure online platform. Moreover, there is a touch of transparency as every transaction is recorded on the network through block chains and anybody can follow the proceedings.

Online gambling

The advent of the internet is another important milestone in the evolution of bitcoin casinos. The use of the web has spread to almost all corners of the world, sucking in many tech-savvy individuals who have turned to the web for entertainment and income-generating activities. Moreover, extensive use of mobile platforms has ensured that people in the remotest of places can access online casinos anytime, anywhere.

The internet has enabled gambling operators to set up and use innovative technologies that ensure they remain as competitive as ever. One such technology is free gambling where users who are afraid to lose their hard-earned cash can hone their skills on the game without the danger of losing any money. Numerous casinos are currently offering free gambling services such as free wheel spins as a means of attracting more clients to their sites. Such a concept is especially evident in sports betting, which has quickly gained popularity within a very short time.

Sports betting

When bitcoin casinos are mentioned, there is no way sports betting can be left out of the equation. This has resulted in a higher demand for services that allow customers to place bets of different sporting activities. Sports betting has become a favorite pastime activity for many people as it also offers them an opportunity to make a passive income. Additionally, the widespread internet has fuelled the craze because it is easy to analysis and forecast sports outcomes due to the availability of enough information online. Consequently, many online gambling sites have sprung up to try and take advantage of the sports betting craze.

Sports gambling has proved that it can benefit not only the players but also the gambling operators who engage in online gambling activities. Online gambling companies, such as Slotocash and Miami, have come up to offer betting services to sports gamblers. All clients have to do before any sporting activity is to visit their sites and place their bets. Some even offer welcome bonuses to rope in people to their sites. Most companies are trying to improve the quality of their services, as competition gets tougher amongst them, and are resorting to the implementation of a fast and secure payment system, such as bitcoin.

Companies without directors

The introduction of bitcoins into online gambling opened up many possibilities, some of which may seem thoroughly astounding. Cryptocurrency, the concept on which bitcoins are run, offers financial services to clients and effects payment to its employees. Bitcoin-owning clients instantly become shareholders. The process of effecting payment is made possible through a block chain which can be pre-programmed with a set of business models to operate and run the business. The block chain can; therefore, store financial information, run the business and record shareholder votes. For this reason, it is unnecessary for such a company to have directors.

The use of bitcoins in online casinos has expanded to replicate conventional banking activities. A new platform referred to as BitSharesX, is being developed to make conventional banking activities possible with bitcoins. Clients can receive loans using their BitShares as collateral. Other tasks will include running online lotteries and holding election services via own transparent rules. This means that bitcoin can manage decentralized and autonomous activities without the need for a person, organization or any authority. It is clearly possible that a company can run without the help of directors.

The need for transparency

An important milestone in the evolution of bitcoin casinos is increased transparency. This is because the block chain serves as a public ledger, and any interested gambler can follow the proceedings from the bitcoin address of the site. Some sites even display the latest plays under the transaction process; hence, improving transparency. Transparency boosts the confidence of gamblers.

Instances of outcome manipulation have also gone down considerably in the recent past. Bitcoin casinos publish the criteria they use to generate random numbers. Also, they ensure that nobody can tamper with the outcome of any game through the utilization of a secret key. Although it is unclear how the online generator calculates those random numbers, it is clear that the level of transparency in most gambling companies has been on the rise.

Bottom line

Bitcoin casinos have drastically changed the online gambling scene in the entire world. Although the future of bitcoins is not yet clear, they continue to shape the online gambling process.