The iGaming Market Before Bitcoin’s Introduction

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Introduction

Bitcoin is known to be the second greatest innovation made known to mankind. Subsequent to the

Internet, this digital money promises immeasurable amounts of possibilities to the present and coming

generations of users.

However, unlike the Internet, Bitcoin’s full potential is still soon to be unraveled. As a matter of fact,

Bitcoin and cryptocurrency experts are still far from the core of Bitcoin. Therefore, humanity is just

experiencing a portion of Bitcoin’s extensive prowess.

Although this may look like a regress on a layman’s perspective, Bitcoin’s current contribution to society

is actually extremely powerful that it was able to introduce the mainstream market with a variety of

departments that are able to innovate the traditional way of transaction.

To date, Bitcoin serves as a conduit for man to transact on a higher level. This comes with the absence of

high transaction fee charges, dawdling clearing processes, and third-party influences. In short, people

are now experiencing fast-paced transactions with full control of their money.

The great thing about Bitcoin’s innovation is that it has also tapped one of man’s highest money-

generating sectors—the gambling industry.

Traditional gambling takes on the Internet

For years, this industry gave great contributions to the fluid flow of society’s income. Although

considered taboo on most parts of the world, the gambling industry is still a steadfast department that

caters to millions of aficionados from all around the globe.

Due to its continual rise in popularity and demand, the traditional gambling sector has stepped up their

game and has come up with a revolutionary idea of integrating gambling with the Internet.

Since then, millions of casino and gambling fanatics were provided with online casinos and gambling

websites. This advancement was tremendously applauded because it gave tens of thousands of

gamblers with more opportunities of gambling without the need to go overseas.

Sudden loss of control

Unfortunately, since gambling per se is illegal in other parts of the globe, online gambling sites are also

affected by this restriction. Yes, they operate on the Internet, but it does not mean they pass the

legalization issue.

That being said, majority of online gamblers find it difficult to access these websites because of legal

matters. This certain predicament hinted a stale advance for the online gambling industry.

On the other hand, things get worse for the online casino market as numerous fraud and scam incidents

were recorded. This is because in order to wager bets on online gambling hubs, users must provide their

personal bank information in order to fund their accounts.

This became detrimental since several online hackers have flocked gambling platforms that have only

secured weak website protection.

Ever since these attacks have been rampant within the industry, online gamblers have become wary of

their safety. This event has been detrimental to the further advance of the market because users have

either left online gambling sites or started to be inactive in the long run.

Fortunately, the online gambling market in general still stood stable. It did not fade to extinction, which

happens on most bankrupt Internet departments. After all, it still generates money for the economy.

Still, the online gambling industry was never the same. All the uplifting vibes that once stayed on the

niche were totally gone. Worse, the mainstream market was given another concrete reason to label

online gambling as taboo.

Bitcoin enters the scene

Years have passed since the online gambling industry stayed on a stagnant note. Though, its inside

communities still showed support for the industry, it was never enough to bring online casinos back to

its glory.

Surprisingly, several online gamblers have noticed Bitcoin’s capacity to elevate the online gambling

market’s current status. That said, the cryptocurrency was introduced to the iGaming community.

However, things turned out not as expected. Since the introduction of Bitcoin gambling means the

elimination of fiat currency bets, real-money casinos and other gambling platforms have shunned the

idea of having Bitcoin as fiat’s replacement.

As such, things were not good after Bitcoin’s entry. Still, Bitcoin gambling supporters started to establish

a brand new online gambling department, with Bitcoin as its power source.

After numerous developments, analysis, and trial and errors, the first Bitcoin-powered game was made

to realization. Taking in the forms of the traditional dice game, the first ever Bitcoin dice has started to

make a buzz in the online gambling community.

This Bitcoin dice game became extremely popular because it kept the authenticity of the dice gameplay

and interface, all along with the Bitcoin-enabled features and options, which is relatively new to the

market. Since then, online gamblers have started to flock Bitcoin-powered platforms.

Bitcoin spearheads mass niche overhaul

After realizing the great promises that Bitcoin has in store for the iGaming market, numerous startups

and game developers have launched projects to produce more Bitcoin-enabled gambling platforms.

Notwithstanding the great similarities it has with fiat gambling hubs, Bitcoin-powered casinos possess

great advancements that have never existed on any traditional gambling websites even as of writing.

First off is its fresh set of Bitcoin casino games and Bitcoin casino bonuses. Unlike traditional games and

promotions, Bitcoin-powered bonuses and games provide gamblers with more opportunities and option

to enjoy a new approach in online gambling and earn lucrative prizes.

Moreover, anonymity is promoted on almost every Bitcoin casinos. Through anonymity, the risks of

having one’s personal details being hacked have been eliminated. After all, Bitcoin addresses are the

only details required to complete a transaction.

Ultimately, Bitcoin-powered gambling games are endowed with a revolutionary feature called provably

fair. This provably fair feature allows players to review and authenticate their game results in order to

assure themselves that there are no anomalies or conspiracies on their bet’s verdict. In other words,

gamblers are now able to gamble online without the fear of getting ripped off.

These are just a few of Bitcoin’s vital changes in the iGaming market. Through these revamps, online

gamblers have started to trust the online gambling community again.

In conjunction, fiat currency gambling platforms are now starting to embrace the thought of integrating

Bitcoin into their platforms. In fact, there are already online gambling hubs that cater to both currencies,

giving both Bitcoin and real money bettors a unique and revolutionary platform to gamble.

Sources / References:

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