Global Bitcoin Adoption and What it Means for Online Gambling

Published April 2, 2023 by Shane

Global Bitcoin Adoption and What it Means for Online Gambling

Discover more about the popular cryptocurrency, Bitcoin, which ways it can be used, its impact on the gaming industry and the benefits of crypto gaming.

Bitcoin is the king of cryptocurrency, the decentralised coin that started it all. We explore the journey of Bitcoin, from where it began, to how it has grown into a global phenomenon used as a life-saving payment method.

Use this guide to learn more about the global adoption of Bitcoin, how it has impacted the online gaming industry and the pros and cons of playing online using BTC.

The Turbulent History of Bitcoin

Bitcoin can easily be considered the crown jewel of the cryptocurrency market. It is a digital asset that uses cryptography rather than central authorities regarding its creation and management.

Bitcoin was the first cryptocurrency launched in 2009 under the pseudonym Satoshi Nakamoto. The real identity of the creator has never been verified, but many have stepped up and claimed to be him.

Bitcoin went under the radar for years, and it was rolled out in 2009 when Nakamoto mined about 1.1 million Bitcoin. From here, Nakamoto disappeared and gave control to Gavin Andresen (formerly Gavin Bell), who then proceeded to decentralise the platform.

The idea was to create a currency without a central authority, sever, storage or administrator. The network was there to legitimise and confirm transactions. Initially, there was uncertainty regarding the workings of this system, but soon it was flourishing.   

However, in 2022 we saw a massive price drop due to the Federal Reserve's enormous interest rate increase in an attempt to stave off inflation. With the rise in interest rates, the appetite for high-risk/volatile investments dramatically decreased. Bitcoin’s value saw a massive 60% decrease. Now 2023, the coin’s value has gone up 40%, but many remain skeptical. As a cryptocurrency, Bitcoin remains highly volatile, with its value having the potential to drop or rise at any time.

Life-Saving Payment Method

Cryptocurrency like Bitcoin is not just for gaming; it can be a life-saving aid. During the Russian invasion of Ukraine in 2022, Twitter accounts belonging to the Ukrainian government posted pleas for crypto asset donations.

Over 102,000 crypto asset donations were made, totalling over $54,000 million. Of which, $17.2 million were Bitcoin donations. What made it so beneficial is that there is no censorship or authority to block transactions. At a time of war, these donations became emergency aid for a country and its refugees in need.

Adoption versus Legalisation

Bitcoin is an extremely popular cryptocurrency that has gathered interest from users globally. Users in the United States, El Salvador, Vietnam, Canada, Nigeria, Switzerland, the Philippines, the UK, Austria, and Venezuela have adopted cryptocurrency.

While cryptocurrency is finding its way into regions across the globe, it's important to note that it does not automatically come with the government go-ahead. One thing you can assume with cryptocurrency like Bitcoin is that it has not received the official green light. Unlike fiat currency, it is not authorised or regulated as it is a decentralised currency.

The good news is that with the increased interest in cryptocurrency, government officials have finally started looking at regulation. El Salvador already took the first steps and became the first country worldwide to use Bitcoin as a legal tender. Other regions are simply choosing to create their own cryptocurrency. While it's not the same, it's one step in the right direction.

Impact on the Online Gambling Industry

Where there is smoke, there is a fire, and with Bitcoin hitting the papers so often, it quickly gained public interest. The benefit of its newsworthiness led to it being understood and accepted much faster.

Regarding online gaming, it’s safe to say that Bitcoin and other cryptocurrency has completely revolutionised the industry. Its impact on the online gambling industry has been tremendous, offering increased security, anonymity, flexibility, convenience, and faster payouts.

Aside from the many advantages in terms of depositing and withdrawing with cryptocurrency, the use of Bitcoin and other cryptocurrencies has led to the creation of a whole new gambling sector. You no longer have to search for a regular casino that could offer crypto as a payment method. Instead, you can refine your search to the best crypto casinos available in your region, with more crypto casinos launching by the day and increasing the options.

And with a new gambling sector came blockchain and provably fair games. What makes these games so different? These games utilise blockchain technology which makes them more transparent and secure. You can review the results of any game round and enjoy decentralised gaming, playing unique games against the house or other players. Another great benefit of these games is the high return to player percentage, the possibility to play against other players and the unique themes. If you're looking for something different, then crash games, limbo or other provably fair games are must-play game types to try out. You can boost gameplay with generous crypto bonuses.

Pros and Cons of BTC Gambling

When playing at a Bitcoin gaming site, there is plenty of benefits to look forward to, but there are also a few drawbacks to be aware of. Let’s look at the pros and cons of Bitcoin Gambling:

Pros:

  • It is decentralised
  • Transactions are fast
  • It is not subject to inflation
  • Access to Provably Fair Games
  • Exclusive and Generous Promotions

Cons:

  • Bitcoin is very volatile
  • It is not available in all casinos/regions
  • Fees on currency conversions

Join the Crypto Gambling Community

Curious to learn more about the cryptocurrency gaming industry, crypto casinos and where to find the best crypto bonuses? We’ve got you covered with an assortment of handy guides, from how to get started at online crypto casinos to the latest crypto casino bonuses.

If you need help figuring out where to play, check out our OCR Crypto Casino page for top crypto casino recommendations.


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