History of crypto gambling
In August 2011, the poker gambling site Switchpoker.com began to offer their users the option to use Bitcoin (BTC) on their platform. The company was also the creator of the first real money poker applications for iOS users.
The next significant entrant in the crypto gambling market was an early adopter and famous Bitcoin advocate, Erik Voorhees. In April 2021, he launched Satoshi Dice. This site became hugely popular immediately after the launch. At one point, it was responsible for 50% of all the transactions on the Bitcoin network. It was sold to an anonymous user for 26,315 BTC in July 2013. Even though at the time their valuation would be $11.5 million, currently that would be worth nearly $1.5 billion. This gives an idea of the popularity of this website.
Around that time, the first crowdfunded crypto casino, Just Dice, sprang into existence. Although just after a month, the platform 1,300 BTC due to a slip up by an individual on the interface. This incident had a considerable impact on the crypto gambling industry at the time as it revealed the lack of proper security measures that existed at the time. Thus the need for licensing and regulations arose in this community.
In February 2014, the first licensed Bitcoin casino was called Bitcasino.io. It earned a license from the Curacao Gambling Licensing Authority. Till this point, Bitcoin was the only cryptocurrency that was used for gambling. Later in August this year, Cryptogames was launched, becoming the first instance of other cryptocurrencies being used in the gambling industry. Although, Bitcoin is still the top choice of crypto used for gambling.
The following month, the industry saw the launch of one of the most innovative gaming platforms, FortuneJack. It is regulated by the Curacao government. The creators of the platform have more than 20 years of experience in the world of crypto gambling. Even though they plan to introduce the usage of fiat currencies on the platform soon, currently, several cryptocurrencies can be used on the platform. These are Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), ZCash (ZEC), Dogecoin (DOGE), Monero (XMR), Ethereum (ETH), Tron (TRX), and Dash (DASH). For free play, the platform uses FortuneJack’s token (FJC), which has no real value and can be reset anytime.
Since the launch of FortuneJack, several other crypto gambling websites have established themselves in the market, such BitStarz, 7Bit Casino, Stake, Cloudbit, mBit, Sportsbet.io, and Bitcoin.com Games.
Crypto Gambling vs. Fiat Gambling
Even though gambling and online gambling platforms have been around way longer than crypto gambling platforms, the usage of blockchain technology is a revolutionary advantage for crypto gambling. It is the future of online gambling. There are many advantages of crypto gambling over fiat gambling; the significant ones are explained below:
Cons of Crypto Gambling
Despite the various advantages that the use of cryptocurrencies and blockchain technology ensures for both the gamers and the team of the crypto gambling platforms, there are a few risks that a gamer should be aware of as well before indulging in gambling activities on such platforms:
Bottom Line
The cryptocurrency markets are expanding rapidly currently, this will lead to a rise in crypto gambling platforms and retail adopters of digital currencies. Platforms like FortuneJack, Sportsbet.io, CloudBet, BitStarz will further the industry by being at the forefront of the scene and gaining the trust of gamers all around the world.
This article was first published on coinquora.com
Continue reading on CoinQuora
Source: Cryptocurrency - investing.com
