Gambling Companies: First Massive Bitcoin Adopters

KingsDen

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Quote from: Invester on September 01, 2022, 01:24:43 AM

2. Many people take gambling companies as something dirty. People might as well take bitcoin as something dirty too. And bitcoin's decentralized form as a good way to evade authorities and government regulations.

Bitcoin is more powerful than we actually thought. Bitcoin came into the world with an absolute and unreserved liberty and that is why any country or institution that is being chastised by others or the government will have no option than to run to bitcoin for help and survival.

The nature of gambling is such a type that government of some countries prohibits, and there is no how anyone could gamble with the fiat of a country that prohibits gambling.
Then Bitcoin came and gave hope to the gambling industry which resulted to mass adoption of Bitcoin by the gambling industry.
Meanwhile, the statement that "birds of a feather flocks together" is evident here because the nature of gambling and bitcoin is related somehow in terms of risk taking.
That is why the marriage between these two different industries seems to be strong enough and will continue like this as long as both industries last.

lalabotax

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I think this is nothing new. And using cryptocurrencies, especially Bitcoin on gambling platforms, is commonplace. And in fact, many gamblers prefer using crypto as a transaction compared to making deposits with fiat through banks. Why? This is related to how they get more privacy and do not know where their funds are going. Moreover, if they also use a mixer, this will make them more freedom and privacy. Not everyone likes to be associated with private accounts. Therefore, using crypto will be easier to do and in line with their expectations. Gambling industries have been around for a long time and they usually provide various conveniences. And one of the functions of Bitcoin is as a global payment instrument, and here, it works very well.

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Aside from exchanges or P2P commerce on larger scales (thinking digital commerce), I do recall gambling sites being some of the early pioneers in private enterprises using Bitcoin in large capacity. Granted, a lot of the earlier digital casinos were hardly considered legitimate operations -- most aren't around anymore, but they did help create a multibillion dollar industry that's generally immune from the price regressions we see with Bitcoin.

Quote from: dothebeats on September 01, 2022, 02:02:42 PM

Quote from: Invester on September 01, 2022, 01:24:43 AM

2. Many people take gambling companies as something dirty. People might as well take bitcoin as something dirty too. And bitcoin's decentralized form as a good way to evade authorities and government regulations.

People think bitcoin is 'dirty' because it is heavily associated with illicit activities and substances (fraud, money laundering, drugs), and not because of gambling. People are somewhat okay with the thought of gamblers proliferating and using a lot of media to gamble, so long as its industry provides something back to the community. It's like accepting something 'bad' can still give out something good if kept checked at all times.

I don't agree with the characterization of Bitcoin being "dirty". I can understand why people would think that though -- media platforms what their disparaging headlines, nothing new. What else are people to believe?

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Quote from: TravelMug on September 09, 2022, 10:32:16 PM

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Therefore, they cannot transfer cash through banks. Bitcoin and cryptocurrencies are seen as the most suitable method in this regard.

Banks are now accepting crypto as options for transfer, and because banks know that they can't simply stop people from looking for alternatives so they better accept it or lose customers.

Banks are just getting smart, they accept Bitcoin and some Altcoin to tap the market for possible profit. If banks don't see any profit in these cryptocurrency ventures, they will ignore it no matter how huge the Industry is.

Quote from: Yatsan on November 18, 2022, 11:41:59 AM

People would be still surprised. Even at this point, maddive adaptation of this technology is still not clear. It is just that most of the gambling dites nowadays are crypto-based.

It is already clear that many company and even some country adopted blockchain technology. It is proof of massive adoption though I agree that the first mover is the gambling industry.

Quote from: Yatsan on November 18, 2022, 11:41:59 AM

I'm not sure if it is whether lower transaction fees or anonymity of the players which pushed gambling houses to go online and to hide in this blockchain.

It is both and in addition, those who are unbanked use cryptocurrency to transact online besides, online services have no boundary, and that is the major reason gambling houses goes online. To cater services regardless of timezone and region.

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Quote from: Invester on September 01, 2022, 01:24:43 AM

2. Many people take gambling companies as something dirty. People might as well take bitcoin as something dirty too. And bitcoin's decentralized form as a good way to evade authorities and government regulations.

Unfortunatelly there is still a heavy campaign against bitcoin using as argument the fact it's connected to the gambling world which leads people to addiction and consequently financial issues. The effect of this kind of campaign spread by the traditional channels of information is that a lot of people (mainly middle age and elders) don't dare adopting bitcoin because they fear the cryptocurrency, the services and the enthusiasts dealing with this. Probably this kind of mindset will only change once more sectors of society adopt bitcoin on their businesses and activities.

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Quote from: Artem Sereda on November 18, 2022, 10:56:12 AM

Quote from: buwaytress on September 01, 2022, 03:07:38 AM

Were they really surprised though? Casinos were one of the earliest adopters of internet, going online and doing all kinds of digital marketing and developing digital payments even from the late 1990s -- a major reason was restrictive regulations that pushed them away from physical opportunities.

Early adopters of new tech tend to be "fringe industries" so no surprise.

You are right! But we all understand how long it will take for Bitcoin to reach this price. And how much each jerk of the graph down affects your condition.

People would be still surprised. Even at this point, maddive adaptation of this technology is still not clear. It is just that most of the gambling dites nowadays are crypto-based. I'm not sure if it is whether lower transaction fees or anonymity of the players which pushed gambling houses to go online and to hide in this blockchain. First ones to accept this industry as mode of investments are more likely its investors. But if it is companies or businesses, indeed gambling industry is one of the first ones. But yhat does not guarantee madsive adaptation. There's more to that especially being used as one of the main mode of payment. At the present, it is still blurry and there will be more years to come before this thing occu for this industry.

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Quote from: buwaytress on September 01, 2022, 03:07:38 AM

Were they really surprised though? Casinos were one of the earliest adopters of internet, going online and doing all kinds of digital marketing and developing digital payments even from the late 1990s -- a major reason was restrictive regulations that pushed them away from physical opportunities.

Early adopters of new tech tend to be "fringe industries" so no surprise.

You are right! But we all understand how long it will take for Bitcoin to reach this price. And how much each jerk of the graph down affects your condition.

TravelMug

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Actually, we shouldn't be too surprised. In many countries, such sites are illegally banned.

It is the control and financial freedom that this government deemed bitcoin as illegal. But if you look at those who are friendly, neither of them are rich nation but they understand that they need to be open and give their people a chance to get rich, albeit there is regulation from government.

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Therefore, they cannot transfer cash through banks. Bitcoin and cryptocurrencies are seen as the most suitable method in this regard.

Banks are now accepting crypto as options for transfer, and because banks know that they can't simply stop people from looking for alternatives so they better accept it or lose customers.

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Actually, we shouldn't be too surprised. In many countries, such sites are illegally banned. Therefore, they cannot transfer cash through banks. Bitcoin and cryptocurrencies are seen as the most suitable method in this regard.

More and more people are finding the advantages of crypto these days specifically bitcoin.
As btc is gaining popularity, they are now seeing the major benefits such as borderless and anonymous transactions.
We can't deny the fact that some people will take advantage of these benefits, hence, government is not happy about this.
But since they can't control this kind of transaction, what they can do is just regulate the crypto market and set some type of protocols just to get a hold of this market.

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Quote from: Artem Sereda on September 09, 2022, 04:29:08 AM

Quote from: mk4 on September 01, 2022, 05:57:43 AM

Actually, it was probably the drug sellers/users, right? On the darknet markets. And it totally makes sense — the fact that your money cant be locked up and is pseudonymous.

Seems to be a lot less viable today though, with chainalysis and such.

Agree, that most organizations with a black reputation like casinos evade taxes, it is convenient for them to use bitcoin in terms of anonymity, reliability, and speed of transactions.

I haven't included the underworld activities of course.

These casinos are with legitimate licenses. But I also find it strange that these countries that provided crypto casino with their licenses do not have laws calling bitcoin and other cryptocurrencies as medium of exchange. Or are they letting casinos to just operate and use whatever kind of currencies or forms of materials and digital stuffs they deem acceptable?

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Quote from: mk4 on September 01, 2022, 05:57:43 AM

Actually, it was probably the drug sellers/users, right? On the darknet markets. And it totally makes sense — the fact that your money cant be locked up and is pseudonymous.

Seems to be a lot less viable today though, with chainalysis and such.

Agree, that most organizations with a black reputation like casinos evade taxes, it is convenient for them to use bitcoin in terms of anonymity, reliability, and speed of transactions.

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Quote from: jrrsparkles on September 04, 2022, 01:58:39 AM

Before the gambling the Bitcoin is is widely adopted for donations across the borders with complete anonymous and no need to go through any screening process and that is the first move towards adoption then gambling sites accepted bitcoin and other cryptos and due to the anonymous nature again it spread widely and now gambling industry got maximum share of cryptocurrencies in the actual utility because trading exchanges are not really serves the purpose of currency in my opinion.

The thread emphasized massive bitcoin adopters because donation that time is not huge since there’s no enough metrics to measure the total value donated at that time while Bitcoin market value on casino during 2012 when it boom was already provide millions of revenue. Donation that time is not a trend since Bitcoin is still low and not all people is a donator while you can clearly see on this forum that there’s a lot members that use Bitcoin for gambling purposes on early days until now.

I remember that dice game is the most popular game in crypto until the full casino type games introduced but dice game is already a hit even before.

Ofcourse there is no metrics to show how much Bitcoins were donated but as per the history it gave the first push to bitcoin before anything then gambling industry obviously identified the potential of Bitcoin and implemented into their payment system as early as possible, even now lot of old casinos are running and some of them were closed. We can't conclude on which game the cryptocurrencies are used more and no need for that as well because everything comes under gambling either its dice or sports betting.

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Quote from: jrrsparkles on September 04, 2022, 01:58:39 AM

Before the gambling the Bitcoin is is widely adopted for donations across the borders with complete anonymous and no need to go through any screening process and that is the first move towards adoption then gambling sites accepted bitcoin and other cryptos and due to the anonymous nature again it spread widely and now gambling industry got maximum share of cryptocurrencies in the actual utility because trading exchanges are not really serves the purpose of currency in my opinion.

We only have paypal before but btc is more suited to that (donation purposes) because people won't be embarrassed anymore if they will only donate smaller amounts. Now donating small amounts using a bitcoin is hard due to the increase in fees but luckily they invented altcoins and tokens which works best in micro payments. Before bitcoin gambling came in I think bitcoin is also being used as a currency in the deep web.

Many people (including me) then find out bitcoin this way because we are also interested on digging deeper about the deep web. There are also crypto exchanges and they are the ones who got more share in crypto compared to gambling.

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I can really say that bitcoin made a huge impact for gambling businesses to thrive. But as these businesses become more popular, they become more regulated. They are required to comply to the AMLC that they implement KYC verification which contradicts the purpose of bitcoin which is decentralization.

Even though that's the case, if not because of these gambling websites then I don't think bitcoin and other crypto will be that popular to what it is now. Those who are really interested to it found out that it is not only used by the criminals but it can give you the opportunity to earn some money by doing different tasks that involve crypto.

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Before the gambling the Bitcoin is is widely adopted for donations across the borders with complete anonymous and no need to go through any screening process and that is the first move towards adoption then gambling sites accepted bitcoin and other cryptos and due to the anonymous nature again it spread widely and now gambling industry got maximum share of cryptocurrencies in the actual utility because trading exchanges are not really serves the purpose of currency in my opinion.

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It is Laszlo Hanyecz that gave value to bitcoin, but it was the gambling sites that kept the circulation of bitcoin providing real-time spending access. Apart from those gambling sites, many faucet providers allowed people to claim bitcoins solving CAPTCHA. Someway the market grew better with time and the gambling sites had a big contribution in the growth of bitcoin. Even if bitcoin weren't used in the past, we might've experienced bitcoin with a different approach.

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I remember VERY clearly that satoshidice was built and then it was built into blockchain.info as well, so it was a big bigbig deal. So gambling websites, aka the casinos, realized the benefit of bitcoin long before any other sector. The biggest difference was, people weren't sure if the casinos they played scammed them or not, there wasn't any proof, they could say they were legit but there wasn't any proof.

With the provably fair innovation, we realized that blockchain could be used to double check if the casinos scammed you or not, and since we knew that there wasn't anything wrong, we gambled in crypto a lot more because it was fair and we all could prove the fairness.

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Quote from: Leviathan.007 on September 03, 2022, 07:15:44 AM

Since bitcoin and cryptocurrencies are decentralized and since these are not getting controlled by any organization or government many regulated companies will show interest in accepting bitcoin and cryptocurrencies for their business but because of these reasons, unregulated gambling companies will have the opportunity to use bitcoin and cryptocurrencies, and that's mostly because of the regulation laws of gambling companies in different countries, so people sometimes think that way.

Cryptocurrencies are mostly centralized, don't mix with Bitcoin which is 100% decentralized.

Most of trusted gambling companies are having gambling licenses and associated with gambling providers, this will make them get regulated since they're need to follow the rules and the regulations as the requirement to have licenses and providers. More importantly when you're deposit your Bitcoin to the casino and you did KYC your account, they will know who're you and where you coins goes too.

IMO if you're using Bitcoin to play in KYC casino, you're kill the Bitcoin decentralization.

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To those people or organization who seeks the bitcoin as one of the good adaptation is looking forward in the future use of it and also the blockchain technology because it now becomes transparent to their users at the same time to make sure it is already public seeing by the transaction but of course, because of the market volatility there's a chance it might have trouble with the value of the coin unless the use of the bitcoin-only is for the fast and convenient transaction and not for holding.

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Quote from: Invester on September 01, 2022, 01:24:43 AM

2. Many people take gambling companies as something dirty. People might as well take bitcoin as something dirty too. And bitcoin's decentralized form as a good way to evade authorities and government regulations.

Since bitcoin and cryptocurrencies are decentralized and since these are not getting controlled by any organization or government many regulated companies will show interest in accepting bitcoin and cryptocurrencies for their business but because of these reasons, unregulated gambling companies will have the opportunity to use bitcoin and cryptocurrencies, and that's mostly because of the regulation laws of gambling companies in different countries, so people sometimes think that way.

Topic: Gambling Companies: First Massive Bitcoin Adopters (Read 644 times)