It is undeniable that the crypto gambling business makes crypto adoption work so many people think that crypto is a currency for the gambling business. Many investment programs carry the name crypto as their currency and many of these programs eventually become scams and give crypto a bad name for investors.
But nowadays, with a lot of information about crypto, people are starting to understand that crypto is an investment available on the internet and anyone can get started easily. Meanwhile, cryptocurrencies can also be used as an alternative means of payment and this is what gambling businesses use to evade government authorities and regulations. So now, many casinos are implementing KYC for their members.
Topic: Gambling Companies: First Massive Bitcoin Adopters - page 2. (Read 646 times)
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Bitcoin developers aimed the creation of this decentralized coin to avoid transactions going through financial institutions. Developers and its early investors and believers never expected that it would be the gambling companies that will start the massive acceptance of bitcoin as a currency. Gambling companies accepting bitcoin have two effects on people:
1. People will think positively on bitcoin because gambling companies are carefully and well-managed kind of business. They are built to entertain people and to earn money in return. And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential. Investing companies also have no problem with this as investing is also related to gambling with both facing levels of risks.
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.
1. People will think positively on bitcoin because gambling companies are carefully and well-managed kind of business. They are built to entertain people and to earn money in return. And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential. Investing companies also have no problem with this as investing is also related to gambling with both facing levels of risks.
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.
Unfortunately, there are and always will be Bitcoin adopters who are the "bad apples". But just because they invested in Bitcoin and try to use it for socially/legally shady reasons does not make Bitcoin itself the culprit.
As far as casino regulation goes, the very point of regulation should be fairness and protection, not just different ways for the government to exert power or cash in on taxes. The community holds casinos responsible and good casinos adhere to their responsibility.
If anything, the transparent nature of Bitcoin transactions makes corruption more difficult not less.
And casinos themselves are centralized and registered. So either way they won't escape responsibility.
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The casinos that started back in the days, like SatoshiDice and Freebitco.in did not ask for KYC verification...and this allowed for young and old and also people from restricted countries to enjoy online gambling. So it opened up a broad market for the adoption of this technology, where Fiat based casinos were heavily regulated and restricted to certain regions. 
So, in a way.... Bitcoin disrupted the Online casino industry too, because it opened the door for EVERYONE to enjoy gambling, even if it was not allowed in your country.
Unfortunately, this also introduced gambling to kids, which is one of the disadvantages of a pseudo anonymous technology like this. Every known technology has it's advantages and disadvantages.... even Fiat (cash) is not immune to this.
So, in a way.... Bitcoin disrupted the Online casino industry too, because it opened the door for EVERYONE to enjoy gambling, even if it was not allowed in your country.
Unfortunately, this also introduced gambling to kids, which is one of the disadvantages of a pseudo anonymous technology like this. Every known technology has it's advantages and disadvantages.... even Fiat (cash) is not immune to this.
You have just touched on a key point here. The fiat casinos were, and still are, heavily regulated, and more and more cryptocurrency casinos are implementing KYC procedures and buying licences, even if they are from tax havens. If we add to that the disadvantages that the absence of KYC has, such as allowing gambling by minors or less control of gambling addiction, I believe that cryptocurrency casinos will tend to be increasingly regulated in a similar way to fiat casinos.
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Gambling companies accepting bitcoin have two effects on people:
1. People will think positively on bitcoin because gambling companies are carefully and well-managed kind of business. They are built to entertain people and to earn money in return. And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential. Investing companies also have no problem with this as investing is also related to gambling with both facing levels of risks.
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.
1. People will think positively on bitcoin because gambling companies are carefully and well-managed kind of business. They are built to entertain people and to earn money in return. And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential. Investing companies also have no problem with this as investing is also related to gambling with both facing levels of risks.
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.
1. Have you ever heard of all those cases of crypto casinos scamming their players?
There are many legit casinos, but the amount of scam casinos is pretty big. I can't generalize the gambling business as a "well-managed kind of business". There are good companies and bad companies.2.Many people view the act gambling as a something dirty, not just the gambling companies. These people aren't the target audience for the gambling business anyway.
3.Investing in not gambling. You can't compare luck-based games with the process of analyzing the markets and carefully choosing where to put your capital. Betting money in a casino is NOT investing.
The casinos that started back in the days, like SatoshiDice and Freebitco.in did not ask for KYC verification...and this allowed for young and old and also people from restricted countries to enjoy online gambling. So it opened up a broad market for the adoption of this technology, where Fiat based casinos were heavily regulated and restricted to certain regions.
So, in a way.... Bitcoin disrupted the Online casino industry too, because it opened the door for EVERYONE to enjoy gambling, even if it was not allowed in your country.
Unfortunately, this also introduced gambling to kids, which is one of the disadvantages of a pseudo anonymous technology like this. Every known technology has it's advantages and disadvantages.... even Fiat (cash) is not immune to this.
So, in a way.... Bitcoin disrupted the Online casino industry too, because it opened the door for EVERYONE to enjoy gambling, even if it was not allowed in your country.
Unfortunately, this also introduced gambling to kids, which is one of the disadvantages of a pseudo anonymous technology like this. Every known technology has it's advantages and disadvantages.... even Fiat (cash) is not immune to this.
Gambling companies are definitely going to be extremely wealthy in the future if Bitcoin is successful. They've got a ton of crypto income coming in via many different types of cryptocurrency and have very little overhead all things considered. Establishing an income stream denominated in crypto instead of dollars is extremely difficult for any industry, but at the moment gambling and exchanges seem to be king.
I have seen those early days that gambling industry is one of the huge adopter of bitcoin and made a lot of contribution to what it is right now. But there's more to it before that.
Those people that thinking gambling is dirty and will correlate it to bitcoin, they have their own belief but one day if someone gives them a little amount of bitcoin, they'll all be like defenders of bitcoin.
It's the money that talks and when they're against on it or have a bad impression towards it. Let them have it or encourage with it then they'll talk the most lovely things about bitcoin when they're also part of us and becomes an investor.
Those people that thinking gambling is dirty and will correlate it to bitcoin, they have their own belief but one day if someone gives them a little amount of bitcoin, they'll all be like defenders of bitcoin.
It's the money that talks and when they're against on it or have a bad impression towards it. Let them have it or encourage with it then they'll talk the most lovely things about bitcoin when they're also part of us and becomes an investor.
Bitcoin developers aimed the creation of this decentralized coin to avoid transactions going through financial institutions. Developers and its early investors and believers never expected that it would be the gambling companies that will start the massive acceptance of bitcoin as a currency. Gambling companies accepting bitcoin have two effects on people:
1. People will think positively on bitcoin because gambling companies are carefully and well-managed kind of business. They are built to entertain people and to earn money in return. And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential. Investing companies also have no problem with this as investing is also related to gambling with both facing levels of risks.
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.
1. People will think positively on bitcoin because gambling companies are carefully and well-managed kind of business. They are built to entertain people and to earn money in return. And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential. Investing companies also have no problem with this as investing is also related to gambling with both facing levels of risks.
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.
Still boils down as to how they are going to make money, and so they found that crypto gambling platform is a sure formula. So it is not something that other business savvy has reinvent, it's that in the infancy or crypto, they found a way to offer it to the public just like fiat based casinos.
So I doubt that many people are taking gambling companies as dirty, it is just business in another form, just crypto based. If that is the argument then we should look at fiat based casinos whether online or offline as dirty. But it's not there is a even a country, Macau that based their countries economy thru gambling.
that gambling industry wont really be become this big if people do end up on having the same impressions in overall.Doesnt matter if its crypto or fiat based yet offerings would really be just the same.
It do only differs on the payment options or choices whether its crypto or fiat or even having both.Its business and its just normal that they would be jumping into something which
they do saw that they could get more revenue.
Bitcoin developers aimed the creation of this decentralized coin to avoid transactions going through financial institutions. Developers and its early investors and believers never expected that it would be the gambling companies that will start the massive acceptance of bitcoin as a currency. Gambling companies accepting bitcoin have two effects on people:
1. People will think positively on bitcoin because gambling companies are carefully and well-managed kind of business. They are built to entertain people and to earn money in return. And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential. Investing companies also have no problem with this as investing is also related to gambling with both facing levels of risks.
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.
1. People will think positively on bitcoin because gambling companies are carefully and well-managed kind of business. They are built to entertain people and to earn money in return. And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential. Investing companies also have no problem with this as investing is also related to gambling with both facing levels of risks.
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.
Still boils down as to how they are going to make money, and so they found that crypto gambling platform is a sure formula. So it is not something that other business savvy has reinvent, it's that in the infancy or crypto, they found a way to offer it to the public just like fiat based casinos.
So I doubt that many people are taking gambling companies as dirty, it is just business in another form, just crypto based. If that is the argument then we should look at fiat based casinos whether online or offline as dirty. But it's not there is a even a country, Macau that based their countries economy thru gambling.
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.
I stopped thinking about What the negativities people place on Bitcoin for things that Fiat has also been used for.
Crypto-currency integration into gambling is a double win for users and player, the use of Crypto-currency can help deal with issues of centralization, slow funding which I have experienced when trying to use bank to fund my account, you can play on multiple site that doesn't need to have root or affiliation to your region.
The use of crypto-currency is very beneficial and I don't see it stopping in the future. But if some issues of gas fee, minimum stakes can be addressed then it would be close to perfect to me.
There is no doubting the fact that the gambling industry is among the highest bitcoin adaptor even though there have been a lot of misconceptions surrounding this fact and how the general public view this development and the marriage between Bitcoin/cryptocurrency with gambling. But one fact we must also look at is the positive impact of both Bitcoin and gambling on each other. The gambling industry most especially online ones is the major user of digital currencies since their deposit, withdrawal, and bankrolls are all done using Bitcoin and other cryptocurrencies. Gambling is as old as the internet and this has built within its network a stable function that aids customers' flow the moving of gambling from physical casinos to online makes it a viable market for Bitcoin and the early adopters are already cashing in on the many opportunities that come with it but again some of the online casinos are AML compliance and will demand KYC at the point of registration casino users in the USA are familiar with this practice.
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.
Also, it's just natural that the gambling industry are the ones who will use bitcoin and crypto first, because they tend to want to expand and use whatever available media there is to promote their games and whatnot. Their need for a lot of media to continue expanding never ceases, and they found a way to use bitcoin and crypto and make it so that it becomes big so that people will take notice of it, and hopefully use it to gamble too.
1. People will think positively on bitcoin because gambling companies are carefully and well-managed kind of business. They are built to entertain people and to earn money in return. And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential.
Bitcoin came to be used by gambling casinos because of the decentralized feature it offers "anonymous transactions", putting us in charge of our funds which has security. However, your statement is actually true because in as much as many loses money to gambling, there have been others who through gambling been able to afford to live a better life due to games won at these casinos, because one of the reason why gambling is been love by many is the ability it gives if lucky enough to multiply funds to x100, x1000 or even x1billion times
Even now people have the same understanding. Bitcoin is developed for the need of gambling companies and are used for gambling and illegal transactions. Slowly this thinking have shrunk compared to the past.
As the thread states, gambling companies were the true early adopters. If they hadn't used it during the early days, it couldn't have got any real-time usage. This helped to keep up the circulation. Following the success of one gambling company the next one started to use bitcoin into their business understanding the ease of access and settlement.
As the thread states, gambling companies were the true early adopters. If they hadn't used it during the early days, it couldn't have got any real-time usage. This helped to keep up the circulation. Following the success of one gambling company the next one started to use bitcoin into their business understanding the ease of access and settlement.
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I believe it will be inappropriate if we talk about the first massive Bitcoin adopters and exclude the early users of the darknet market, and people like Hal Finney and Laszlo Hanyecz who changed the Bitcoin game totally after he bought two Papa John's pizzas for 10,000 BTC before people notice BTC as a means of payment.
I believe this is what catches the attention of gambling companies towards BTC because they are always looking for a way to expand their business.
I believe this is what catches the attention of gambling companies towards BTC because they are always looking for a way to expand their business.
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.
The huge adoption and (what I perceive to be huge) profits of gambling companies in the cryptospace did look to me to be a concerning reflection on bitcoin.
It might say lots of people are interested in gambling from the cryptospace and gambling companies have good ways of managing and sustaining their bankrolls, however it can look to explicitly and initially paint the picture a lot of crypto investors have addictive tendencies towards gambling in a way that makes the industry look problematic (ie by betting until they lose everything).
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.
All people won't like gambling anyway. So exclude them from Bitcoin adaption through gambling. But we can't ignore the gambling industry becoming a major part of the global economy where it's legal. So definitely gambling industry, especially those who are online gambling adopting Bitcoin. It's a win-win situation. Easy acceptance and also easy for gamblers to make deposits & withdrawals. A lot of gamblers have been using crypto instead of fiat now. 
I think it is rather the second option. Especially at the beginning. Now that it is more normalized, not so much.
And after a few years of enjoying little or no regulation on the Internet, casinos eventually ended up regulated and having to acquire licenses.
Something similar happens with cryptocurrency gambling houses. They enjoy a legal limbo, but in a few years the same thing that happened with fiat gambling houses will happen. There are going to be stricter regulations that they are going to have to adopt.
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.
And after a few years of enjoying little or no regulation on the Internet, casinos eventually ended up regulated and having to acquire licenses.
Something similar happens with cryptocurrency gambling houses. They enjoy a legal limbo, but in a few years the same thing that happened with fiat gambling houses will happen. There are going to be stricter regulations that they are going to have to adopt.
Sure, yes, but that's beside the point. They took to the internet, then they got regulated. Then crypto came, they took to crypto. Now crypto is regulated yet but by and large, crypto casinos who're smart can and do still actually operate with the flimsiest of licenses.
The serious ones who actually have a physical presence and a proper company like Sportsbet are a different monster, and comply with proper licenses... but the bulk out there actually have a license even I could buy right now for a few thousand dollars.
And there are hundreds of millions if not a billion or billions of people that are into gambling and many of them are exposed to bitcoin and its potential. Investing companies also have no problem with this as investing is also related to gambling with both facing levels of risks.
This is very correct, gambling companies have really contributed immensely to the spread of the good news of Bitcoin. They usually invest so much in advertisements and this has made Bitcoin to be known in different areas. In my country exchange companies are number one in Bitcoin advertisement and gambling firms are the next. Quote
2. Many people take gambling companies as something dirty. People might as well take bitcoin as something dirty too.
In my country, society perceives gamblers as no do wells. They see them as time and money wasters. Although I don't blame the people sometimes because some gamblers in my country see gambling as their main source of revenue. Gambling companies would give Bitcoin a bad name. The people would see Bitcoin as a currency for unemployed full-time gamblers. 
I agree that gambling became one of the early use cases of Bitcoin and some other cryptos as well. The pro is that it's a use case where cryptos are treated as money, not an investment. The con is that it's usage via a centralized platform, usually by depositing and storing some coins in a casino wallet, where the money actually belongs to the casino itself. But still, to this day, I use BTC for gambling and it's my most common usage of cryptos.
mk4 seems right, though, that it wasn't the earliest use case because there were also things like Silk Road.
mk4 seems right, though, that it wasn't the earliest use case because there were also things like Silk Road.
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