Gambling Companies: First Massive Bitcoin Adopters

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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.

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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.

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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.

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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.

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

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.

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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Quote from: Kakmakr on September 02, 2022, 12:49:41 AM

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. Wink

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. Wink

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. Wink

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. Have you ever heard of all those cases of crypto casinos scamming their players? Grin

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. Grin

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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. Wink

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. Wink

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. Wink

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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.

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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.

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Quote from: Jating on September 01, 2022, 04:38:32 PM

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

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.

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.

Actually it do pertains on personal opinion but in overall if these businesses turns out to be dirty and people do share up on the same mindset on avoiding things which are dirty then it would be just common sense to say

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.

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

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.

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.

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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.

Before the use of crypto-currency (Bitcoin) in gambling, the Fiat was used be it dollars, pounds Euros depending on the gambling site. Did those who hate gambling see those currencies as unclean?

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.

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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.

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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.

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.

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

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

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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.

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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.

jackg

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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.

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).

The Cryptovator

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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.

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.

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Quote from: P2PECS on September 01, 2022, 05:13:38 AM

I think it is rather the second option. Especially at the beginning. Now that it is more normalized, not so much.

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.

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.

Zlantann

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

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.

kryptqnick

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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.

so98nn

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Why not, Gambling companies themselves are the big banks with fat wallets. They have huge liquid cash flowing in and out all the time. Crypto is like saviour for them to avoid the taxes and heavy burden of regulatory bodies. Moreover crypto gave them wings to go borderless and have more countries and peeps on board. With this the hassle of using international credit cards reduced and most of them can easily transact with crypto after buying locally and transferring directly online through portal.
However, the regime is not long enough and government already started imposing regulations on them to get KYC of users done and shit. Hope so it does not become problem for them so that we can continue to enjoy that way.

mk4

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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.

avikz

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There are some distinct benefits for gambling companies using bitcoin. Majority of these gambling companies are registered in Curacao so they can't legally operate a business using banking intermediaries. Accepting bitcoin allows them to defy that requirement. Secondly, gambling companies can avoid asking KYC documents from their players because they are not answerable to any financial agencies or banks. Bitcoin has done a great job to protect the privacy of the players.

Some people may think bitcoin as dirty because of its association with gambling but in reality this industry is the very first adopters of bitcoin. Can't leave them for granted!

theskillzdatklls

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Gambling, like many things, if is done on the volition of a player, is just the free market in action. As long as no one is being coerced into anything, there shouldn't be any moral panic over it. And yet there is. And this causes a black-grey market for gambling in many jurisdictions as a result. People want to play, and yet bad government policy makes it difficult for players.

Bitcoin helped to fix that, like many other problems. Bitcoin's major penetration early in it's adoption cycle was into grey market industries. Now that it has become more mainstream, it's worked it's way into more standard businesses and with time, if it is successful, it will continue in that direction. If it were super successful, it would eventually become a world reserve currency, but it's quite a long ways away from that.

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Quote from: P2PECS on September 01, 2022, 05:13:38 AM

I think it is rather the second option. Especially at the beginning. Now that it is more normalized, not so much.

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.

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.

Strict regulation and not being able to conduct business easily is the reason why gambling industries are the front runners in adopting new technologies. Most countries are working on regulation but a handful of them have been able to come up with it. They still are not clear about Bitcoin and most think it is used only for illegal activities. Therefore they themselves spread the fear about Bitcoin.

P2PECS

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I think it is rather the second option. Especially at the beginning. Now that it is more normalized, not so much.

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.

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.

noorman0

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

-snip-
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.

Yeah, that's what people think in some circles to be more religious, more precisely "uncommendable".
The presence of online casinos is enough to help those who don't want to interfere with their authority, bitcoin is enough to complete the effort so that none of financial accounts are related to gambling sites. Luckily, my environment doesn't think bitcoin is anything "dirty" in general because they think bitcoins can only be earned and stored on exchanges.

buwaytress

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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.

Invester

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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.

Topic: Gambling Companies: First Massive Bitcoin Adopters (Read 646 times)