People have been into betting and gambling since forever. Everyone has shown an intrigued interest in bitcoins and the cryptocurrency market. In earlier times, the economy would thrive on cash, but with the commencement of digitization, proposals were made in several countries to make cashless economies.
Cryptocurrency markets took a huge turn in 2008 when they were introduced in casinos. The players got attracted to it, and then there was no going back.
However, everything takes time to grow; crypto casino platforms started with a spark and spread like wildfire worldwide. It also gave birth to platforms like NetBet that currently offer the best casino gaming experience. Let’s have a look at how and when the crypto casino started and what hurdles it faced.
How did it all start?
It was in 2008 when it all started. A person named Satoshi Nakamoto released a whitepaper in the public domain. However, things got serious in January 2009 when the first transaction of the bitcoin blockchain occurred on the casino platform. It wasn’t confirmed whether the whitepaper was released by a person or a group.
After this, everyone started getting interested in crypto casino platforms. Ten years later, they were a huge success worldwide. But in 2011, the bitcoins, often known as the big brother of cryptocurrencies, got involved in casinos.
Swithpoker.com was the website that facilitated payments in bitcoins. The people who played poker had the opportunity to make transactions in bitcoins instead of any other payment mode.
Erik Voorhees was the first person to launch Satoshi Dice in April 2012. The gambling site was responsible for half of the transactions on the Bitcoin network and crypto casino platforms. However, the company was later sold to an undisclosed buyer in 2013.
The first crowdfunded crypto casino platform
While playing casino, did you ever wonder how it all started? The first-ever crowdfunded crypto casino platform was Just Dice. Before Just Dice, it was Satoshi Dice which had captured the entire market of crypto casino platforms.
The two were insignificant competitions with each other. Just Dice came into existence in June 2013. The investment to set up this cryptocurrency platform had come from the public. Crowdfunding had become a usual practice in the ecosystem of crypto casino platforms by then.
Nevertheless, Just Dice had to see a downfall in front of its competitor. It all happened due to a few human errors. It was disadvantageous for Just Dice but beneficial for those who were involved in casinos regularly. Their downfall opened several possibilities in breach of security in the bitcoins market for casinos.
The sale of Satoshi Dice
After Just Dice, Satoshi Dice was reigning the crypto casino platforms; it had gained a certain amount of monopoly in its operations. Nevertheless, when sold to an undisclosed buyer in 2013 for approximately $11.5 million, things took a different turn. No one in the market expected that it would happen.
Whatever happens, happens for good. The sale of Satoshi Dice brought in a lot of wins for the players. A player named Nakowa won around $1.65 million, which was a whopping amount of the money in casinos then. After all the winnings, an urgent need to regulate the market was felt.
The regulatory presence in the crypto casinos
When the industry starts flourishing, the regulatory authorities feel the need to put restrictions on it. This is usually done to protect the interest of the stakeholders of the industry, to save them from getting defrauded. It was decided that the casino platforms shall be licensed by the authorities.
The first licensed Bitcoin casino began into existence in February 2014. The name of the casino was Bitcasino.io. It was licensed by the Curacao Gambling Licensing Authority. After the licensing procedures of crypto casino platforms, the operations had become much more transparent and easier.
How did the Altcoins come into the picture
In 2014, the crypto casinos launched Crypto-Games. It was one of its kind platforms where the players would play casinos in Altcoins. Yes, you heard it right. It wasn’t cash; it wasn’t bitcoins, it was altcoins.
There was a new term in the market of crypto casino platforms. One can use a variety of cryptocurrencies to play casino games on this platform. It brought all the functions of the casino into one.
This was seen as a significant step towards the success of the industry. Even after the signs of opposition to the bitcoin industry, the crypto casino platforms have emerged brightly and will grow even more in the future.