How Poker Introduced Bitcoin Use in the Gambling Industry
Bitcoin use in online transactions has become popular . To date many casinos now accept Bitcoin. The popular cryptocurrecy was introduced in 2009, a Poker site then started using it to avoid restrictive laws.
We shall discuss how Poker brought Bitcoin in the gambling industry.
The Downfall of SealsWithClubs
The people who owned SwC remained anonymous, the owner never [revealed his identity.
The only person who revealed his identity among the group was Bryan Micon. The group was afraid of being arrested as the USA as online gambling was not allowed. Micon ‘revealed his identity because he was not in the United states but when he came back he was arrested and he had to surrender some bit coins and computers as well as paying a fine of $25 000.
His colleagues then chose to get out of the business but he held on to it. Eventually he relaunched and started to operate from Antigua where he resided before he went back to the USA.
Bitcoin Use and the Gambling World
After the introduction of Bitcoins by SealsWithClubs, many online casinos started accepting the Bitcoin as legal currency.
Firstly, Satoshi Poker and BitsPoker adopted the idea from SealsWithClubs before it was then adopted by other online casinos.
The sites did not gain popularity but it helped other online casinos to view Bitcoin as an alternative to the legal tender at that moment.
Since then more and more cryptocurrency have been entering the gambling industry.
Why Gambling Sites Love Bitcoin
Let us look at why Bitcoin is so popular in the Gambling industry.
Firstly, Bitcoins have no link with the mainstream banking system. Gambling in other cities used to be illegal hence banks would not authorize deposits to these gambling sites. This proves to be a challenge, Bitcoins fill that gap, bitcoin eliminates that Challenger.
There are no processing fees when it comes to Bitcoins. Bitcoin has now become popular not only in the gambling industry thus making it the currency of choice.
