Gambling Companies: First Massive Bitcoin Adopters

[TimeTeller]

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.

[TravelMug]

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.

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.

[Artem Sereda]

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.

[Yatsan]

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.

[uneng]

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.

[serjent05]

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.

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.

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.

[Gyfts]

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.

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?

[lalabotax]

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.

[KingsDen]

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.