Bitcoin Foundation’s chief scientist Gavin Andresen acknowledges the contributions and efforts done by the Bitcoin casino market that brought Bitcoin to where it is today.
Following a recent conference organized by the non-profit foundation, Andresen highlighted the journey of Bitcoin starting from its shady days on the market to the widespread patriotism of the community.
According to him, online casinos and Bitcoin games played an important role in the success of Bitcoin today. Since the usage of bitcoins on various gambling sites, a lot had noticed the potential of the ‘original’ cryptocurrency.
Today, Bitcoin is increasingly accepted as a payment method for goods and services over the Internet, specifically in online gambling.
“Without those uses maybe it would have taken longer (for bitcoin to get to where it is).”
Andresen also believes that Bitcoin is taking the same road to acceptance as the Internet when it was first launched, even emphasizing that reception and adoption are the primary challenges faced by each innovative technology:
“If you look at a lot of technologies, they start in the shadows – in the grey areas, the black areas – and then eventually they become mainstream. I think bitcoin has seen the same evolution.”
Bitcoin’s harsh journey to the top
Although perceived to be illegal under certain jurisdictions, online gambling is, in part, responsible for the continuous growth of Bitcoin, which is currently pegged at $3 billion investment.
Compared to today’s figures, Bitcoin’s value has showcased immense improvements since it debuted on the market. In fact, when the first Bitcoin payment was initiated back in 2010, it took 10,000 BTC to purchase a pizza. Today, 1 BTC trades for about $230.
Moreover, as the currency is constantly shifting as per user demand, Andresen wants to achieve the goal that every bitcoiner has its place in the financial branch of the conventional economy.
Andresen’s goal is also for Bitcoin to reach a billion people together with the progressing world where business transactions are as easy as typing their name.
Bitcoin’s legitimate acceptance and its effect to the Bitcoin gambling industry
Bitcoin has endured a lot in the past three years. With events such as reaching a value over $1,200 and the Mt. Gox controversy that resulted in the loss of $500 million worth of investments, Bitcoin still stands its ground and even continues to inch closer to mainstream adoption.
Unfortunate events may occur again; however, the constant obstacle that hinders Bitcoin’s growth is the masses’ full acceptance.
Nevertheless, with economic leaders proposing to accept this innovation, it might not take long before society realizes the true potential Bitcoin poses.
With the full acceptance of Bitcoin comes the potential for the Bitcoin casino market to further mature in the iGaming industry.
To date, SatoshiDice, an online dice betting site that spearheaded the Bitcoin betting trend, remains to be one of the most popular betting venues on the Bitcoin casino market.
Other than the Bitcoin dice site, though, numerous Bitcoin casinos like FortuneJack and BitCasino.io are fully operational and are successful in creating a dynamic, entertaining, and revolutionary environment for online gambling aficionados across the world.
Over time, the growth of Bitcoin casinos will become significantly evident, and it can be expected that Bitcoin will return the favor to the niche market that played a major role in pushing for a wider acceptance of the digital currency. In order for this to push through, however, more consumers and merchants must support Bitcoin. After all, the viability of Bitcoin relies on users and research.