A Short History of Bitcoin: From the Dark  Web to the Mainstream

A Short History of Bitcoin: From the Dark Web to the Mainstream

October 13, 2015.

A lot of things have happened in the last 10 years to change the way we play online. Live casinos. Mobile slots. Multiplayer games. But if there’s one thing that’s made playing easier than ever, it’s bitcoin. What started as a computer wizard’s pet project in 2008 has become the simplest way to get money in and out of hundreds of online casinos.

From the Mind of Satoshi Nakamoto

It all started in 2008, when Satoshi Nakamoto came up with the bitcoin concept and began development. The idea was to create a “pe­er-­to-­pee­r” system of sending money without requiring any central authority to handle the transaction.

He came up with a brilliant idea. Users would have encrypted wallets where they could store bitcoin. These wallets would each have a “si­gna­tur­e” that the bitcoin network would verify to ensure all transactions were genuine. The bitcoin itself would be created by “mi­ner­s,” or people who voluntarily offer computing power in order to keep the system going smoothly.

Nakamoto published his work on a cryptography message board in November of that year, which this small, hard-to-find community found impressive. Word started spreading to other circles of the dark web, and in 2009, the bitcoin network was created.

Word Spreads Fast

It didn’t take long for Nakamoto’s invention to catch on. Its popularity started in just a few segments of the web, such as WikiLeaks and various other pro-privacy organisations who wanted to offer an anonymous way to donate. From there, bitcoin only continued to grow, and Nakamoto handed off development of his project to a team of tech experts.

Exchanges like Mt.Gox and BTC-e started to enter the market to make buying bitcoin easier than ever. More and more online merchants started to accept bitcoin for purchases. A few smart folks even made it possible to order pizza with bitcoin! By 2013, more than 1 million bitcoins were being used to buy, sell, trade, and donate every single month.

Bringing Bitcoin to the Living Room

If there’s one thing that brought bitcoin into the mainstream, it’s Hollywood. People behind popular shows like The Good Wife and Mad Money discovered the technology in 2012 and wrote it into their scripts. It’s crazy to think that, in just 4 years, bitcoin went from one man’s idea on a little message board to something being broadcast on network TV.

Bitcoin Makes Its Casino Debut

By the early 2010s, most online casinos had several banking methods available. Some were quick, but all of them still required some middle-man and often charged transaction fees. It’s no wonder that bitcoin casinos took off so fast!

The line between a bitcoin casino and a “re­gul­ar” online casino is becoming blurrier every day

The world of bitcoin gaming started with independent sites. Many of these did not stand the test of time, but a few like BitStarz Casino learned from others’ mistakes and grew into hugely popular sites. More established casinos started taking notice, and now you can deposit bitcoin at Grand Eagle Casino and tons of other leading sites. The line between a bitcoin casino and a “re­gul­ar” online casino is becoming blurrier every day.

Even land-based casinos are starting to take notice of bitcoin’s usefulness. Two Vegas casinos, The D and The Golden Gate, now allow you to pay for your hotel, food, and souvenirs with bitcoin. And with the growth of bitcoin ATMs and debit cards, we have no doubt that more physical locations will accept bitcoin in the near future.

Experience the World of Bitcoin for Yourself

Today, bitcoin is rapidly becoming one of the most popular methods for getting money in and out of the world’s top online casinos. With its instant transfer speeds and virtually no transaction costs, bitcoin could be your perfect deposit method. Give it a try and let us know what you think in the comments.