Crypto casino or real cash game?

There aren't many things on the planet that you can either admire or curse. Bitcoin has been "lucky" to become one. Some people consider it the currency of the future, share stories about how they became millionaires overnight, praise transaction security and independence from government oversight.

Others believe that cryptocurrencies are no more than an empty shell, a "speculative bubble," a financial pyramid, a way of money laundering, assistance to terrorists, and a sure way to spread confusion on a national scale. Where is the truth? As always, in the middle.

Bitcoin and its history

Bitcoin (BTC) is the first cryptocurrency on Earth (that is, created using the methods of cryptography - the science that develops, among other things, privacy methods). It is an alternative to traditional currencies such as dollars or euros. 

It would not be correct to compare bitcoin with electronic money on a bank card. When you pay with it, you pass information about the transaction to the banks, your own and the recipient, as well as the payment system. Bitcoins are different:

• they are not issued by governments, but mined by miners;
• all cyber-money transactions are "stored" in a global report, a blockchain (a chain of blocks filled with digital information, in this case, information about bitcoin transactions made over time. You can think of it as a log where information about all transactions is added);
• cryptocurrency is not subject to the interests of governments;
• cannot be seen or touched;
• complete anonymity: you do not need to know the name and details of the recipient - only the number of his wallet.

In simple words, it is virtual money with its own rules for transactions.

Bitcoin cryptocurrency appeared almost imperceptibly, without any noise. In fact, only a limited number of people knew about its emergence. It all started when the domain Bitcoin.org - the URL of the original website of the first cryptocurrency - was officially registered on August 18, 2008.

Two months later, someone hiding under the pseudonym Satoshi Nakamoto published a White Paper on the site about the new payment system called "Bitcoin: A Peer-to-Peer Electronic Cash System".  In his profile on the P2P Foundation website, Satoshi stated that he was born in 1975 and lives in Japan. More about Japanese cryptocurrency online casino search https://yumotohotel.jp  He sent a link to the paper in an email to members of the crypto mailing list. In his email, he details the concept of a completely anonymous and decentralized currency that requires all nodes (miners) to come to a single agreement to manage.

The world's first block (also known as genesis - block) was mined by Satoshi in 2009. The reward for it was 50 BTC coins. It is based on the following text: "The Times 03 Jan 2009, Chancellor on Brink of Second Bailout for Banks".

From the fifty BTC coins, received for the genesis block, Nakamoto sent 10 of them to Hal Finney, who is officially in the group of developers and first supporters of the cryptocurrency.

The first cryptocurrency is based on blockchain technology - a single database containing information about all transactions that take place in the system. According to the idea of the creators of Bitcoin, unlike fiat money, which can be printed in almost unlimited amounts, miners will only be able to mine 21 million digital coins.

Every year, new blocks are becoming more and more difficult to mine and require more and more computing power, while the remuneration of crypto miners, on the contrary, is decreasing. And if in 2008-2009 for each block you could get 50 coins, in 2012 - 25, and 2017 - 12, in 2021 - 6.25 BTC.

As of early 2022, over 18.9 million bitcoins have been mined. However, not all of the coins issued to date are in circulation. Approximately 4 million coins have been lost, due to forgotten passwords and lost access to cryptocurrency wallets for various reasons, about 1 million have been stolen due to thefts and hacking attacks on crypto exchanges. It is predicted that the last bitcoin will be mined in 2140.

The cryptocurrency that changed the universe

In the months since Bitcoin was launched, the only people mining the coins were Satoshi Nakamoto and Hal Finney. They used ordinary personal computers to do this. Thereafter, the level of sophistication of mining remained unchanged throughout the first year after the launch of the system. Anyone could join the blockchain network.

At that time, a standard Intel Pentium 4 processor showed a performance of 1.29 Megahertz per second. With that kind of PC power, it took 50-55 minutes to mine one block of 50 coins. That is, the profits from mining far exceeded the costs of mining.

As new miners joined the blockchain network, the mining process became more complicated and the remuneration decreased. As early as September 2010, an open-source bitcoin client was published that allowed mining with video cards. The computing power of a single card was equivalent to several dozen processors, which increased the efficiency considerably.

But this is the story of how bitcoin was mined in its early days. And nowhere is a story that will dispel doubts that bitcoin has turned and changed the world.

Pizza - the story of the first purchase of cryptocurrency

On May 22, 2010, unknown American programmer Laszlo Hanyecz made the world's first physical purchase with bitcoins. While in Florida, he ordered delivery of two Papa John's pizzas. But since he didn't have any cash, he persuaded the courier to take 10,000 BTC coins instead of dollars. A few years later, this one was deemed the most expensive in the history of cryptocurrency. At the November 2021 exchange rate, when Bitcoin reached its all-time high, 10,000 BTC equaled $596 million. Notably, crypto-enthusiasts have declared May 22 as International Bitcoin Pizza Day and celebrate it annually. 

Admit it, it's a pretty telling case of crazy changes in the world.

Types of entertainment for cryptocurrency

Cryptocurrencies are actively integrated into all areas of society where finances are involved, and the entertainment industry is no exception. The money turnover in this sphere is enormous and not always as transparent as we would like it to be. There is also a struggle in this business to protect copyrights in the field of art. Cryptocurrencies and blockchain will change this in the near future. By the way, if you are interested in Japanese cult of gaming and gambling, where the future has already happened, please tap ビットコインでオンラインカジノ.

Tokenization to the masses

Tokens are no longer solely a passive asset and are becoming a full-fledged means of monetary circulation. You can buy a service with them, but they are more than just a means of payment. Smart contracts are a versatile means of storing data, allowing every transaction to be traced and reconstructed in detail using a data log in which nothing can be changed. What does this mean for the entertainment industry? It will be much easier to fight copyright infringement because encrypted data will be stored in smart contracts that can be used to manage that data without intermediaries and unnecessary costs. Blockchain is already being actively used in the music industry and its use will only grow in the future.

Micropayments to artists

One of the problems with micropayments in the entertainment industry is that the platforms through which these funds are collected charge a fee for their use, and there is not much money left for artists. Cryptocurrency payments would avoid the draconian percentage and artists would get more money from donations.

Adult industry

It's no secret that members of the adult entertainment industry have gone into the online space en masse to make money since the global quarantine began. One can argue a lot about the moral aspect of such professions, but they exist as long as there is a demand for them in society. Therefore, cryptocurrencies will be a salvation for their representatives, allowing them to avoid problems with blocking their accounts and other problems of this business.

Gaming Industry

Blockchain-based gaming is already a reality. The gaming industry can already earn and exchange assets within a decentralized network. Although most games still use centralized servers, the industry is not going to stop there. New blockchain-based games are actively being developed. Of course, the graphics of these games cannot yet compete with the level gamers are used to, but they still have a long way to go.

Of course, decentralized payments will be used not only for good purposes, but didn't the same happen before the invention of cryptocurrencies? So far, the pros and prospects of such financial transactions clearly outweigh the cons, so cryptocurrency in the world of entertainment industry is getting the green light en masse. Over time, technology will improve and there will be many more wonderful discoveries ahead of us.

Gambling

Crypto-casinos, being decentralized, solve most of the problems associated with conventional payments. Online gambling is a dynamic industry that is constantly adopting new technologies in an effort to provide a rewarding gaming experience. Crypto-casinos offer several outstanding advantages over conventional online casinos. These include the following.

Protects identity

The last thing an online casino player wants is others to know about his or her gambling exploits. Even if a player takes the necessary precautions, he or she should make sure that their gambling remains classified. Crypto-casinos provide players with much-needed anonymity because no bank or government will monitor the transactions.

Optimized for online casino gambling

Most cryptocurrencies are optimized for mobile gaming. Thus, cryptocurrencies are almost perfect for online gambling. This is also evidenced by the slowness and costs associated with credit cards and digital money transfer methods. The best gambling cryptocurrency guarantees a high level of efficiency, security, ease of use, privacy and cost-effectiveness. Withdrawing fiat currency can take some time. However, crypto casino players don't have to worry about these delays. The blockchain technology used in cryptocurrency transactions allows players to withdraw their winnings instantly.

Eliminates cross-border discrimination

The integration of cryptocurrencies into the casino industry has made online gambling a global sport. Players from all over the world, including places where gambling is illegal, can bet without fear. This is made possible because cross-border restrictions do not apply to cryptocurrency transactions. Casino players who use cryptocurrency enjoy significant tax benefits, especially when they win at the casino. The fact that most governments have not yet figured out a way to tax cryptocurrencies. This means that crypto casinos do not have to pay taxes to the government, which in turn benefits the players.

Not gambling

However, due to the lack of regulatory institutions, sometimes serious problems arise. It is possible to enter the wrong address when transferring, to wait a long time for a transaction with a high load, to get to a casino that was created by fraudsters. Anyway, before playing for cryptocurrency at an online casino, you should also pay attention to:

• the reputation of the institution - you need to read reviews, check the reliability and assess the quality of the games provided;
• the fairness of the payout - casinos should provide clear data on the players' winnings;
• license - establishments without a license usually do not make reports and no one regulated, because they operate in the shadows.

Casinos and gambling law can work both for and against the player. Cryptocurrency is not regulated by anyone today. Thus, anyone can create a wallet and send funds across the border without any identification. The lack of regulation makes it easy for unlicensed casinos to operate. Digital money makes it easier to play at casinos, but it is important to use only licensed establishments. Unlicensed online casinos are not bound by any specific standards or codes of conduct to ensure fair gaming for players.

Exclusive Entertainment

Online casinos give highrollers exclusive services, bonuses, prizes and benefits. Highrollers are often referred to as VIP players or whales. There are certain online casinos known for giving high rollers the opportunity to play with high stakes, as well as offering the best promotions available in the industry. These online casinos offer huge prizes for VIP tournaments, personal account managers and exceptional gifts. All online high roller casinos have something unique and special to offer these players.

The best casinos for high rollers believe that these players should be able to win huge jackpots. Online casinos also provide exceptional rewards. The rewards are designed to encourage highrollers to come back often and make large deposits. Percentage bonus is awarded on deposits through account crediting bonuses. This is ideal for highrollers who want to play their favorite game at higher limits. Any money lost gets a cashback bonus. The most reliable online casinos do not require a deposit to earn a cashback bonus. The bonus is calculated based on the player's money lost.

When a high roller experiences a losing streak, he is given a second chance to recoup his losses. There is a lot of competition among online high roller casinos to attract new high rollers. Casino strategies include free spins, welcome packages offering multiple bonus offers, no deposit free cash and exceptional percentage welcome bonuses. The most popular players at online casinos are high rollers. For this reason, online casinos offer exclusive and top-notch welcome bonuses.

Does an offline casino lose out to an online casino?

Recently, online casinos have become extraordinarily popular and are in much greater demand than offline casinos.

The most important advantage cited by regulars of online casinos is the ability to play at any time of the day and anywhere - at home, on a walk, in transport. In order to start the game you need only two things - a gadget (computer, tablet, smartphone) and access to the network. Gambling on the internet is convenient and safe, because you do not need unnecessary contact with strangers.

To visit a real establishment, you need to get to a specific point on the map and spend a lot of time, instead of starting the game at once.

Online casinos provide the opportunity to test the game in demo mode with virtual money before making real bets. This condition applies to most slots, so you can choose and test as much as you like until you are sure.

No matter how big the land-based casino is, your choice of entertainment is always limited to a few gaming tables and a couple of dozen slot machines. In addition, the range is updated rarely, so you have to limit yourself to outdated games.

Testing slot machines or tables in a real casino is not possible. To start a game, you have to pay and place a bet.

Online casinos always offer extra features for all players, even newbies. This cash bonuses that can be spent on bets, free freespins - spins reels as a gift to the deposit, a high cashback on investments and many other pleasantries.

Administration of land-based casino may offer such promotional offers only on occasion for regular customers of the institution.

Of course, we are all adults and everyone makes his own choice to play in an online or offline casino. It all depends on the character, temperament, and sometimes the life circumstances of a particular person.

Conclusion

In just over a decade, Bitcoin has gone from being a noob to the world's most expensive cryptocurrency. Today, it can be used to pay for purchases in many stores, and in El Salvador, the digital currency is recognized as legal tender. And Bitcoin has managed to surpass many national currencies in terms of capitalization.