The very first cryptocurrency or digital currency was invented over ten years ago. Back in 2008, a group of people or one unknown individual invented what we later become the most used digital currency, Bitcoin. While invented in 2008, Bitcoin was not in use until 2008 when Bitcoin was finally released as a fully decentralized, open-source software. When discussing the origin of digital currencies, we have to mention the pseudonym of Satoshi Nakamoto.
In over ten years of the existence of Bitcoin, nobody knows for sure who invented it. The individual or group of people who invented Bitcoin uses the pseudonym Satoshi Nakamoto. Satoshi Nakamoto not only authored its white paper but also deployed its reference implementation. Bitcoin is closely related to blockchain technology. Satoshi Nakamoto created the very first database that completely relied on blockchain technology.
Over the years, many individuals have claimed to be Satoshi Nakamoto. However, Nakamoto’s true identity is still unknown. What we know with more certainty is that Nakamoto was actively working on the Bitcoin development until later 2010. Bitcoin and all other cryptocurrencies that were introduced are mined. In other words, Bitcoin and other digital currencies are created by the minimum process. Every mining process requires the usage of rather resilient software and computer hardware.
The Rise of Cryptocurrencies
The process of mining Bitcoin and all other digital currencies essentially creates new digital currency units as well as verifies all digital currency transactions. Every time digital currencies are processed, mining processes occur at the same time. Miners are actually nodes located on the main node and on the main node, all different transactions take place. Miners also work on their own and their main job is to decrypt different blockchain blocks that include the most important transaction data.
Decrypting different blockchain blocks provides other important information such as the time and date of transactions taking place. Decrypting blockchain blocks also provide information about the amount of Bitcoins or other digital currency coins sent. Once the blockchain has been fully decrypted, the transaction is finally authenticated. The process of decrypting blocks also proves the authenticity of all mining nodes. When it comes to the process of verifying transactions, it requires a major computational power, so most miners work together
Following the creation of Bitcoin, hundreds of other digital currencies were created. In other words, the creation of Bitcoin, the very first decentralized, peer-to-peer banking system has paved the way for many other novel payment services that also do not rely on any banking institutions or government. The online casino gambling industry has already adopted Bitcoin and other digital currencies. Today, online casinos offer various ways to deposit. In addition to accepting fiat currencies, online casino players can also make deposits and withdrawals using Bitcoin, Ethereum, Dogecoin, Litecoin, and other digital currencies.
The Adoption of Digital Currencies by Online Casinos
The use of digital currencies within the global online casino gambling industry has been on the rise. According to the latest reports on the global Bitcoin gambling industry, Bitcoin online casinos and online casinos that support other digital currencies have significantly grown in the last several years. Online casinos that support digital currencies are extremely safe and even more convenient. Depositing and withdrawing using digital currencies is also cheaper.
In most cases, transactions involving digital currencies are processed free of commission fees. When using Bitcoin and other digital currencies, transactions are usually processed instantaneously and this is just one of many benefits of playing at these online casinos. As expected, there are many other benefits of playing at online casinos that support cryptocurrencies, and one of these is significantly increased security.
Online casino players frequently worry about the safety of their funds and the private data they must share to verify their online casino accounts. They worry about their financial data being stolen by cybercriminals. However, the odds of this happening to you when playing at an online casino that supports digital currencies are slim to none. The blockchain technology that digital currencies rely on is extremely safe.
In fact, using Bitcoin and currencies like Ethereum to fund your online casino account is safer than using traditional fiat currencies since every single transaction has its own unique code which makes all transactions one hundred percent encrypted. Online casinos are increasingly adopting digital currencies to offer players complete anonymity and this is not possible when playing at standard online casinos that only support fiat currencies.
Playing at online casinos that have already adopted digital currencies is also more cost-efficiency since no commission fees apply. In cases when transactions are processed with commission fees, the fees attached are significantly lower than when making deposits and withdrawals in the US dollar, Euro, or some other fiat currency.