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Bitcoin gambling has its explosive times nowadays. The cryptocurrency has gained great popularity during a relatively short period of time. Some reports claim that gambling represents from 50 to 60 percent of all transactions made with bitcoins. There are numerous reasons behind this. First of all, the transaction costs are extremely low. Secondly, all transactions are anonymous. That’s something many casino players value the most about it, as they wouldn’t like to give out their identity. We’ll get back to bitcoin itself, but let’s focus on one of the first sites to use bitcoin for gambling, Satoshidice.
Satoshidice was the most popular bitcoin gaming site for quite a time. Started in 2012, the site offered just a single dice game. The rules of the game were pretty straightforward. So-called “Ghost of Satoshi” (site’s algorythm) rolled the dice to select a number. If the number (called “lucky number”) was less than the player’s number (picked by sending an amount in bitcoins), the player won. Although the game was extremely simple, it has gained a great popularity among players. The Satoshidice site was sold for an impressive amount of 126.315BTC and evolved. So did other bitcoin gaming sites which started to popup all over the net.
Is bitcoin gambling and the cryptocurrency itself just a bobble soon to pop? We’re pretty sure that they are here to stay. Let the numbers speak: daily bitcoin transaction volumes reach up to half a million dollars and the overall value of all bitcoins in use is near $17 billion! What made bitcoin so popular among players? We’ve mentioned anonymity of the transactions in the beginning. That’s just a part of a bigger picture. All bitcoin transactions are anonymous and transparent. Every transaction is stored in a public ledger and can be checked anytime, while the involved parties remain anonymous. Satoshidice creator claimed that such transparency allowed the players to verify that all bets were fair.