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How Gambling Ended Up at the Forefront of a Cryptocurrency Revolution

Sep 16, 2017 by

How Gambling Ended Up at the Forefront of a Cryptocurrency Revolution

The economy is a weird and complicated thing. Most of us understand the basics of budgeting and perhaps even a bit about stocks and bonds. But finance is full of other, stranger things, from the ways in which our homes are also real estate investments to the complex interactions of various international currencies. To this, add the newest, weirdest thing in the financial world: cryptocurrencies. These strange forms of money are unlike anything the world has seen before, and they’re gaining traction thanks in part to, of all things, gambling.

What are cryptocurrencies?

Cryptocurrencies are digital currencies. They are not backed by any government, and they use encryption techniques to keep transactions secure – and anonymous. Originally a product of peer-to-peer cash transfers, cryptocurrencies are now currencies in their own right. Like most other currencies, cryptocurrencies have no “inherent value” – they’re valuable because we say they are, and because the supply is limited. But unlike other currencies, cryptocurrencies are not controlled by a government or central bank. Theoretically, cryptocurrencies are untouchable by government controls.

Cryptocurrencies and the internet’s dark corners

As mentioned above, cryptocurrencies exist in part because some of us don’t like the idea of the government controlling our currency or how we use it. For some of us, this is an ideological position. But for others, it’s a necessity – because they’re using their money in ways that they’d prefer the government not know.

So it should come as no surprise that anonymous currencies like bitcoin quickly became favorites of the internet’s seediest corners, including the notorious Silk Road and other dark web sites that allowed the sale and exchange of illegal products and services.

But, thankfully for the many legitimate investors in cryptocurrencies, recognition would soon come for currencies like bitcoin.

Gambling and the legitimization of cryptocurrency

For the increased acceptance of cryptocurrency, you can thank – at least in part – gambling.

Perhaps that’s not surprise. Legal gambling is a legitimate industry, but there are plenty of illegal gambling opportunities available for those who seek them out, which means that gamblers who dabble in both would love to see a way to put their cryptocurrency into chips at legal casinos. And some legal brick-and-mortar casinos and legal gambling websites did just that, making them among the first big companies to deal in cryptocurrencies. This has even led to the rise of gambling-focused cryptocurrenies like Wagerr.

They were soon followed by big financial companies like PayPal, which now deals in Bitcoin. And while the revolution is far from complete, it’s now clear that cryptocurrencies are a secure, legal option for investors and gamblers alike.

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