Wikipedia

Draft:Bitzino

  • Comment: Please note Forbes contributor sites are not usable for establishing notability (see WP:FORBESCON). Outside of the Forbes references, the subject is only mentioned in passing. Could you identify the WP:THREE best sources? ~Liancetalk 13:21, 14 June 2024 (UTC)


Bitzino, established in 2011, is an early Bitcoin-based casino and is cited as the world's first crypto casino.[1] There is, however, some debate about whether Bitzino or SatoshiDice was the first Bitcoin casino..[2]. Operating for five years as an HTML5 platform, Bitzino self-reported over 50 million wagers between 2012 and 2014, but it ceased operations in 2016 for unknown reasons. [3][4]

In May 2024, updates to the Bitzino website, including an option for a Chinese interface, have led to speculation about a possible relaunch of the platform. According to online reviews, Bitzino is owned by Solar Communications, based in Geneva Switzerland, but this information cannot be independently verified. Bitzino offered a variety of chance games, like Craps and Roulette, card games, board games, and online slots[1][5].

Development and Features

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Bitzino was developed by an individual using the pseudonym Larry Taad who used the handle ‘Libertaad’ in various online Bitcoin forums[5][6]. The platform gained prominence for being the first to implement a provably fair system, a method for transparent and verifiable fair play using cryptographic hashing algorithms[6][7]. Bitzino's contribution to the Provably Fair was a significant development for cryptocurrency casinos, where trust and transparency had been paramount concerns for gamers[8].[9]

Provably Fair System

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The provably fair system allowed players to verify the randomness and fairness of each game's outcome. This was achieved through cryptographic hashing algorithms, which allowed users to confirm that neither the casino nor the players could manipulate game results[10][11][12]. This feature contributed to Bitzino's popularity among the Bitcoin and online gambling communities​[6][13]. By using blockchain technology, Bitzino reduced the need for traditional auditing organizations that assure fairness in gaming, like eCOGRA and APCW[6][14][15].

Though credit for developing the provably fair system often goes to various cryptographic and computer science researchers, Bitzino was the first to implement it in online gambling.[14][15]. Notably, Bitzino used a cryptographic hash function to ensure the fairness of its dice games, setting a standard for the industry[16][14][15].

Claim as the World's First Crypto Casino

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Though Bitzino has been credited with being the world's first Bitcoin casino, there is some debate around this claim. Satoshi Dice, which launched in April 2012 by Erik Voorhees, was another early Bitcoin-only gambling site that is also cited as the first online crypto casino.[4][17]. However, Bitzino's earlier establishment and its exclusive reliance on Bitcoin for all transactions give it a strong claim to this title. These early platforms demonstrated the potential of cryptocurrencies in providing secure, transparent, and fast transactions, which were crucial in gaining user trust and popularity in the nascent stage of crypto gambling[1][15].

Contributions to Crypto Casinos

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As one of the early adopters of Bitcoin in online casinos, Bitzino established the precedent for integrating cryptocurrency in the gaming industry, marking a pivotal moment in the evolution of online gambling[18]. By pioneering the use of Bitcoin, and Provably Fair,  Bitzino showcased the advantages of cryptocurrency, such as lower transaction fees, faster processing times, and enhanced privacy. These features attracted a new demographic of tech-savvy gamblers who were interested in the innovative use of digital currencies [19][15][20].

Moreover, Bitzino's success in acquiring daily active users and betting volume paved the way for future developments in the sector. The platform's implementation of provably fair gaming—an algorithmic method that allows players to verify the fairness of each game established a standard for verifiability that most crypto casinos have adopted to this day[14][15][21]. Bitzino's integration of a provably fair system increased the transparency and reliability of online gambling, further legitimizing online gambling and cryptocurrencies.[15][20][21]

Bitzino's role as an early online bitcoin-based casino opperator and as the developer of the first provably fair system in online gaming lend credence to its importance in the history of gambling. Its contributions laid the groundwork for the widespread adoption of cryptocurrencies in online casinos, influencing the development of numerous platforms that followed [14][15][22]

Larry Taad A.K.A (Libertaad)

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Larry Taad, was the owner and operator of Bitzino and is a significant figure in the early days of Bitcoin casinos[9]. He operated under the pseudonym "Libertaad," which symbolized his vision of financial freedom, transparency, and anonymity through cryptocurrency [8][5][23].

Larry Taad is known for his views on Economic Libertarianism, which advocate for non-political digital currencies, privacy tech, and strong private property rights, emphasizing individual liberty and voluntary transactions[24][25]. A paradox within this philosophy arises from its demand for both transparency and fairness in systems like banking and casinos, alongside a strict emphasis on privacy and anonymity. This is exemplified by his use of blockchain technology and cryptocurrencies, which provide transparent, immutable transaction records while maintaining user anonymity[1][14][21]. Larry Taad’s Bitcoin casino, Bitzino, embodied this philosophy of fairness and trust through provably fair systems while protecting individual financial privacy, autonomy, and anonymity of Bitzino users[10][16]. These principles reflect the libertarian belief in the power of innovation and free markets to drive efficiency and fairness without government oversight. Despite its early success, Larry Taad ceased all public appearances, and online posting, following the casino's closing in 2016 adding an air of intrigue and mystery to his legacy.

Operations and Closure

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Bitzino operated successfully for several years, providing a secure and transparent gambling platform for Bitcoin users. Despite its early success and significant contributions to the crypto-gambling space, Bitzino mysteriously ceased operations in 2016.[4]

Rumored relaunch

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May 2024, updates to the Bitzino website have ignited rumors of a potential relaunch of the platform within online forums. This has led to widespread speculation among netizens. Many believe that Taad's sudden departure and possible reentry into the world of cryptocurrencies, libertarianism, and online casinos may be influenced by the current landscape of American politics. This conjecture has sparked heated debates and discussions, as users try to piece together the possible motives and implications behind these developments. As anticipation builds, the community watches closely for any official announcements or further clues regarding the future of Bitzino and Taad's involvement.

Legacy

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Bitzino's influence can be seen in the development of subsequent Bitcoin and cryptocurrency casinos. The casino remains a notable part of the early history of Bitcoin gambling, often cited alongside other early platforms like SatoshiDice​.[26]

References

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  1. ^ a b c d "Digital Disruptor: How Bitcoin is Driving Digital Innovation in Entertainment, Media and Communications (EMC)" (PDF). Consumer Intelligence Series. Feb 7, 2014.
  2. ^ "The Fascinating History of Bitcoin Casinos". August 8, 2023.
  3. ^ "Bitzino down".
  4. ^ a b c "The Weird and Wonderful History of Bitcoin Casinos". 8 August 2023.
  5. ^ a b c libertaad (2013-06-06). "Creator of bitZino h…". r/Bitcoin. Retrieved 2024-06-12.
  6. ^ a b c d Matonis, Jon (Aug 31, 2012). "BitZino And The Dawn Of 'Provably Fair' Casino Gaming". Forbes.
  7. ^ "Working archive of the now-defunct Bitzino". GitHub. Jun 26, 2018.
  8. ^ a b "Bitcoin casino on track to earn nearly one million per year". Digital Trends. 2013-01-23. Retrieved 2024-06-18.
  9. ^ a b Fern, Bamber (April 5, 2024). "The Proof is in the Play: Exploring Provably Fair Gambling with Insights from BGaming".
  10. ^ a b Golder, Scott (November 2004). "Hiding and revealing in online poker games". Proceedings of the 2004 ACM conference on Computer supported cooperative work. pp. 370–73. doi:10.1145/1031607.1031668. ISBN 1-58113-810-5 – via doi:10.1145/1031607.1031668.
  11. ^ "Provably Fair Games, Explained". Jul 25, 2017.
  12. ^ Downs, Joshua (May 2, 2024). "What is Provably Fair?".
  13. ^ Matonis, Jon (Feb 25, 2013). "Bitcoin Casinos Release 2012 Earnings". Forbes.
  14. ^ a b c d e f Matonis, Jon (Aug 31, 2012). "BitZino And The Dawn Of 'Provably Fair' Casino Gaming". Forbes.
  15. ^ a b c d e f g h Matonis, Jon (Aug 31, 2012). "BitZino And The Dawn Of 'Provably Fair' Casino Gaming". Forbes.
  16. ^ a b Andrychowicz, Marcin (April 2016). "Secure Multiparty Computations on Bitcoin". Communications of the ACM. 59 (4): 78–86. doi:10.1145/2907055.
  17. ^ White, Tom (21 August 2023). "The Fascinating History of Bitcoin Casinos".
  18. ^ "The Evolution of Crypto Gambling". June 1, 2024.
  19. ^ Farivar, Cyrus (2013-01-23). "Bitcoin-based casino rakes in more than $500,000 profit in six months". Ars Technica. Retrieved 2024-06-18.
  20. ^ a b White, Tom (21 August 2023). "The Exciting History of Ethereum Casinos".
  21. ^ a b c Brown, Samuel (Spring 2022). "Gambling on the Blockchain: How the Unlawful Internet Gambling Enforcement Act Has Opened the Door for Offshore Crypto Casinos". Vanderbilt Journal of Entertainment and Law. 24.
  22. ^ "The Fascinating History of Bitcoin Casinos". TyN Magazine (in Spanish). 2024-03-27. Retrieved 2024-06-12.
  23. ^ Ferenstein, Gregory (2013-01-23). "Online Casino Makes Over 500K, Skirting Laws With Legally 'Gray' Digital Currency, BitCoin". TechCrunch. Retrieved 2024-06-12.
  24. ^ "Economics". www.libertarianism.org. Retrieved 2024-06-12.
  25. ^ van der Vossen, Bas; Christmas, Billy (2023), "Libertarianism", in Zalta, Edward N.; Nodelman, Uri (eds.), The Stanford Encyclopedia of Philosophy (Fall 2023 ed.), Metaphysics Research Lab, Stanford University, retrieved 2024-06-12
  26. ^ Sampson, Tim (2013-02-06). "The new underworld currency: Online gambling's Bitcoin future". The Daily Dot. Retrieved 2024-06-11.
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