What is Cloudbet?
Five years or more are an eternity in the world of cryptos. Since the launch of Cloudbet, the crypto universe has greatly evolved, but one thing has remained the same: the community.
CloudBet celebrates many years in the world of gaming and Bitcoins. Let’s take a look back at its history. In addition to this, the company has a special offer to celebrate this event.
- October 2013 – Birth of Cloudbet on Bitcointalk
- November 2013 – Limit Adjustment and Instant Withdrawals
- January 2014 – Welcome Bonus
- February 2014 – Launch of Cloudbet Live Casino
- May 2014 – Confidence & Security
- July 2014 – Live Betting for the World Cup
- May 2018 – Bitcoin Cash & Fork Funds; evolution
- CloudBet learns from its mistakes
- The future of CloudBet
October 2013 – Birth of Cloudbet on Bitcointalk
The first Cloudbet bet was placed in October 2013: 0.13 BTC worth $24 placed on the Korean K-League soccer. Winning bet. Since then, more than 6.5 million bets have been placed on the Bookmaker, and many winners have been paid in Bitcoin. This has helped to make Satoshi Nakamoto’s dream come true.
Launched in 2013, Cloudbet is the first site to offer sports betting in Bitcoin. The goal was to bridge the gap between traditional bookmakers by harnessing the power of Bitcoin via an intuitive platform and provide “an easier way to bet. At the time, BTC was only worth $200. Awareness of the enormous potential of cryptos was limited to early adopters. Cloudbet’s founder was notably inspired by Satoshi’s white paper to build its payment engine.
Members of the original team unanimously agreed that the only way to get meaningful feedback on the product was to get Cloudbet talked about in the most active Bitcoin community at the time, bitcointalk.org. Thus, on the morning of November 13, 2013 – and with some trepidation – the Cloudbet team created its Bitcointalk thread. The project immediately received friendly but cautious responses, a feature representative of the community as a whole. Cloudbet brought this thread to life with a discussion thread that now has 263 pages and more than 5,000 posts.
November 2013 – Boundary adjustments and instant withdrawals
With experience in professional betting, the Cloudbet team understands the importance of offering meaningful betting limits (traditional bookmakers regularly limit or even close the accounts of winning bettors).
CloudBet realized that to be successful, the company needed to offer what the community was looking for. It therefore took into account feedback from players by adjusting minimum betting limits to 0.001BTC for most events. Today, the maximum limits are exceptionally high. For example, during the 2018 World Cup final, bets at 100 BTC were accepted. The same applies to the casino where the community can play table games up to 5BTC per hand.
Cloudbet is completely free of third party payment providers and the inevitable processing delays they experience. The platform takes full advantage of the benefits of decentralized transactions. The company is looking to leverage the potential of cryptography to continue to push its limits.
Within just a few months of Cloudbet’s launch, the majority of withdrawals were automated. Since then, 90% of withdrawals have been processed instantly. Some withdrawals are still handled manually, which, as Bitcointalk members rightly point out, is frustrating. But the commitment to responsible gaming means that the platform has to perform checks on players.
January 2014 – Welcome Bonus
- After focusing on the important aspects of service, such as betting limits, available markets or payment processing, Cloudbet set about building customer loyalty.
- In order to reward its early adopters and attract a wider audience, Cloudbet has introduced a 100% first deposit bonus – up to 5BTC -. It was applied retroactively to existing customers. The CloudBet Welcome Bonus was intended to be a short-term promotion, but it is still available today.
February 2014 – Launch of Cloudbet Live Casino
- Although the original idea was to be the home of Bitcoin sports betting, it soon became clear that users wanted other ways to play.
- So, with the launch of the Live Casino, the team made it possible for users to play with live dealers, just as it would be possible to do in a physical casino.
- Each month, many new games are added to the casino. The casino has seen a number of successful players, the most impressive of which has been the record 160 BTC winnings by ‘Troll Hunters’.
May 2014 – Confidence & Security
- Cloudbet has realized the importance of security and keeps the majority of its funds offline, which means impossible to hack. While cold storage was a good start, feedback from the community clearly showed that more needed to be done.
- Thus, in May 2014, two-factor authentication (2FA) was introduced. Available through the Google Authenticator application, this offers users a second level of authentication to secure their account. Since June 2018, it is even possible to perform a verification by sms.
July 2014 – Live betting for the World Cup
- The biggest breakthrough in sports betting in the last decade has been live betting. It was therefore important for CloudBet to also offer this service. It started at the 2014 World Cup in Brazil and has grown every year since.
- The team follows the recommendations of the Bitcointalk community but also offers surveys for its customers. Customers are asking for more live betting, so the service is finally being offered.
May 2018 – Bitcoin Cash & Fork Funds
- Bitcoin Cash was introduced in April 2018 to diversify opportunities for the community. The platform even allowed the hardfork of Bitcoin into Bitcoin Cash as a traditional trading platform would have done. Bitcoin Cash is very popular in the betting community. In just a few months, more than 11,000 BCH have been bet.
- Cloudbet has evolved tremendously in five years. However, one of the areas for improvement is on the blog side. CloudBet wants to offer a comprehensive guide to sports betting and casino games as well as articles on cryptomoney in general such as Bitcoin.
CloudBet learns from its mistakes
- Sometimes withdrawals were delayed, sometimes customer service was not good enough. However, CloudBet has learned from its mistakes and has opened a space where requests will be processed much faster and more efficiently, 24 hours a day. This is one of the company’s priorities.
- The number of users of the platform is exponential. Despite a difficult year for Bitcoin, players have never been more present and interested in the platform.
The future of CloudBet
Firstly, the company wishes to support the development of cryptomoney. Secondly, the team has planned a reorganization of the website. And finally, the community is one of the development priorities.