Advertise with us (we do not endorse any site advertised)

Author Topic: Online Casino Makes Over 500K,Skirting Laws With Legally ‘Gray’ Digital Currency  (Read 906 times)

0 Members and 1 Guest are viewing this topic.

Offline bitcoinforum.comTopic starter

  • Administrator
  • Legendary Member
  • *******
  • Joined: Nov 2011
  • Location:
  • Posts: 1477
  • Country: bz
  • Thanked: 29 times
  • Karma: +29/-0
  • Gender: Male
  • The Bitcoin genie is already out of the bottle.
    • View Profile
  • Bitcoin Address: 3BWV2PzZAgzqQQQetShbq6esAVmFs7hf1C
Online Casino Makes Over 500K, Skirting Laws With Legally ‘Gray’ Digital Currency, BitCoin

Online casinos are finding a second chance at life thanks to an alternative digital currency known as Bitcoin. Bitcoins are a completely digital currency managed through a decentralized network of exchanges, based off the research of mysterious computer scientist, Satoshi Nakamoto, who dreamt of developing a currency immune to politicians or banks. As trust in the currency emerged after its launch in 2009, Bitcoins developed a steady exchange value with the U.S. dollar and gave once-banned industries a legal crevasse to thrive in. This week, one of the largest online casinos reported profit of $596,000 (or ฿33,310).

“These tiny startups are hitting some major online casino pain points, they’re crushing it on those fronts and as an entrepreneur, I think that’s rad—they are leveraging a disruptive technology to try and kick a large-scale industry in the balls,” said Peter Vessenes, the CEO of CoinLab, which helps companies earn Bitcoins from gamers.

Bitcoin creation and distribution is built into the very software algorithms that underlies the digital transactions. Independently operated Bitcoin “mines” are allocated a specific amount of currency based on the expensive computing power they dedicate to the intensive number crunching necessary to track and confirm transactions. In this way, Bitcoin avoids the legal and political difficulties of a central issuer.

While Bitcoin has stabilized against the U.S. Dollar, the currency is still a risky bet (no pun intended). Bitcoin operators have been subject to file corruption and hacking, causing hundreds of thousands of dollars to literally disappear. In 2011, Bitcoin transactor, MyBitcoin, was hacked for nearly a million dollars worth of currency ($896,0000).

“Users don’t have to trust us with their funds any longer than necessary,” said Larry Taad, CEO of bitcoin gambling website, bitZino, which was not profitable last year. “Even though I am extremely bullish on the long-term outlook of Bitcoin, I still keep my assets properly diversified”.
"Your keys, your Bitcoin. Not your keys, not your Bitcoin." (Andreas Antonopoulos)
Latest stable Bitcoin version
Latest stable Electrum version


Bitcoin online currency gets new job in web security

Started by

Replies: 0
Views: 2204
Last post January 18, 2012, 10:11:46 AM
by What price for a truly flexible online currency?

Started by

Replies: 0
Views: 2312
Last post March 29, 2012, 09:59:12 PM
by A Shift Toward Digital Currency

Started by

Replies: 1
Views: 2536
Last post April 06, 2012, 07:16:13 AM
by dodoking Bitcoins & The Future Of Online Currency

Started by

Replies: 0
Views: 3154
Last post April 17, 2012, 11:57:05 PM
by Bitcoin - an alternative digital currency

Started by

Replies: 0
Views: 2668
Last post November 12, 2012, 04:31:39 PM

your ads here