Guns, Online Gambling Ensure Bitcoin Staying Power

Written by:
Aaron Goldstein
Published on:
Apr/15/2013
Guns, Online Gambling Ensure Bitcoin Staying Power

As long as online gambling remains on the fringe of legality in nations across the globe, Bitcoin should emerge as a viable alternative currency for the industry as more operators come to embrace it.

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And then there are guns.

With US efforts to curb gun sales through expansion of background checks, Bitcoin suddenly becomes more attractive to gun sellers and buyers.

Bitcoin would essentially allow anonymous purchases of guns online.

"Because the sales are anonymous, it's certainly a challenge to the idea of universal background checks for gun purchases," Robert J. Spitzer, a professor of political science at SUNY Cortland and the author of four books on gun policy, told the Huffington Post.

Last week’s Bitcoin exchange rollercoaster ride and stress on processors had many wondering if this might truly be a viable alternative to other monetary instruments.

Constantine von Hoffman of CIO gives a run down of last week’s movement, in case you missed it.

The price lately, however, has been staggering around more than a drunk after last call. As of last Wednesday, the trading exchange Mt. Gox was selling them for $266 each. Later the value collapsed to $105, then rebounded to $180 and then dropped again to $120. And as of Saturday, April 13, Bitcoins were going for around $114. 

The issue of trust remains a deterrent, notes Steven Strauss of the Huffington Post:

Purchasing Bitcoins means participation in a 100 percent trust-based system, without any legal mechanism to compel their acceptance. Conventional currencies rely not just on trust, but also on the force of law.

Bitcoin's allure even has bookmakers offering markets on the currency’s exchange rate and whether it might become the official currency of any global market by the end of 2017.

- Aaron Goldstein, Gambling911.com

 

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