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The average price of Bitcoin has settled in between $400 and $500 without the extreme upswings and downswings we witnessed earlier in the year, suggesting stabilization of the anonymous online currency.
While Bitcoin may be difficult for the novice to grasp initially, it does make perfect sense to utilize this transaction method when dealing with online gambling sites.
The Pirate Bay and WikiLeaks have demonstrated that nation-wide IP blocks and domain name seizures don’t work. The decentralized nature of Bitcoin permits the creation of bets that live on the distributed blockchain, without potential single point failures related to a central domain or server (more on that later).
“The smart money is on a Bitcoin gambling revolution,” says BitcoinSportsbooks.com, a site specialized in online sports betting that also covers other aspects of gambling online with Bitcoin. “It’s time for gamblers to cash in their chips and start mining their Bitcoins because cryptocurrency is about to make conventional money a spent force in gambling.”
Only until recently have long established Internet gambling ventures the likes of Americas Cardroom decided to dabble in Bitcoin. Still, the anonymous digital currency has yet to be widely accepted. That could change very soon however.
- Aaron Goldstein, Gambling911.com
