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Bitcoin Action: SatoshiDice Sells

31 July 2013 by Devon Chappell

bitcoin currencyWe’ve been following the Bitcoin concept pretty much from the get-go. The most recent major news this week: SatoshiDice has been sold.

SatoshiDice is well-known as an online casino that uses the Bitcoin concept exclusively. This acquisition is a big deal to the online gambling industry for a few reasons; the number one being that perhaps Bitcoin could become a more formidable solution for cashing out real money at a large number of internet betting sites. SatoshiDice is currently the only online casino that deals exclusively in the crypto-currency known as Bitcoin.

The purchase of SatoshiDice definitely has a positive impact on the Bitcoin’s future and is an impressive transaction at that. SatoshiDice was snapped up for around $11.5 million US dollars, or as we should say, 126,315 Bitcoins. There is no real affirmation as to what company or entity has purchased SatoshiDice, save to say it’s a company that sees the possibility in the casino currency’s future.

Most people are wondering about SatoshiDice itself. Unlike the big brands such as Bet 365, or the Club World Casinos sites, SatoshiDice has a simple concept that only includes one easy-to-play dice game. Players select a number they want, bet their Bitcoin wager, the Ghost of Satoshi rolls the dice – and should the player’s number be lower than the digit that’s rolled – they are victorious.

While this is not the casino game of skill-based players, its overall transaction concept is unique and some would say, very enticing. Part of the attraction for players is that they don’t necessarily fall prey to most real money wagering stipulations. And the payout is super fast.

At the time of the SatoshiDice purchase, it was reported that more than 5.3 million wagers were made playing the simple dice game. Nearly $4 million has been paid out to winners. Interestingly enough, nobody is sure how much the 5.3 million wagers rack up to. What’s more, each payout comes with a small fee imposed on the player/user.

The real topic of interest is that wagers are not technically real money wagers, yet they do carry value once the transaction is complete. Players deposit real money to obtain the Bitcoin, which in turn, are used to bet with at SatoshiDice (or any other potential outlet where Bitcoins are processed and used).

Additionally, this sale signals the first major buyout of a business that revolves solely around the Bitcoin itself; it draws attention to just how much Bitcoin currency is circulating in its economy, and the potential revenues to be made.

While the Bitcoin concept wasn’t solely designed for online gambling purposes, it has the ability to be used as a payment service online, period. Gambling – with its complex online regulations from region to region – has spawned a whole new concept where money and online wagering are concerned.

Given the somewhat ambiguous nature of Bitcoin, the Bitcoin concept definitely helps various players from various areas of the world to skirt the real money transaction issue surrounding certain online casinos. But then again, SatoshiDice does not accept purchases/wagers from US players.

All in all, the Bitcoin venture is gaining a lot of buzz, and there is certainly more to come regarding its use in the online betting industry.

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