As bitcoins become more popular one of their biggest uses is for gambling services. The popularity of bitcoin gambling has reached a critical point: Gambling has produced the first bitcoin buyout in history. Erik Vorhees has acquired Satoshi Dice for the price of $11.5 Million dollars and made serious strides towards the future of bitcoins. The success of bitcoin gambling sites means that some have won big time, but others find themselves losing as well. Regardless the Satoshi model continues to prove profitable and will only attract more imitators as time goes by.
The Curious Case Of Nakowa
One the biggest winners in bitcoin gambling is a man known as Nakowa. In 2013 he won 11,000 bitcoins which was worth $1.3 million at the time. This was the biggest win anyone had ever made on a bitcoin gambling site and this made him a sort of celebrity. Hot off this victory Nakowa decided he would continue gambling at the European online casino just-dice.com. Unfortunately Nakowa lost 7,000 bitcoins on the website, but just-dice.com in turn gained 7000 bitcoins as a result. This made that 7000 btc the biggest win on just-dice.com in all of the website’s history. Despite this dramatic loss for Nakowa the creators of just-dice.com insist that the website is far from biased or unfair. Just-dice.com claims the games on the website use only a 1% edge. Human error has led to a few problems for the gambling site. Recently a user of just-dice.com won 1300 bitcoin, but when he requested a withdrawal a site administrator failed to do so. Unaware of this mistake the man tried to gamble with the money but ended up losing. Just-dice.com had to cover the entire cost of his loss.
The Problems Come With The Territory
Stories of of the downside of bitcoin gambling are becoming increasingly common. The bitcoin’s value isn’t necessarily the most stable and has dipped dramatically at certain times. Stories of gambling losses have been shared on the popular social media site reddit.com. Recently a user of Reddit decided to post an Ask Me Anything thread to discuss his bitcoin gambling woes. Although he does not consider himself to be a gambler, he admitted he had lost most than $500,000 from playing games on various bitcoin gambling websites. The loss forced him to go $50000 into debt to pay for the costs associated with it.
The future of bitcoin gambling seems bright. In recent years the value of bitcoins has increased massively with a recent doubling in value experienced this June. More users will flock to bitcoin gambling as the currency becomes more accessible to the general public. This corner of the gambling industry is still in an infantile stage.