Bitcoin Casino SatoshiDice Raises Eyebrows

Bitcoin has been hitting the news recently and the online casino SatoshiDice, which uses the new alternative currency is pretty pleased about it. The casino based out of Dublin Ireland, has announced great profits using the currency and is reportedly profiting by ฿135.96 per day, which equates to a cool £1,527. SatoshiDice said that the amount was on the rise as more and more online gamblers begin to make themselves familiar with the new payment method. The casino is a little bit of a niche casino which is basically a random generator dice game that online gamblers seem to really enjoy. They also seem to enjoy using Bitcoin judging by the users posts on the casino 'message board'. At present there is little information to be found on the new currency. It is a peer to peer currency, it has no website and the Bitcoins are stored on the players computer. In some ways this makes Bitcoins safe in the US as there are no US banks involved and therefore some commentators have stated that it breaks no laws. There are a few start up casinos using it and BitZino which has a slightly larger product offering than SatoshiDice reported that over 3.2 million wagers were made in the second half of 2012 using Bitcoin. Peter Vessenes CEO of CoinLab stated "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." Bitcoins themselves are by no means mainstream as yet and it may take them a while to get there, however there are a few household names where you may purchase them from such as participating Walmarts and 7 Elevens.