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  • Is Bitcoin the future of online sports betting?

    I was researching Bitcoin as payment method for online betting for an article I'm writing and I was blown away by the number of existing Bitcoin gambling sites.

    For those of you that don't know what Bitcoin is, I recommend reading the Wikipedia entry http://en.wikipedia.org/wiki/Bitcoin

    Bookmakers Review has created a bitcoin bookmakers section and we are going to populate it with information about sports betting sites that accept bitcoins as the only payment method.

    Unlike egold bookmakers several years ago, some bitcoin bookmakers seem to run legitimate sports betting operations and I reckon Bitcoin represents a major opportunity for US-facing sportsbooks as payments can be made outside of the traditional banking system.

    Have you had any experience with any bitcoin betting site? Do you know of any popular online sportsbook that accepts bitcoins?

  • Interesting article from Jon Matonis on Forbes: Bitcoin Casinos Release 2012 Earnings
    http://www.forbes.com/sites/jonmatonis/2013/01/22/bitcoin-casinos-release-2012-earnings/

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    • Bitcoin was discussed and shown on Sky News today. Seen as an alternative to currency and with what is happening in Cyprus, where peoples savings are being targeted, Bitcoin is becoming a viable option.

      Also article on the Sky News website: http://news.sky.com/story/1071652/cyber-currency-surge-amid-eurozone-crisis

      Some say it is a better investment that Gold and another commentators that it is unsecured and not to be trusted.

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      • At first I thought bitcoins were a bubble.Not sure now,but another problem may be that they are becoming too unwieldy metaphorically speaking - last time I checked they were worth $100 each.That's a bit too chunky for a medium of exchange - and they can't be divided into halves.

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        • The problem with Bitcoin is the volatility of its exchange rate. Six months ago it was 7 US dollars x 1 Bitcoin, now you need more than 90 US dollars.

          A currency that is supposed to facilitate transactions should not fluctuate as much as Bitcoin does.

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          • It seems to me that bitcoin's appeal as a currency is limited to people engaged in something which is illegal in their jurisdiction?

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            • I think the original idea was that gambling with bitcoins wasn't illegal because thy weren't cash.Not sure that that would work now as they are clearly 'worth' something.
              The other point,though,is that bitcoins are supposed to be harder to create than certain other mediums of exchange.Not a topic for this website but google fiat currencies,Detlev Schlichter and follow links if interested.

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              • They reached 145 today. I've come to realize that a currency with a finite supply is not a currency but just a speculative bubble.

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                • This Pizza Cost $750,000: http://motherboard.vice.com/blog/this-pizza-is-worth-750000

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                  • My technical knowledge is woeful,but I had been considering speculating in bitcoins after they crashed.One thing that concerned me was the problem of where to store them.I could do it in a wallet on my own computer,but there is always the risk of theft and computers eventually wear out/break down,although you can sometimes save the data.None of the companies that offers storage strikes me as that safe,and some have been subjected to attacks by hackers.So I'm not convinced that bitcoins are really viable long-term - they may be inferior to gold.
                    If these problems with bitcoins could be overcome,they might have the advantage over conventional 'fiat' currencies of not losing value.

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                    • When I first heard of Bitcoins 3 years ago on Hacker News, I started mining them and also considered building a dedicated machine network, then decided against it as at the time the value was just 6USD x 1BTC.

                      Naturally I looked into storage and security and I seem to remember that to protect your wallet, you can host it on an offline computer.

                      Basically you can have an always online wallet and a "savings" wallet offline.
                      And you can also backup the data.

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                      • I'd buy some bitcoins if any of the major sellers accepted moneybookers/skrill.From what little I've read moneybookers aren't keen on people using their service to buy bitcoins.

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                        • Originally posted by quincunx

                          At first I thought bitcoins were a bubble.Not sure now,but another problem may be that they are becoming too unwieldy metaphorically speaking - last time I checked they were worth $100 each.That's a bit too chunky for a medium of exchange - and they can't be divided into halves.

                          No, not true. Bitcoins are infinitely divisible. You could run the worlds economy on 1btc.

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                          • I think haijun1122's lost his compass?

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                            • Originally posted by Hareeba

                              I think haijun1122's lost his compass?

                              LOL.

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