SatoshiDice Sold

The world largest online gambling site, SatoshiDice, which deals virtual currencies, has been sold for about 11.5 million us dollars to undisclosed buyer. This does not only show a major acquisition of a company but also a rising in popularity in a company that majorly deals with cyrptocurrency.

So, why is this game so popular? SatoshiDice is one of the largest businesses in Bitcoin’s economy and casino. It is very easy to play; a player is just required to send bitcoins to a particular address. Each of the bitcoins has a different payout percentage. A player who sends a bitcoin has a probability of 0.48 of doubling the money when he send just one bitcoin. To participate in the game, you only have to choose your number, pay your Bitcoins. The “Ghost of Satoshi” will then roll the dice. It the output value is lower than the number that you had chosen, you win.

For most people who have no experience in this game, it might sound childish, but the game has been proven to be very addictive. Out of approximately 5.3 million bets that has been placed, 3.9 million wins have been paid out. The speed of winning this game has increased addictiveness of this game. According to the company, winnings are dispatched within 30 seconds and the company charges a little fee of every bet that is placed.

Erik voorheens, the founder of Satoshi, addressed any concern shareholders on BitcoinTalk, he admit that he knew that some S.DICE owners thad held the company for a long time and was dismayed by the payout. He also said that the price up to three times higher than what most private owners are being paid.

The value of this acquisition is not very important as what this deal represent. It is the first major payout of a business that deals majorly on cryptocurrency. It shows the amount of money that are involved in this trade and amount of revenue that can be made.

Gambling, for a long time, has been a major money making business, yet in some countries such as Thailand and US, it is forbidden. Since it is forbidden to take money for online gambling, it very hard to fund gambling site. For that reason, many find it easier that to use currency to circumvent local laws. However, there was time when when SatoshiDice had blocked all users who had US IP addresses from using this site after taking legal advices.

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