Bitcoins Business Driven by Online Gambling

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Bitcoins Business Driven by Online GamblingLast week I wrote a blog about bitcoins (BTC) gaining legitimacy as currency. In it, I refer to other blogs that took notice of the US government recognizing BTC’s as serious business and how the company SatoshiDice, a BTC company, had been bought by a private buyer.

Since national online gambling remains illegal in America, SatoshiDice blocks all IP addresses that originate from the US. Despite not servicing the United States of America, SatoshiDice seems to do well and make good business for the aforementioned BTC’s.

In a blog by Megan Geuss at arstechnica, several stats are discussed regarding the amount of transferring between gambling sites and BTC companies and more specifically, how many transactions came from business with SatoshiDice.

Geuss notes that in June alone, the company Blockchain, had about 48,400 BTC transactions per day. With SatoshiDice recording between, 12,400 and 24,800 transactions a day, they equated to 25 to 50% of the transactions happening per day. (These numbers, as Geuss explains, are based on SatoshiDice taking 12,424 bets in a 30 day span and explaining that each bet is a transaction and a winning bet equals two transactions.)

Geuss also points to several other online gambling sites that use BTC’s and how they may add to the transactions to BTC sites. All of these numbers add up to online gambling as a major supporter of the bitcoin industry.

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