Bitcoins Were Once Worth Pence Now They Make Millionaires
Published on by Becky Mosley
Crypto currency Bitcoin has become increasingly popular over the passed decade, however it’s value has fluctuated a little this week as we approach the end of June. According to some, this fluctuation may also be due to maintenance carried out on Bitfinex servers whilst numerous Sports books and casinos have bought large amounts of Bitcoins, as they tend to do at the end of each month to pay players.
Bitcoin Made Millionaires
After all, since the rise of Bitcoin millionaires there are a variety of casinos are now seeing the appeal of Bitcoin and are offering it as a deposit method. Most of the people who are wealthy in Bitcoins bought them when they were worth pennies, but in 2013 a single Bitcoin became worth $1,000. Though many sold their Bitcoins, Kristoffer Koch took a different route.Koch discovered Bitcoins whilst studying at the Norwegian University of Science and Technology when he came across an article written my Nakamoto. Koch was writing a thesis on encryption at the time and thought it would be an entertaining investment, so spent about 150 kroner ($26) for 5,600 Bitcoins. After forgetting about the purchase completely, Koch decided to check on his Bitcoin worth in 2013. The 5,600 Bitcoins were now worth $886,000 and so he sold them and purchased a flat in Toyen, Oslo.
Casino’s And Bitcoin
There are numerous benefits for Casinos who also decide to dabble in the world of Bitcoin. For one, credit card fraud is an enormous problem at online casinos and huge amounts of money are spent on solving the issue each year.With Bitcoin there is no risk of fraud, plus the fact they are credited instantly and can be withdrawn up to $90,000, it’s easy to understand why sites like Playamo have started using the currency. Since the operator started offering this option, their user base has increased ten fold.Overall, Bitcoin is sure to keep gaining popularity and it’s only a matter of time before every online casino offers a Bitcoin deposit option. What will be interesting though, is which sites will adapt this new practice the quickest.