Bitcoin Continues To Offer Legal Online Gambling Option

We reported way back in January about the phenomenon of the virtual digital currency known as bitcoin. For those who have not heard of this growing currency option, bitcoin is unique in that no government or bank issues the currency. It is traded via computer code which in effect distributed bitcoins to a set rate of people who devote web servers to keep the code running.

As we speculated earlier, bitcoin is seen as an innovative and legal alternative to real money online gambling. With the global financial crisis still with us, countries like Cyprus have added fuel to the fire as millions start to question just how safe their money really is in the hands of the banks. With countries like Cyprus being able to essentially confiscate private citizen’s hard earned cash, virtual currency like bitcoin is now seen as a preferred option for many.

It is in such high demand that currently each bitcoin is trading for more than $90 which is largely due to the global economic crisis. More and more businesses are starting to accept bitcoin as an accepted form of payment. Currently there is over $1 billion worth of bitcoin currency circulating on the web.While the legal status of bitcoin is still in the process of being clarified many online casinos as well as private individuals are opting for the hassle-free option which now days is seemingly a safer option than traditional banking houses.

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