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Bitcoin an Offspring of Online Gambling

Bitcoin an Offspring of Online Gambling

There was a time when the original online casinos thrived—new and exciting i-gaming right from the comfort of your living room or office. Lasseters, Centrebet, Bodog, Pokerstars, Full Tilt, and others were all the rage. You probably remember the advertising and marketing that was blowing up that included celebrities and millionaires. Most of them were legit and operating legally. However, the US regulators didn’t want them, and they made it so difficult for people to participate, it caused the online gaming industry to shut down. They have since reappeared.

This all started long before Dr. Craig Wright had created Bitcoin. He worked with BDO banking in the day assigned to create automated auditing platforms that would assist in fraud detection, among other functions. In connection with that, he worked with Centrebet to test his theories; however, that never materialized. It did ultimately provide the groundwork for the Bitcoin whitepaper.

“Part of what I was doing with BDO overlaps with the concept of Bitcoin,” explained Craig.

The key aspect of Bitcoin and related systems is the ability to know that you have a single system that hasn’t been changed, where the changes have been made if any need to occur, and to have a ledger that you know can’t be alteredhe elaborated

In addition to recording auditable secure data, there was a need for making digital micropayments. Some Traditional Payment Platforms cannot do this because of many limitations within their systems. BSV is Bitcoin in its original form. It solves the micropayment problem because it can process these payments faster for lower costs. BTC and Ethereum are limited to the number of transactions per second, similar to traditional payment platforms. They also charge higher fees to speed up a specific transaction, which defeats the whole concept of keeping costs to a minimum.

So, all of this can be constructed in a way that is utterly secure and without a lot of costs, without having to set up expensive infrastructure, high-end firewalls, or any other aspect of this. Just one secure website will do it said Craig

Today many online gaming sites accept BTC and other coins to fund player accounts. Not to say all are shady, but many of them are not licensed and simply operate today as they were. Unfortunately, this gives a black eye to the industry. These unlicensed operators allow everything from underage players to money laundering. In the end, they will all lose by having their funds ripped out from under them like a cheap rug.

Most of these, at the moment, are all about laundering. So, they are mixers. They put their money in, try to get away from tax or other obligations, take their money out. Long term, that’s going to be a big problem because if you have mixed funds, then you’re going to lose your fundswarns Craig

Check out more of Dr. Wright’s comments here:



This post first appeared on CapitalBay News, please read the originial post: here

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Bitcoin an Offspring of Online Gambling

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