Amongst all the transactions that Bitcoin made, it was found out that half of it was for the illegal purchases of drugs. This was not as daunting as what was thought. As a substitute, Online Gambling came out as the most widespread form of this illegal arena of gambling. If we talk about the most flourishing internet site in the phase of online gambling, then Satoshi Dice would surely top the charts which picks out and screens the people of the United States who are involved in Gambling. They make use of the IP addresses to check wherever gambling online was found to be illegal and omitted them out. However, this wasn’t foolproof. What came out to be more interesting was that last month, this site was bought for Eleven Million Dollars after it was sold on the Stock Exchange of the Bitcoin (MPEX). Bets are sent by the Bettor by making use of the Bitcoins on the static addresses which are kept open for public.
These addresses have individual payouts and losing strings. If you win, this site will deliver the money by multiplying it with the multiplier of the payout. But if you lose the bet, a percentage of 0.05 of the amount of the gamble will be sent back to confirm that the system is working accurately. This eventually reveals that by default two transactions are made on the Santoshi Dice each time you bet. So, the daily 12.4k of the bets resulted in twice the number of transactions on the network of the Bitcoin for the month of June (2013). In fact, another survey revealed that Bitcoin transactions reached upto 48.4 k daily in the same month which was 51% of the total number of the bitcoin transactions on the network. The same survey by Blockchain.info also came out with the facts that at an average, the bets were close to 10.5k on a daily basis which counted down the transactions as 5 percent of the total volume generated by Bitcoin.
Other competitive sites like Just-Dice gained traffic of about 7.8k bets daily in the span of June to August. The last Santoshi Dice reported its finances was when it was traded by the MPEX, after which it became difficult to guess that if Just Dice’s volume is an addition to the Santoshi Dice’s volume or is taking some share of its own. If it is so, it will add 4 percent to the Bitcoin network of transactions.
To our surprise Just Dice has managed to fill their accounts with 5 Million US Dollars in just 2 months which is a great example for people who believe in this prosperous business of online gambling.
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