SatoshiDice – A Test Case for Bitcoin Gambling
SatoshiDice 1700 BTC Dec 2012 Dividend
Early on, in was apparent that the online gambling scene had the potential to benefit from Bitcoin. Obviously I was not alone in that thinking, as dozens of Bitcoin gambling sites seemingly sprung up overnight, most of them looking like they were coded by five year-olds or Nigerians, or Nigerian five year-olds.
The majority have gone the traditional route of offering tried and tested games like poker, blackjack, or slots, but some have utilized the unique properties of Bitcoin to truly change the way people gamble online.
Let me draw an analogy to try to explain exactly what SatoshiDice has achieved. Imagine for a second that you have a bank account with Chase, or any other bank that offers online banking, and you are logged into your online account. On the side of the page you are given the option of making bets. For example, you can send up to $3000 to another account, and instantly receive $12000, with a 24.41% chance of winning. Or you can send $2000 to another account and instantly receive $3914, with a 50% chance of winning. There are many other betting options available to you with a very slight house edge, and profits appear immediately in your bank account and are available for spending.