It comes as no surprise that Vera & John Casino, the first regulated and licensed online casino to accept Bitcoins, have suspended the acceptance ‘until a regulatory infrastructure is in place.’ Free Slot Money feels that is why it was such big news to begin with, how can you accept a payment method with such fluctuations, no regulatory backing, and the fear that the entire virtual currency could collapse at any moment? The IRS views it as an asset rather than a currency. Our only question is why did it take so long to remove the method of payment especially after the incident in February when Mt Gox, Bitcoin’s largest exchange, collapsed after having lost $450m worth of it’s Bitcoin stock?
As quick as banks and market places dump the acceptance of Bitcoins, you find a new one to take on the risk. Still, the number of registered Bitcoin addresses is shrinking to fewer than 200,000 in existence today which begs the questions, is virtual compensation here to stay and will online gaming companies continue to introduce it as a payment processing solution? Well, let’s put it this way, the value of a Bitcoin dollar has gone from over $1k a year ago to $445 in April. Can online gaming businesses really afford that kind of risk?
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