Bitcoin Roars Back to Over $590 Following Bitfinex Announcement
The resiliency of bitcoin was on full display for sports gamblers in the past week.
Despite a momentary drop below $500 following news of a $65 million hacking at Hong Kong based exchange Bitfinex, bitcoin weathered the storm and was trading at pre-hacking value late Saturday.
The rebound into the $590 range came shortly after Bitfinex officially announced it had formally decided on a "socialized" loss scenario where all account holders are debited 36.067% to cover the loss suffered during the security breach. Bitfinex claimed players would be fully compensated over time and given "BFX" tokens for the amount that they were short, and also given options for company shares, though it cautioned that these details would take time to finalize.
Why Bitcoin is Preferred by Gamblers
Bitcoin enables players to more easily deposit with betting sites and save from dealing with delays caused by processors, not to mention a mountain of transaction fees.
With bitcoin, a click of a button and a transfer through the massive public ledger which is known as the public blockchain will see a player funded at a betting site of their choose within minutes, though transactions can take up to two hours if the sportsbook requires six "confirmations" or handshakes with the digital trail.
Users can shop for bitcoin accepting sportsbooks using Sportsbook Review. Players who are unwilling to expose themselves to the wild fluctuations of the digital currency may want to consider using a sportsbook that converts their deposit to their native currency: sportsbooks can be compared this way using the sportsbook rating guide.