So we know that bitcoin cannot be created and it can only be mined and there will be a limited supply of 21 millions once all mining is done.
So i can see poker sites, betting exchages operating fully on bitcoin. i can see other books like betcris/5dimes that accept bitcoin but converts to fiat currency for betting purpose to deposit into your account.
But i still can't see how other books that use bitcoin as the betting currency in the betting account work. Because when you win a bet you are creating a new bitcoin....if its exchange someone else loses when you win. Hypothetically, if i am to play with 100k bitcoins and turn into 2 million bitcoin over a period of 2 years,i have created nearly 2 million bitcoins?
so are these bitcoin currency books like nitrogen ticking time bomb waiting to happen? Ik now that most bettors lose and this model is working for the books. But if more players win than lose, they are creating more bit coins. Do these books have a stock of bitcoin in reserve to cover the player winnings if everyone wins? but there is only limited supply of bitcoins.