Bitcoin value plummets amid $5m hacking controversy

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In the aftermath of hackers stealing $5 million worth of anonymous cryptocurrency bitcoin this past weekend, the value of BTC has plummeted to $280.

Bitstamp announced the breach and temporarily pulled the plug on its operations early Tuesday. According to the Slovenian exchange, a small percentage of assets were compromised. Bitstamp announced that it would be honoring all compromised balances.

The breach does little to instill confidence in the hearts and minds of online sports gamblers who may have been on the fence for depositing in BTC until now.

One thing is clear, there is a considerable amount of risk depositing exclusively in BTC.

Risk-averse gamblers may not be willing to deposit $100 in BTC and have that value cut in half in a week or less. Even bettors who prefer to make straight bets and withdraw after each wager is settled may feel the cons outweight the pros at this time.

Though BTC transactions are spun as being easier and less complicated than deposits with plastic or banks, the reality is the everyman spends more time reading headlines than learning the inner workings of an anonymous currency, so bitcoin becoming mainstream in the online sports betting world as of this time is somewhat of a long-shot.

There will be top-rated sportsbooks like 5Dimes and Heritage supporting BTC as a response to demand from their hardcore users who are having a tough time funding, but bitcoin is likely not a game changer in 2015 in the sports betting world.

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