Online gambling sites adopt Bitcoin in an effort to circumvent the law

Online gambling sites adopt Bitcoin in an effort to circumvent the law

Online gambling sites are turning their attention towards Bitcoin, with BusinessWeek describing how one site is letting US users pay with the digital tender following a huge poker site crackdown in 2011. Money never hits US banks at all, allowing the sites to operate without fear of reprisal from the government. Even the payouts are quicker — what normally takes up to 12 weeks with a US bank transfer takes only a matter of hours with Bitcoin. The new use for the decentralized currency will no doubt raise some legal questions, but for now the online US gambling community has found its workaround. Continue reading…

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Online gambling sites adopt Bitcoin in an effort to circumvent the law

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