One Gambler Bets the Farm on Bitcoin |Listen 2 Bitcoin

One Gambler Bets the Farm on Bitcoin

If there’s one thing that has come out of the recent banking crisis, it’s the rise of Bitcoins – the digital, deregulated, decentralized currency that first made its appearance in 2009.  Over a  period of just 2 days, last week,  the value of a single Bitcoin has risen by 70%

One anonymous Reddit user, named anon_bitcoin_gambler says that, in the last 3 months, he has spent almost $30,000 on buying Bitcoins and playing Satoshidice –one of the more popular ways of gambling using Bitcoins is to play this computerized dice game.He started buying in December when one Bitcoin was worth around $14 and he says that, should he choose to cash out today, he could rake in anywhere between $92,400 and $164,934.

He says that he decided to invest in Bitcoins because he had belief in it being a good long-term investment.  He also says that he knows of no stock or bond that performs as well and, being as he was deeply in debt he felt he had nothing to lose.

The man would not give any details about who he was or about his investments but he did post on the r/Bitcoin subredditthat he was not a man of means and ad a good number of student loans that neededpaying.  He refused to provide any proof of his investment when he was asked for it, saying that he did not want his identity revealed by giving out his blockchain information. Blockchain is the system that tracks who owns any particular Bitcoin. His reasons for investing were simply to help support his family and live in hope that  his money worries would soon be a thing of the past.

The past few months have seen an enormous rise in the value of Bitcoins. Back in 2009, when the currency first arrived on the scene, it was used to hide cash from illegal activities, such as drug dealing. However, in October 2012, it was reported that over 1000 different merchantstores were taking Bitcoins as a form of payment, including WordPress, Mega (file locker service) and a Pizza order business.  Bitcoins are also used on Reddit and Twitter to “pay” for quality content.