Internet, Investments, News

SatoshiDice, a bitcoin based gambling site sold in over 126k bitcoins (1 BTC equals $ 90 currently)

Bitcoins, a decentralised digital crypto currency has undoubtedly become one of the most popular virtual currencies of all times. Despite of the fact that bitcoins, in comparison to its all time high value of over $250 per bitcoin in April 2013 has fallen sharply to as low as around $90 these days – the currency manages to ride high in the hearts of it’s worldwide fan base.

Recently, an online gambling site, SatoshiDice which allows users to play with bitcoins, has been acquired for a value of around $11.5 million as per CoinDesk – a global online publication on Bitcoin and other digital currencies. The undisclosed buyer, however, paid the price in bitcoins and closed the deal for 126,315 BTC currently valued at $90 per bitcoin, as per a bitcoin conversion website.

Claiming to be “the most popular Bitcoin betting game in the universe”, SantoshiDice is an online casino using bitcoins for transactions. Like other online casino games, SatoshiDice is a lucky number game against a user’s bitcoins on stake.

Launched in 2012 by Erik Voorhees, the website charges a small transaction fee on each bet to monetize. Right after its launch the website went so popular that within weeks of its launch, it became responsible for more BitCoin transactions than all other uses of BitCoin combined and clocked a total profit of $500,000 in just six months after its launch, as per an earlier report by TechWeek Europe.

“SatoshiDice is being sold, in full, to a new company that will take over all ownership, operations, and management.  The total sale price is 126,315 BTC, or 0.00126315 BTC per share. The sale has offered us a 277% premium over the sale price and a roughly 175% premium over the current market price of S.DICE shares on MPEX. It is also roughly equivalent to the average price of S.DICE shares at IPO” says Eric Voorhees via an online forum .

Bitcoins despite of it’s highs and lows, has been a hot topic among media to discuss. Recently a number of online stores including BitcoinStore, PizzaFoCoins , Bitroad and many more have started selling products against the virtual currency.

At one place, this virtual currency has provided a noteworthy freedom to it’s users to shop anything in any part of the world, but unlike SatoshiDice, the reality for it’s supporting businesses calls for an uncertain and a dubious future.

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