PR Newswire – The Stossel Show, which airs on fox news, brought on Bitcoin Center NYC Policy Associate Naomi Brockwell to talk about how Bitcoin has revolutionized online betting — and made an activity that is illegal in most of the United States accessible to American bettors.
Brockwell states, “The way that the ban on internet gaming is enforced is that the government actually targets the intermediary, the financial institutions, that process the payments to the online gaming sites. What’s amazing about bitcoin is it is a peer to peer currency so it doesn’t actually use any of these financial institutions therefore the bettor can communicate and make payments directly to the casino.
And there’s very little that the government can do to stop these transactions. I guess they could try to shut down sites using diplomatic pressure but there such an incredible market for online gaming, 50-60% of all bitcoin transactions are made within gaming sites so there’s a huge market.
Furthermore”, she added that “Bitcoin is an incredible technology that is facilitating these sites and is actually making gaming a lot safer for the people doing the betting.”
