Everybody in the world of crypto-currencies is talking about what became a reality Tuesday morning, the split of Bitcoin. Those in the world of online gambling have wondered how it might affect them. Who better to ask than arguably the leader in Bitcoin-only Internet sports betting, Nitrogen Sports. Scroll Down to Read...
WATCH LIVE AS BITCOIN SPLITS - LATEST TRADING
Nitrogen Sports told SportsBookReview.com they will not be making withdrawals or accepting deposits Tuesday (August 1) and will review future options as the Bitcoin soft fork is slated to occur. By Monday night, Nitrogen had already stopped all withdrawals.
"We’re sure many of you are aware of the recent conversation in the Bitcoin community regarding improvement protocols and finding a technical solution to network congestion.
“Technical changes on this scale do add the risk of temporary instability to the network, and Nitrogen Sports needs to take this into account as we look to protect our players during this period.
“Ahead of the August 1st split event, Nitrogen is proactively taking the following temporary measures to protect its players:
“Aug. 1 @ 04:00 EST – All deposits will be stopped. Any deposits made before the cutoff time will clear after 1 or more confirmation.
“Aug. 1 @ 06:00 EST – 3 Card Poker, Baccarat, and Poker will be unavailable to all players for a short time.
“Aug. 1 @ 12:00 EST – Assuming network stability, deposits will be reactivated.
“Aug. 1 @ 17:00 EST – Assuming network stability, withdrawals will be reactivated.
“After August 1st, Nitrogen Sports will assess the events on the BTC network split and will implement a process to ensure that players have the ability to withdraw in alternate versions of BTC, as they wish (eg. BCC).
Thank you for your patience and understanding."
CoinMarketCap.com confirmed Tuesday: "A Bitcoin block was just mined that's invalid for Bitcoin Cash nodes! [That] means the chain has now forked. Bitcoin Cash is one block behind," the online magazine said on its liveblog at 9:24 a.m., ET”.
The digital currency has effectively split in two: bitcoin and bitcoin cash.
"There seems to be some technical issues that might be slowing it down, but yes, the fork has happened," Peter Borovykh of Blockchain Global, a blockchain technology company, told Business Insider.
"Bitcoin cash is here."
Bitcoin prices edged lower Tuesday morning while futures for the new currency, "bitcoin cash," reversed earlier losses and shot higher.
Bitcoin traded more than 5.5 percent lower near $2,710 after dropping to a low of $2,670 earlier in the morning, according to CoinDesk. The digital currency rose more than 10 percent in July and has more than doubled in value this year.
- Aaron Goldstein, Gambling911.com