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Americas Cardroom CEO Phil Nagy tells Gambling911.com, the anonymous digital currency Bitcoin has thus far impressed at his online poker business.
“Bitcoin is doing good for us,” he told G911 this week. “It is 10 percent of our overall business right now.”
ACR introduced a fully integrated Bitcoin platform last week, making them one of the first poker rooms to accept Bitcoin for deposits, with maximum daily transactions as high as $1,000 and minimum deposits as low as $5.
"At Americas Cardroom, we're always looking for new ways to make the lives of poker players easier. That's why we've added Bitcoin to our lineup of payment methods," stated Michael Harris, spokesperson for Americas Cardroom. "The payment system is now available in the Americas Cardroom cashier for all our players."
Bitcoin, a peer-to-peer payment system and type of virtual currency originally introduced in 2009, took the world by storm in 2013. It is open-source, which means that its design is public, nobody owns or controls Bitcoin and everyone can take part.
During a wildly successful live Q&A section webcast featured on the Gambling911.com website this week, some ACR customers expressed a concern over Bitcoin’s downward spiral on the trading front. In the past month, the average price of Bitcoin has dropped several hundred dollars and is now priced under $200 after reaching over $1000 at one point. One of the largest Bitcoin exchanges, Mt.Gox, shut down last year and is under investigation for theft.
None of this will matter in the long run because it is leading the way for cryptocurrency writes David Wolman, the author of The End of Money.
Wolfman writes:
The nosediving price of bitcoin matters in the short term because rattled confidence hurts any currency, especially a relative newborn that is only used to grease a tiny sliver of global commerce.
In the long run, however, the price swings won’t matter. The currency called bitcoin itself may not even matter.
But cryptocurrency will, and likewise the technology underlying it. In a way, bitcoin’s wild fluctuations in price – and coming through them onto calmer waters – could ultimately illuminate the staying power and significance of cryptocurrency.
- Aaron Goldstein, Gambling911.com
