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19 Nov '12, 1am

Bitcoin online gambling sites: pros, cons and preaching to the choir: Bitcoin gambling: pros and consBusiness News

McCarthy told CalvinAyre.com that SwitchPoker’s use of Bitcoin was not without its challenges, such as the fact that “all payments are final.” Bitcoin’s ability to forego the use of banks and online e-wallets by sending payments directly to the consumer eliminates the ability to reverse a transaction. “This means that fraud issues need to be handled differently. Extra checks are performed before sending Bitcoin payments out.” Security is another area of concern, in that “with Bitcoin you have the option to store the funds yourself” rather than with a third-party financial institution “and this comes with risks. Precautions must be taken to ensure your Bitcoin wallet is kept safe, as a security breach could spell disaster.” McCarthy says SwitchPoker’s use of the Bitcoin 24/7 exchange’s secure wallet service “insulates us from all the intricacies of the Bitcoin network and p...

Full article: http://calvinayre.com/2012/11/19/business/bitcoin-online-...

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