Bitcoin is an innovation in itself, but it is haunted by the negative projections in the media, which highlight the scams, controversies, and scandals involving the cryptocurrency.
Since its introduction, the digital currency began showcasing revolutionary technologies like the blockchain, faster payment transactions, and even transparency. Bitcoin continues to gain ground on various markets, crossing borders to provide opportunities, especially to places challenged by financial woes like high banking fees and lack of access to bank accounts.
But its potential to shape the future is hounded by bad publicity like the highly controversial fall of what was then the largest Bitcoin exchange on the web—the collapse of Mt. Gox.
Former Mt. Gox CEO Mark Karpeles was suspected of fabricating the whole incident. Its shutdown took a toll on the Bitcoin price and became a large disgrace in Bitcoin history.
Karpeles is now under the Japanese authorities, but what will happen next is the question.
Arrested over fraudulent system manipulation
Several months after more than 600,000 BTC vanished from the Bitcoin exchange, the latest suspect was finally arrested by Japanese police.
Initial punishment would sentence Karpeles in prison for up to five years or fined of up to $4,000. Further charges may be filed against him by the authorities after the conclusion of the ongoing investigation.
Police are looking at a different angle, where someone—suspected to be the Mt. Gox CEO—altered the exchange’s database and manipulated the system, resulting in the loss of the said amount.
The gravity of his arrest may unfold in the following days or weeks, but he is expected to deny the allegations and counter the charges imposed on him.
With the major fiasco beginning to show developments, all eyes await how this will affect the Bitcoin markets. From the online gambling perspective, how will this development affect the growth of the Bitcoin casino market?
Withstanding negative publicity
Since the shutdown of Mt. Gox, the Bitcoin casino market never slowed down. Instead, it continued to welcome more Bitcoin casinos and betting sites, generating players from various countries.
Although the market began to wobble as the price entered a period of sharp decline, the online gambling niche found itself in a win-win situation, regardless of the fluctuating Bitcoin value. Lower values entailed more bankroll for the players while high prices serve as the green light to exchange their funds for the US dollar.
Now that the Mt. Gox collapse has returned to the limelight, any development proves to be independent from the Bitcoin casino market. After all, the entertaining world of cryptocurrency betting has withstood different fiascos, involving Ross Ulbricht’s arrest over the operation of Silk Road, Bitcoin exchange hacking incidents, and even the countless claims that Bitcoin is merely a bubble.
Betting on Bitcoin games may not be as mainstream as the fiat-operated online gambling sector, but it is all set to take its rightful place in the flourishing iGaming industry.
With Bitcoin gambling seen as a vital piece in the success of the Bitcoin ecosystem, the cryptocurrency may very well take off in the next years, regardless of the existing Bitcoin media image.