The number of bitcoin bets made on the US presidential election has grown dramatically. “People were very passionate about betting during the US presidential election season,” a spokesperson for the BitBet website told BNC, “and were also very passionate during the whole Brexit affair.” Another betting site, Fairlay, told BNC that a single political bet attracted 4,356 predictions worth about $956,000 at current bitcoin exchange prices.
“Overall people won around 2000 BTC betting on Trump.”
Bitcoin was in its’ infancy during the 2012 presidential election, when the first platform for bitcoin betting was created. In April 2012 ShapeShift CEO Erik Voorhees launched SatoshiDice. The simple online dice game allowed anyone to bet small amounts of bitcoin on the outcome of a dice roll, using a system that was provably fair.
The anti scam feature is specific to cryptocurrency, and cryptographically proves that the wagering process is not being fudged by the site administrator, nor anyone else. In