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LeetCoin is inviting video gamers to join its Bitcoin movement

LeetCoin (or “Elite Coin”) has entered the Bitcoin market with a bold statement, “The Future of Competitive Gaming has Arrived.”

Gamers can sign in via Steam and then join LeetCoin servers to compete for Bitcoin while playing their favorite first-person shooters. Bitcoins are automatically transferred from the losers to the winners.

LeetCoin’s goal seems to be to make video games side bets more efficient, which is fine on a small scale. But since this amounts to gambling, it can be expected that LeetCoin will have to seek pastures outside the U.S. once it scales much like SatoshiDice and BitFunder.

There are other challenges to this business, such as players feeling more compelled to cheat.

“I can’t think of anything better to incentivize hacking,” said one user. “Let’s say you have a great server that uses Punkbuster and updates frequently with good hackers on your staff creating and blocking holes as you go. That still doesn’t do anything to prevent players from using a corrupted network to DOS attack competitors. You wouldn’t even need that many drones to clog a single home user’s bandwidth.”

But these challenges don’t stop the reality that video game fanatics might just be the perfect match for Bitcoin wagering. And LeetCoin wants to let video games wager on their first-person shooter battles with Bitcoin, where it’s a game of winner take all.

Here is LeetCoin‘s intro video to the service.

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Bitcoin Gambler Wins 7000 BTC in Rollercoaster Ride Online

One Bitcoin gambler had a rollercoaster ride of a gambling session and ended up on top of the casino, as reported by news.com.au:

Just-Dice.com, a European-based cybercasino offering a set of dice games played for the highly valuable digital currency Bitcoin, has been on a roller coaster ride.

Nakowa’s gambling began badly. His weekend started on a losing streak that made Just-Dice richer than it had ever been, causing the site to hit its highest single profit point of all time (7,000 bitcoins or $862,400 on hand), according to multiple witnesses.

However, as Nakowa – who has been called “fearless” – continued playing, a big swing hit hard. By Monday morning, Just-Dice.com’s on hand profit had been erased completely. It currently sits about $264,200 (2,000 bitcoins) in the red and sinking fast, waiting to be replenished by the casino’s savings account worth about $5.6 million.

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Here are the top 10 most popular stories On Bitcoin brought you in July 2013.

10. Bitbetex Jumps on the Bitcoin Gambling Bandwagon After SatoshiDice Exit

9. Bitcoin Gambling Company SatoshiDice Sold for $11.5 Million

8. Argentina Bitcoin Adoption Jumps in Recent Months

7. Turn Cash into Bitcoins in Seconds with the Lamassu Bitcoin ATM Machine

6. Bitcoin Prediction Market Predictious: Bet on Gender of the Royal Baby

5. Finding Business Model Opportunities in Bitcoin

4. Inside Bitcoins NYC Keynote: Is Bitcoin the New Financial Order?

3. Work in Silicon Valley? Pay with Bitcoin at Coupa Café in Palo Alto

2. Building Bitcoin into the Core Architecture of the Web

1. Cruise Ship Startup Community Blueseed Gets Bitcoin Funding

Thanks for reading in July!

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Bitcoin News

A roundup of the top Bitcoin news from July 22 to July 28.

Tuesday, July 23

• Executive Coaching Firm Strategic Development Lets Clients Pay in Bitcoin

Wednesday, July 24

• Meet the Bernie Madoff of Bitcoin: SEC Probes Bitcoin Ponzi Scheme

Saturday, July 27

• Bitbetex Jumps on the Bitcoin Gambling Bandwagon After SatoshiDice Exit

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Bitbetex Launches Bitcoin Betting Exchange

Last week, Bitcoin gambling site SatoshiDice exited for $11.5 million. Now there’s a perceived gold rush for the next phase in Bitcoin gambling.

Enter Bitbetex

Bitbetex is a bitcoin betting exchange where members can trade bets with one-another on almost anything with a definitive outcome.

Tony Hatchett, who built Bitbetex, told Coindesk about his choice to focus on Bitcoin, “Generally, fees of around 3% would need to be paid to a payment facilitator but Bitcoin allows us to remove that overhead completely. Secondly, Bitcoin is globally accessible, which allows us to match a bet from someone in the UK to a bet placed by someone in the US for example. No complicated currency conversions are needed.”

The site is currently in beta. Visit Bitbetex to sign up.

CC image by sincerelyhiten

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