Bitcoins might appear somewhat strange to those that avoid using them, and probably even to anyone who has gone and purchased themselves Bitcoin miners after deciding to join the currency that is digital. But one guy who definitely features a firm hold on Bitcoins is a gambler who passes the online handle ‘Nakowa,’ that has was able to pocket the largest Bitcoin win in online gambling history.

Playing at Just-Dice.com which offers several dice games by which players can bet using the currency that is virtual handled to rake in 11,000 Bitcoins over the course of only one week-end of furious gambling, which amounts to around $1.3 million, going by current Bitcoin conversions.

Losing and Winning Streaks

At one point during the weekend, Nakowa lost since much as $111,000 before turning his frown upside down and heading off on a huge winning streak to walk away with the tidy sum. Strangely enough, Nakowa’s initial losses reportedly made the gaming site richer than it had ever been, giving Just-Dice.com its highest single profit point to date at 7,000 Bitcoins ($862,400) on a hand.

But, as soon as the weekend had been up, Nakowa had put Just-Dice into the section that is red of accounting books by $264,200, so when of present reports, the site is waiting to be replenished by its $5.6 million backup account.

Nakowa’s big win has certainly sparked some controversial reviews online, as those into the gambling sphere debate if the player is happy, figured out a winning system, or was cheating that is just outright. Words such as ‘cheat’ and ‘thief’ have already been tossed around by jealous fingers hammering away at the keyboard.

Some have even theorized that the ball player is managing other individuals money to build up a combined, unstoppable, bankroll. Clearly betting such amounts that are large causes quite the stir.

Nevertheless, business seems to be booming for Just-Dice, as considering that the site was launched in this year, the statistics show that 1,300,389 million Bitcoins have been wagered since the site went live, which is around $160 million june. It appears like 429,600 Bitcoins ($38 million then, and $53 million now) were applied to the site within the month that is first being founded by an anonymous developer known as ‘dooglus’, showing there is evidently a definite Bitcoin gambling market and this can be tapped into.

Contributing to the popularity element regarding the Just-Dice gaming website is the organization’s slim one per cent edge, allowing players bigger winning opportunities and a practical shot, which is clearly proving an important factor in drawing customers to the site.

This works well for the site that is online as more customers clearly means more money being wagered and more in the operators’ pockets, unless every player can master the game like Nakowa, of course.

Bitcoin Investors Not Too Pleased

But not just does your website attract gamblers, it also appeals to the bitcoin that is non-gambling who is able to invest their Bitcoins in to the site and make money from the losses of the gamblers. Since the launch this summer, 135,000 Bitcoins have been dedicated to the website, which equates to just under $17 million.

Perhaps the cries of ‘cheat’ and ‘thief’ are coming mainly from disgruntled Bitcoin investors who have seen their investments plummet as a consequence of Nakowa’s flurry of winning bets.

Bitcoins have been a controversial currency since their online introduction five years ago. While many gamblers have embraced them for being ‘nontraceable,’ others worried they might be an easy means for money launderers to create illicit funds disappear into thin air. This year alone, there was a landmark Federal instance where Homeland Security proved that Bitcoins aren’t only not untraceable, but are seizeable, simply like other form of more readily accepted financial unit.