BetVIP Shuts Down Service – Cloudbet Acquires Player-base and Balances

The Bitcoin betting industry is growing at a rapid rate these days, but it seems that the glory days may be over for some Bitcoin operators. One of the more prominent Bitcoin betting sites in the industry, BetVIP, announced earlier this week that they have closed their doors for good.

It all started out on June 12th when BetVIP suspended their sportsbetting trading for all customers, with the rest of their products following shortly after. The management then made a decision to look for other companies to take over their players.

The reason for the closure of BetVIP has been described by the BetVIP management as a mixture of the early nature of the Bitcoin betting industry and also because of the increase in regulations and legal environments around the world.

BetVIP had obtained a license in Curacao to operate their business under, something which many Bitcoin sites does not have. While having a license is good for the customers, it does create some limitations towards a Bitcoin business, which BetVIP probably felt while trying to operate.

Initially it was not possible for the customers of BetVIP to access their accounts and their funds, but now it has been made official that Cloudbet will take over all of BetVIP’s customers and bankrolls.

Cloudbet is one of the leading online Bitcoin bookmakers and casino sites, having grown rapidly in the past years time thanks to their fast cash outs, innovative betting platform and good promotions. That combined with high limits on all the popular sports, has made Cloudbet a popular place to place bets and play casino games for many players and now players of BetVIP can join as well.

Should the customers of BetVIP not wish to continue to gamble with their Bitcoins and instead want them cashed out, then they are free to do so. Cloudbet will honour all balances and all Bitcoins are available for cash outs without any requirements,

“Acquiring the BetVIP player base brings relief to BetVIP players who have been waiting several weeks for access to their funds,” said Leandro Rossi, managing director of Cloudbet. “We have made the transition as seamless as possible for players, and they can access their accounts and funds immediately at Cloudbet”

“This strengthens the Cloudbet brand as well as both the bitcoin and betting communities,” Rossi continued. “BetVIP customers can enjoy all of the exciting sports betting, casino, and mobile services that Cloudbet offer, safe in the knowledge that they are supported by Cloudbet’s track record and history of delivering high-quality and safe online betting services.”

It happens once in a while that well-known brands closes their doors in the gaming industry, but not in all cases the players gets their funds returned. Cloudbet saw an option to boost their business, but they also cared enough about the Bitcoin and the industry to not let a scandal burst into mainstream media and save all of the players funds.

If you were a player on BetVIP, all you have to do to access your funds is to login to Cloudbet with your details and you can see everything. You can also have a look at our offers for Bitcoin sportsbook sites and find a safe, reliable and high-odds site to wager your Bitcoins on here.

Richard Branson Invites to Bitcoin Summit On His Private Island

Sir Richard Branson is well-known around the globe for his entreprenuership as well as for his wast fortune. In the Bitcoin community however, he is not only well-known, but also highly respected because he publicly embraces the Bitcoin and believes that it is the future of payments.

He has praised the Bitcoin for its innovative features several times, but he has also backed his word up by action, as seen with him accepting Bitcoins for his space travel company Virgin Galactic as well as having invested in Bitcoin payment processing company BitPay.  

Now Branson has decided that he is going to host a Bitcoin summit on his private island dubbed “Necker Island”, which is located in the British Virgin Islands. The summit will take place from May 25th to the 28th and will feature some of the most respected people in the industry.

A website and a Facebook page has been set up for the Bitcoin summit, where people interested in the Bitcoin summit can read more about what is going to happen, what they will discuss and much more.

“Come visit with Sir Richard Branson on his private island for a set of intimate discussions highlighting critical issues and solutions and to lay out the framework for a world where the humankind is fully benefiting from the amazing technology behind the Blockchain.” The website reads.

Amongst the people attending the Bitcoin summit on his private island is Michael J. Casey who is a Wall Street Journal Senior Columnist, US Business Editor for The Economist Matthew Bishop as well as Hernando De Soto who is the President of the Institute for Liberty and Democracy.

The event is not hosted only by Richard Branson, as co-organizer is Valery Vavilov, who is the Chief Executive Officer at BitFury, as well as three Venture Capitalists, George Kivadze, Bill Tai and Suzi Mai.

There will be many other speakers at the Bitcoin Summit event, with more than 30 people already scheduled to make appearences and speak about how they see the future of the Bitcoin and what can be done now to ensure that the Bitcoin continues to expand around the world.

Representation from the regular financial industry will also be there, with people from Morgan Stanley, Pantera Capital and Warburg Pincus will be represented at the event. It will be interesting to see what these great minds will get out of sharing their knowledge with each other, but more importantly how it will benefit the Bitcoin in the long-term.

While the Bitcoin Summit is not open to just everyone, there will be updates on the content of the summit on their social media accounts, allowing people to discuss what they have discussed previously and get an insight to brand new technology.

Bitcoin Live Bets Goes Rogue has gone rogue. After offering some of the best bets in BTC live betting markets and an impressive website and interface, Bitcoin Live Bets has disappeared and taken bettors’ bitcoins with them.

On July 12th, 2014 the site and betting interface was pulled offline, and the domain was a nearly blank white page. There was one short line of text reading: “Short maintenance work. Back in a few hours.”

The site never did come back online. Players not only lost their full balances stored at the site, but also lost any pending wagers. There is a massive thread at Bitcoin Talk Forums detailing the theft.

The owner(s) even had the audacity to sell off shares of the sportsbook a week before disappearing with their players’, and apparently investors,’ bitcoins. It’s unclear how much was lost by players in the Bitcoin Live Bets scam, but tens of thousands of USD in Bitcoin seems to be a modest estimate.

The rogue status of this previously well known BTC sportsbook is another reason for bettors to be extremely careful where they bet. Many sites have operated in good standing but runoff with players’ deposits since, especially since Bitcoin’s meteoritic rise in popularity in 2013-14.

If ever comes back online avoid it at all costs, along with any associated sites.

The main take away from this and pretty much every other Bitcoin gambling scam logged to date, is that users should never leave any coins at a sportsbook, casino or poker site. Deposit the exact amount you want to bet and leave the rest in the safety of your bitcoin storage device, regardless of whether that is online or offline; the simple fact is that’s where they are safest.

While many gambling sites are legitimate, they can still be hacked or lose alot of money to sharp bettors or software vulnerabilities. The only surefire way to protect yourself from this is by keeping your coins off-site at all times. Make your bets, cashout when they win and you won’t have any issues. For more on account safety, read my guide to using bitcoin betting sites here.