Online gambling starts gaining more and more popularity among virtual players since it offers endless opportunities to enjoy a supreme casino experience without actually leaving your home. Since interactive casinos are becoming a huge industry, they need to be constantly abreast of every new technology that can improve players’ web gambling.
Thanks to the constant innovations that appear on the iGaming scene, it was no surprise that Bitcoin has become a payment method which is accepted by numerous online casinos. The concept of Bitcoin was introduced to the public in 2008 and ever since it gained a massive popularity, it started to be used as a deposit and withdrawal solution in various web-based casinos. Such casinos are often listed on big portals like Casino Games Pro.
Although Bitcoin was proclaimed the first cryptocurrency used for managing funds for online players, there have been several interactive casinos that started accepting payments via Ethereum. This fairly new cryptocurrency called Ether has sparked debates about which of the two options is better to be used for online gaming.
Differences Between Bitcoin and Ethereum
Bitcoin introduced a brand new way for online players to fund their gaming balances and withdraw their winnings. Bitcoin virtual casinos offer players the opportunity to create an account without having to provide an e-mail address or another piece of information that will serve as an identity verification. This way players do not have to go through the hassle of providing any copies of scanned utility bills or ID photos.
It is no wonder that plenty of virtual casinos started accepting the popular cryptocurrency as a way of managing players’ gaming funds. Since many online players do not feel completely safe when they are asked to provide personal information, Bitcoin casinos have gained quite the popularity as they manage to offer their members a more private gambling experience.
Although Bitcoin is the first cryptocurrency which was accepted in various online casinos, the launching of Ethereum had many virtual gamblers wondering if this payment method is not the future of online gaming. Thanks to the smart contracts that Ethereum has introduced to the public, users can transfer their funds from one wallet to another via a series of programmes which will ultimately negate the need of using third-party companies for the transfer.
In addition to the aforementioned function, smart contracts also allow decentralized applications (DApps) which provide players with plenty of advantages that can easily overshadow the current top cryptocurrency Bitcoin.
Even though the two services are compared with each other, there is a difference between the programming languages they use. While Ethereum uses Turning complete, Bitcoin utilizes stack-based language. There is also a differentiation between the purposes of the two companies. Bitcoin can be considered as an alternative to real money, while Ethereum uses its own currency as a way to help connect contracts and applications.
Advantages and Disadvantages of Bitcoin and Ethereum
As mentioned earlier, Bitcoin has become pretty popular in the recent years. This is why the cryptocurrency started appearing as a payment solution in various online casinos. Thanks to the fact that it has been commonly used by many virtual players, today, there are a handful of web-based casinos that will allow you to manage your gaming balance with the help of the cryptocurrency. If you want to explore a Bitcoin online casino, chances are you will easily find one that is both reliable and fun to play at.
Another advantage of opening an account at a Bitcoin virtual casino is the fact that you will be asked to share very little information. This means that you do not have to worry about providing details that you do not feel comfortable revealing to the interactive casino operator.
Since no country has recognized Bitcoin as a real-money currency this means that it is not subjected to any taxation. This way both withdrawals and deposits via this payment method are very inexpensive since casino patrons do not need to pay any fees to banking institutions or third-party services. However, the UK Gambling Commission does not forbid the usage of digital currencies.
The thing which Bitcoin is lacking, however, is the smart contracts function. Thanks to this feature the winning bets of online players are directly transferred to a smart contract and there is no need for a third-party service for the transaction of the funds. Using Ethereum while playing online is also very cost-effective which is a great advantage for those who decide to utilize it as a payment option.
Even though Ethereum might be starting to gain quite the popularity among virtual players, buying Bitcoins is still easier than buying Ethers. In order to acquire some Ethers, you will first need to buy Bitcoins and exchange the cryptocurrencies. Another disadvantage is the fact that Ethereum is a fairly new way to manage funds in online casinos. This is why Bitcoin web-based casinos are much easier to be found than the ones that accept payments via the Ether cryptocurrency.
Both Bitcoin and Ethereum have their positive and negative sides and virtual players should not overlook the advantages and disadvantages when they choose between the most popular cryptocurrency at the moment and the one that many have predicted as the future of online gaming.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
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He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…
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In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…