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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4 Reasons Why the New Bitcoin Rally Is Unlikely to Stop Now
After more than a year of declining prices, the crypto market is finally seeing a period of serious recovery — one that has already brought digital currencies to heights not seen in over half a year now.
Only days ago, Bitcoin surged past several major resistance levels and managed to exceed its yearly high of over $8,000. Already, many skeptics are predicting the soon end of the bull run, and the possibility of yet another sharp decline. However, there are signs that suggest otherwise — that this bull run is only getting started, and that it will not end anytime soon.
There are four reasons why this is the case, and they are as follows:
There is the long-awaited Bitcoin futures exchange, Bakkt, which recently announced that the July test date for Bitcoin futures is soon to be set. Bakkt’s launch was delayed multiple times already, so the announcement came as quite a surprise. However, it appears that it will happen quite soon, after all.
As soon as its arrival becomes a certainty, Bitcoin will likely skyrocket even further, just like gold did when gold ETF appeared in 2013.
2) Bitcoin completely ignored the hacking of Binance
Binance has been the largest crypto exchange by trading volume for a while now, and as such, many expected that, if anything were to happen to it, Bitcoin…
The New Rally Has Arrived: Crypto Market Cap Goes up by $24 Billion Within a Day
The crypto market’s recovery progresses further, and at a rapid pace, at that. Bitcoin has just surpassed the $8,000 mark, which is the first time its price has been that high since July of last year. In addition, the entire crypto market is making billions within hours.
Bitcoin (BTC) sees another serious surge
In the past 24 hours, the total crypto market cap has gone up by around $24 billion. Meanwhile, BTC price has grown by $1,000 within the same period, as the largest coin traded barely above $7,000 on early Monday. At the time of writing, the coin’s price sits at $8.014.31, with a 14% growth in the last 24 hours. Meanwhile, the BTC market cap has gone up to $141.85 billion, and even the coin’s trading volume surged to over $31 billion.
While many are wondering whether this is a return to the massive heights seen back in 2017 or only a temporary surge which will soon see a correction — no signs of an upcoming decline have been noticed as of yet. In fact, new heights were made and then exceeded multiple times in the past week, with a massive 33% gain during that time. And, with Bitcoin’s dominance at 60%, many are expecting that massive altcoin surges are to be expected as well.
The growth of altcoins can already be seen, as Bitcoin…
The Crypto Market Reaction to Bitcoin (BTC) Recent Surge
Bitcoin (BTC) is finally back on track, with the world’s largest cryptocurrency recently reaching heights that were not seen in over half a year. The coin’s last big milestone was $7,100, and while it has gone beyond it, at the time of writing, a slight correction has started taking place.
However, while all of the attention is on BTC, it is also interesting to see how the altcoins are reacting to the new development. The market, as a whole, is looking a lot better these days, and it continues to improve constantly.
Bitcoin dominates the market
Bitcoin is currently once again dominating the market, with the belief that it needs to reach 60% in order to bleed out the overvalued altcoin markets. These days, its dominance is between 58% and 62%, depending on where you get your data from. This provides excellent conditions to try and predict what might happen to the rest of the market, as a similar situation already took place in the past.
Back before the new surges of 2019, and even before the bear market of 2018, and even further back, before BTC reached its peak — Bitcoin saw similar levels of dominance on December 4th, 2017. Back then, the list of the top 10 largest cryptos by market cap had barely any similarities with the list as it is these days.
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