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CasinoCoin (CSC) Adopts Ripple Codebase to Further Online Gambling

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CasinoCoin
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Casinos and cryptocurrency exhibit several similarities. Both are financial heavy industries, and both are viewed with a certain amount of skepticism. Casinos are seen as overwhelmingly benefiting the operator versus the gambler, while cryptocurrency is still often seen as a shady dark-web facilitator. Ironically, the combination of the two may give greater credibility to both. Gambling is a multi-billion dollar global industry, despite their public perception. Cryptocurrency is a powerful integrity driving technology. Together, they create a mainstream gaming ecosystem where gamblers always perceive themselves as fairly treated.

CasinoCoin and Their History

At the forefront of this movement for industry cooperation is CasinoCoin. Originally founded in 2013, the currency is now under new management. They intend to create a universal gambling currency, one that transfers easily between games, casinos and even locales. To this end, they seek to work closely with regulators to create a cryptocurrency that solves many of the problems plaguing the gaming industry.

As the cryptocurrency industry escapes the most recent bear market, CasinoCoin benefited greatly from the rise in overall market cap. Once a niche market usable only on a single poker site, CasinoCoin’s rebrand brought them tremendous attention – particularly their establishment on the Isle of Man and push for greater use.

How Blockchain Fits with Gambling

The immutable nature of a distributed ledger ensures transaction transparency. This process accounts for all money flowing in and out of casinos in a previously impossible way. Most cryptocurrency investors are familiar with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. Incorporating these into CasinoCoin’s platform comes as no surprise, yet this process is almost unknown in the casino industry. This transparency eliminates the less savory aspects of the casino market while providing a myriad of benefits for the individual gambler. This identification standard forces many of the malicious actors out of the equation.

Further, storing funds on a blockchain adds a serious layer of security for end users. Rather than trust a third party and the deal with the associated counter-party risk that comes along with that trust, funds transfer directly from the blockchain based on the immediate needs of the gambler. There is no physical store of money, no shady intermediaries and no need for the casino to hold cash in escrow. As a result, gamblers game to their heart’s content – confident that their money is safe.

Proven Blockchain Technology in a New Field

Alongside their rebranding, CasinoCoin also shifted blockchains. The powerful Ripple payment protocol is their new basis, borrowing sections of the open source code base to power their own coin. Well known in the traditional financial world, Ripple made massive inroads into a variety of banking institutions. Their product suite is in use by multiple corporations, an unusual feat for the nascent cryptocurrency world.

As such, CasinoCoin’s use of the Ripple system for their coin only makes sense. Operationally, casinos are very similar to banks – and the back end financial technology is nearly identical. For online, regulated casinos that operate globally, Ripple’s payment protocol template will help CasinoCoin act as a gambling bridge currency. The greater the reach, the more potential profit streams for any online casino.

Cleaning Up the Casino Gaming Industry

Public opposition to gambling is at historic lows. Where Las Vegas and Atlantic City once stood as the only gambling meccas in the United States, multiple states and many cities now embrace casinos as a source of tax revenue. This means that the supporting financial infrastructure must expand to accommodate these new markets. Cryptocurrency’s rise offers a way to do just that, while also ensuring protection for gamblers in these new markets. Organizations that once held sway over the entire casino gaming industry will find it more difficult to keep a tight grasp – and competition always benefits the customer.

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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.

Image courtesy of BagoGames via Flickr

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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