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Cryptocurrency, Online Gambling, and Regulation: One of the Three Can’t Stay

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online gambling

To say that cryptocurrency is disrupting the world of technology and finance is an understatement. Ever since they arrived on the scene in 2009, they’ve been geared toward forever changing the fintech landscape for good.

One of the main reasons the technology proved to be so revolutionary was blockchain — the backbone of most cryptocurrencies. Blockchain is the digital ledger that provides full transparency and immutability of data, all the while eschewing any kind of third-party authority meddling. These attributes can lend themselves quite handily in a whole series of industries.

But increasing regulation of cryptocurrency may lead to it no longer proving useful to particular niches. One of these endangered industries is online gambling, which could suffer tremendously from heavily regulated cryptos.

How Cryptocurrency Helps Online Gambling

Online gambling happens to be one of many that would (and does) benefit from integrating cryptocurrency. Gambling happens to be illegal in many countries, and the people there cannot access online gambling either, even though it specifically remains unaddressed by most legislation. They had no channels with which to finance casinos they wish to play in, seeing that banks or other financial services don’t want to interfere when there’s a chance of legal repercussions.

But best crypto casinos accept players that had no alternative with which to engage in gambling online. And not only that, but cryptocurrency can provide much faster withdrawals of winnings since it doesn’t require tons of intermediaries to approve a transaction. 

Finally, the security factor also comes into play, as crypto players needn’t give up their personal information for transfers to take place. Gamblers usually have qualms about presenting their sensitive information to gambling sites, especially through mobile-friendly channels. But with something like Bitcoin, players could enjoy the best real money slots apps with no fear of data hijacking.

Why Regulation Won’t Gell With Crypto Gambling Online

As cryptocurrencies continue to prove their worth to the world, more and more governments are taking steps to regulate the technology. One of the main concerns that governments raise in regards to crypto use is the lack of regulation being abused to fuel criminal activity. As such, government control would inevitably lead to greater oversight and bureaucracy.

This move does initially make sense. More authority control over what’s going on with cryptos should clear out most of the crime on their networks. And while that is indeed true, the consequences of implementing third-party oversight would undo much of what cryptocurrency is about.

For one, bulking up the crypto blockchain with intermediaries would slow down every transfer. It would just reintroduce all the red tape that the likes of Bitcoin are meant to erase. Furthermore, a central authority would likely seize control over the data contained on the blockchain, taking away both its safety and distribution of information.

All of these vital aspects were what made cryptocurrencies so appealing to the online gambling niche in the first place. State-regulated crypto would be just as incapable of funding casinos that don’t permit gambling as more traditional means. Moreover, the directness of deposits and withdrawals would effectively disappear. That is because every transaction would have to pass through all the intermediaries in question.

Only Two of the Three Go Together

Legitimate online gambling cannot continue without proper legislation, that much is certain. The danger of fraud is simply too real for it to survive otherwise. Meanwhile, cryptocurrencies can serve as excellent alternatives to current transfer options. And cryptos can undergo a degree of regulation for certain purposes, though it could go downhill if it happened.

However, all three elements cannot mesh and produce a sustainable industry. Any way you slice it, either people would completely ignore the option to pay with cryptocurrencies, or crypto-centric casinos would invariably lose popularity. As it seems, crypto regulation can’t happen without online gambling taking a hit.

Image by whekevi from Pixabay

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Bridge Mutual Closes Gap Between Traditional Finance and Digital Finance Insurance

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One of the biggest problems standing in the way of widespread crypto adoption is lack of trust, particularly when it comes to assets on centralized exchanges or complex exploits on decentralized protocols. While it is true that cryptocurrency blockchains are difficult to tamper or manipulate, other services in the space still experience multiple large-scale hacks per month. 

Centralized exchanges are prone to having their funds hacked, stolen, or lost. From the infamous Mt. Gox and FCoin hacks to the most recent KuCoin heist, dark clouds have been cast over the industry for centralized exchanges. These frequent incidents, in addition to the frantically volatile nature of crypto markets, have stopped cryptocurrency from gaining momentum. 

That’s where Bridge Mutual comes in to offer insurance. It aims to give institutional crypto investors a reliable way to offset their investment risks by issuing discretionary insurance against exchange hacks, smart contract attacks, and stablecoin crashes.

How does Bridge Mutual work?

The funds used to insure Bridge Mutual’s policy holders come from stakers who are able to select the stablecoin, exchange, or smart contract that they want to insure. After funds are locked in, they enjoy passive income from investment yields and profit sharing in the system. 

Likewise, the process for purchasing insurance through Bridge Mutual is just as simple as stakeholding.…

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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