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.
Launch of First Ever XDB/ZUSD Pairing Announced to Support Global Gaming Industry
The XDB Foundation has recently announced the first pairing of XDB with the new Zytara Dollar (ZUSD) on global cryptocurrency markets. The Biki cryptocurrency exchange will be one of the first platforms to provide access to the XDB/ZUSD trading pair.
“We are really excited to see the debut listing of the XDB/ZUSD trading pair,” says Michael Gord, the XDB Foundation’s Managing Director, “Asia-Pacific accounts for a significant portion of the global gaming community, almost 50%, and BiKi is perfectly situated to support this geography. We’re really happy to welcome them into our partnership ecosystem.”
The protocol layer blockchain DigitalBits is designed to support branded stablecoins and other branded currencies across a variety of use cases, offering crucial support to the global esports industry. The platform solves many of the issues involved in global tournament prize payouts, as well as enabling around the clock real-time payment transfers and global monetization of in-game currencies. Developers will also be able to create programmable incentives for gamers, therefore increasing fan engagement.
Issued by a regulated financial institution, the ZUSD is designed as currency for the future of the gaming and esports industry and beyond. The programmable dollar moves anywhere in the world at the speed of the Internet, and is redeemable…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
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.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…