How Bitcoin Has Changed Online Gaming - Global Coin Report
Connect with us

Bitcoin

How Bitcoin Has Changed Online Gaming

Published

on

online gaming

We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It is the only way they can be sure that they won’t be scammed and robbed for their hard-earned money.

Bitcoin games also became extremely popular because they allow players to remain anonymous. Anonymity is something that was always important on the internet, and it was always one of the most important aspects to gamblers, as well. A lot of people enjoy their online anonymity, while others may depend on it, as their countries’ online laws may not allow gambling.

Bitcoin transactions come with low fees

If that’s not enough, there is another reason why Bitcoin dice and Bitcoin slots games became so popular — when you win, you get most of what you’ve won.

Before Bitcoin, everything you ever won had to go through countless intermediaries, bank transfers, credit cards and their issuers, and all of them want a piece of your funds. Even PayPal has enormous fees, and sending the money from one of these services to another peels off layer by layer of your money.

Eventually, what you’re left with is significantly reduced amount, which is not exactly fair to the player. 

With Bitcoin, you have to pay a single fee, and you are the one who chooses how large it is going to be. The more you pay, the faster your funds get transferred, but you can move huge amounts for as little as a few cents. That is a lot better than paying 5% of your money, which is what most traditional services charge.

Bitcoin is becoming widely accepted

Finally, while Bitcoin was next to useless for years after its creation, times change, and this is far from being the case right now. Sure, BTC has yet to be widely accepted and massively adopted. However, there are hundreds or even thousands of merchants that accept it online right now. 

Bitcoin credit cards also allow you to spend it however you like, although the huge fees are included as well, so keep that in mind. More and more use cases emerge for digital currencies all the time. And, if nothing else, you can always simply convert it to USD and use the cash however you see fit.

There is a lot that you can do with Bitcoin these days, which is why its impact on online gaming and gambling cannot be overlooked. It brought possibilities, security, anonymity, and it lets you keep your money for yourself. Keep all those possibilities in mind next time you play Plinko online, and you will be more motivated to win and use it than ever before.

Image by PIRO4D from Pixabay

Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

Published

on

AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

Continue Reading

Altcoins

3 Reasons Why WISE Token Could Be a Massive Winner in 2021

Published

on

WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

Continue Reading

Bitcoin

The Pros And Cons Of Cryptocurrency

Published

on

cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

Continue Reading

Press Release