Digital currencies and blockchain technology have had an immense impact on kasinot across the globe. One of the areas where this impact has been very profound is in the gambling sector – which has also been known for embracing the latest technologies. Gaming operators have always been at the frontlines when it comes to trying out new and innovative technologies all in a bid to keep their customers happy and interested.
That said, it was only a matter of time before cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin among many others made their mark in the gambling industry. All of the features that these digital currencies promise are, without a doubt, very desirable features for gamblers across the world.
The result is a mutually beneficial arrangement where digital currencies get the necessary boost to go mainstream while the gaming operators get a front-row seat as the world ushers in the new age of next-generation digital payments. Naturally, there has to be a framework for this and thankfully its already being implemented in both land-based casinos and in online gambling platforms.
Crypto in Land-Based Casinos
Cryptocurrencies, since their conception, have always been digitized forms of payment. However, nearly everything is digitized nowadays. Still, brick-and-mortar casinos rely greatly on existing systems all of which are based on traditional payment options and fiat currency. Thankfully, there is a solution to this.
Lots of land-based casinos have embraced digital currencies. It is quite common to be able to pay with Bitcoin, Bitcoin Cash, Ethereum or any other digital currency at several dozen land-based gaming facilities. However, this does not mean that these casinos shove them down people’s throats.
Instead, the cryptocurrencies are used alongside other traditional forms of payments. As such, in most of these casinos, your digital currency will be converted to fiat currency which you will then use to play your favorite casino games. It is that easy!
Now, this might not necessarily be the future that most die-hard digital currency enthusiasts envisioned. However, the integration will certainly be a great way for the industry to market itself. Eventually, we might finally get to see mainstream crypto-online retail gambling space being made available but the existing solution is certainly acceptable. The wait might be rather long but thankfully the gears are already in motion which means that we certainly need to get ready for that future.
Crypto in Online Casinos
Online casinos are among the biggest beneficiaries of the digital currency revolution that is currently underway. In fact, it extends beyond just the digital currencies themselves to several other aspects including blockchain applications like smart contracts. The potential of these technologies can be said to be exponential especially because new use cases come up very often.
Initially, online casino sites that accepted digital currencies were considered to be underground gambling sites. This is true to some extent. However, things have since changed and legitimate Bitcoin casinos in the USA especially, have grasped all of the benefits that cryptocurrencies come with.
Today, there are tons of crypto-only casinos that give players a whole new online gambling experience. On the same note, online gaming destinations that existed long before crypto took off have also joined the bandwagon. These ones allow you to convert your cryptocurrencies into fiat which you can then use to bet on the platforms. Just like in the case of most land-based casinos, while there is indeed a growing number of digital currency users, the number of people who still use good old fiat is still pretty hard to downplay.
What the Future Holds
One thing is for sure – the future looks very bright for the world of crypto and payments as a whole. A good number of people and businesses including casinos are quite happy with waiting. Still, it is very impressive that we have gotten to a point where you can participate in this development. Now, if you have any type of digital currency you are assured of finding a gambling facility or platform that will allow you to use it.
There are a few things that, of course, need to be ironed out along the way which is expected of any nascent technology. Its rapid growth should, however, make up for this.
Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
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…