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The Rising Popularity of Crypto Casinos

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NullTX Crypto Casinos

Colloquially identified as Crypto, the digital asset’s evolution has undoubtedly gained massive global recognition since its initiation. Within the last decade, its immeasurable contribution towards a safer ecosystem for online transactions has made millions harness it.

Bitcoin is the most prominent Cryptocurrency was founded in 2009, courtesy Satoshi Nakamoto, the most significant pioneer.

Aside from other diverse sectors, transactions in Bitcoin have positively impacted, one of the most conspicuous ones is online gambling. The invaluable benefits attached to exploiting its usage have made Bitcoin the only potential cowrie shell for gambling in the nearest future.

Qries

How Online Casinos Utilise Crypto

Software remains the heart of any online game, even to the best online casino. Bitcoin Casinos are no stranger to software applications as it’s deemed safest among other alternatives.

Parties involved in the game exchange their wallet addresses and Bitcoins are credited and debited between them.

Most casinos run on little or zero human intervention which reduces risks of malicious activities. The software runs and conducts the game, and as winners get credited in Bitcoins, losers forfeit theirs.

Why are Crypto Casinos thriving Today?

Bitcoin Casinos didn’t just surge their way to fame in split seconds. Vigorous spending on ubiquitous ads in addition to other strategies paved the way for the popularity they enjoy today.

It might not have been much of a Herculean task owing to the monetary benefits and previous prestige for some. But a wealthy casino without players is useless.

Considering that, below are some reasons players see Bitcoin Casinos as more advantageous, leading to their success today.

1. Security

The secure nature of most Bitcoin transactions is an alluring reason for players who feel hesitant due to online scams. Encrypted blockchain technology makes it almost impossible to hack encouraging players to get involved.

2. Anonymity

Unlike other online payment methods, no one’s private details are linked in Bitcoin transactions. Most casino users prefer anonymity, especially when it comes to online gaming. And Bitcoin Casinos make it feasible to achieve that goal.

3. Charges

Mostly as gimmicks, most Bitcoin Casinos take zero charges from user transactions. The practice is different from other traditionally-based currency Casinos, having unnegotiable charges laid down for every successful transaction.

4. Authorities Bypass

Due to regulating laws in some parts of the world, not all interested in playing casino games have full access. It poses a setback for them when other methods of online payment don’t keep them anonymous.

Using Bitcoin for transactions reduces such restrictions enabling individuals experiencing issues like that to bypass governing authorities.

Setbacks Crypto Casinos face

Not unnecessarily adhering to the fallacious belief of everything good having a disadvantage, the major setback most Bitcoin Casinos face is lack of trust.

Even some of the best online casinos face it as it increases the skepticism of users. Most Bitcoin casinos attempt to build trust by disclosing how their software algorithms work, but it hasn’t convinced users enough.

Conclusion

Cryptography Casinos undoubtedly have more advantages over traditional currency-based online casinos in various ways. 

Finally, Bitcoin transaction’s fast-growing popularity with minimal setbacks has attracted more attention than other methods of payment which undeniably makes it the future of gambling.

Source: https://nulltx.com/the-rising-popularity-of-crypto-casinos/

Blockchain

Cardano (ADA) Breaks $2, Bitcoin Struggles at $50K (Weekend Watch)

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The Elon Musk-induced market crash continues to haunt bitcoin as the asset fails to decisively overcome $50,000. At the same time, the altcoins eat up its dominance with notable gains. Cardano is the top performer in the past few days, and the latest surge has driven ADA well above $2 for the first time.

Cardano Enters Top 5 After Breaking Above $2

The alternative coins took the market-wide crash better than their leader. Although almost all of them dumped initially, they have recovered the losses in just a few days.

Cardano is a prime example. Not only did ADA bounced off to its pre-crash level, but the cryptocurrency kept on climbing higher. It broke the previous ATH and set a new one at $1,86 a few days ago. However, it wasn’t satisfied with the results and continued north.

Consequently, ADA breached $2 for the first time hours ago and went towards its latest record at just shy of $2,20. With this increase, ADA reentered the top 5 largest cryptocurrencies by market cap and is close to overcoming DOGE as well.

The meme coin is also up by about 2% in a day. Ethereum, which dumped to $3,600 during the crash, has recovered some ground and currently stands above $4,000. Binance Coin, on the other hand, hasn’t reclaimed its round-numbered milestone and is below $600.

Ripple is up by 2%, while Polkadot has surged the most from the top ten after a 20% increase. As a result, DOT is close to $50.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

Further gains come from Polygon (56%), SushiSwap (20%), NEAR Protocol (20%), Ethereum Classic (18%), BakeryToken (15%), Reserve Rights (13%), The Graph (11%), and Fantom (10%).

Ultimately, the crypto market cap has remained above $2.3 trillion.

Bitcoin Struggles Below $50K; Dominance Fades Away

Bitcoin was badly hurt after Elon Musk’s announcement that Tesla had stopped receiving BTC payments for its electric vehicles. In less than a day, the primary cryptocurrency fell from $58,000 to a 2-month low beneath $47,000.

Since then, BTC has reclaimed some ground and even breached $50,000 and $51,000 a few times. However, each attempt was short-lived, and the asset fell back beneath the coveted $50,000 line.
In the past 24 hours, bitcoin still struggled there and, as of writing these lines, is below it once again.

The high-flying altcoins continue to reduce BTC’s market dominance. The metric comparing bitcoin’s market capitalization to the rest of the crypto assets is down below 40% for the first time in nearly three years. Just for reference, it was above 70% four months ago.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/cardano-ada-breaks-2-bitcoin-struggles-at-50k-weekend-watch/

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Blockchain

PlotX v2 Mainnet Launch: DeFi Prediction Markets

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[PRESS RELEASE – Please Read Disclaimer]

AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, congratulates PlotX – a cross-chain prediction market protocol on their v2 Mainnet launch on the Polygon Network on May 14 at 12:00 p.m. UTC.

PlotX Version 1 (“v1”) was launched in October 2020 as a decentralized non-custodial prediction market protocol on the Ethereum Blockchain. PlotX allows crypto-traders to use their skills to predict the future value of digital assets like ETH, BTC. Markets on PlotX v1 were automatically created in intervals of 4 hour, 1 day and 1 week.

The v2 has been under development since December 2020 and the testnet was released on April 13th, 2021 for the public. After rigorous testing by the community, the launch of PlotX v2 on the Polygon Mainnet is now scheduled on May 14th, 2021.

PlotX v2 has focussed heavily on simplifying the prediction-making experience for users thanks to a consistent dialogue with their community via the research forum and their official community telegram group. It brings the experience closer to mainstream applications while retaining the DeFi ethos of being non-custodial and permissionless.

This can be seen in the marquee features that PlotX announced via their recent blog post about the mainnet release:

  1. Gasless prediction-making – via meta-transactions that abstract the process for users so they only have to make a single transaction while making predictions
  2. Smooth token bridging – via cross-chain swap technology, that enables users to move $PLOT between Ethereuem, Polygon and other EVM compatible chains like BSC & Solana, from within the application itself
  3. Guaranteed liquidity provisions – via incentive alignment of market creators for providing liquidity for new markets, making it lucrative for users to participate in
  4. Simple onboarding experience – for users, especially ones who are not familiar with metamask and RPC changes, to login using their email addresses without compromising on the non-custodial nature of the dapp

The team has built a class product and is highly receptive to the community. As per the roadmap, upgrades in V2 do not end here; numerous new features are slated to be introduced that will equip users with exciting new prediction opportunities.

Ish Goel, co-founder PlotX, shares his thoughts “It has been an exciting journey for us since the launch of PlotX v1 in October 2020. Prediction markets have always been an exciting derivative for crypto traders. However, they have always faced the challenges of a complex UX, high gas fees & low market liquidity that has also resulted in a lack of growth of the space. With PlotX v2 we have worked alongside our community to solve these challenges by introducing an overhauled UX, deploying on Polygon and introducing liquidity bootstrapping mechanisms for new markets. The community has reacted positively to these features and we’re super excited to reveal the mainnet app to them as well as the larger crypto trading community!”

About AscendEX

Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. Our venue offers spot, futures, margin trading and staking products and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional markets’ rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings.

About PlotX

PlotX is a cross-chain Prediction Market protocol built by the ex-CTO of Nexus Mutual (>$1bn mcap). It enables crypto-asset price predictions, like “What will be the price of BTC/USDT in the next 1 hour?”

Dubbed as the Uniswap of Prediction Markets, PlotX is the simplest and most fun DeFi derivative for crypto traders.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/plotx-v2-mainnet-launch-defi-prediction-markets/

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CBDCs Are Not That Stable And May Eventually Kill Bitcoin, Says Financial Expert

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Edward Chancellor – a British journalist and financial historian, explained that the first central bank digital currencies are likely to raise inflation which can lead to the destruction of Bitcoin. He agreed that CBDCs are ”cool” but certainly not stable.

CBDCs Would Mean The End Of BTC

Nowadays, many central banks of numerous leading economies such as China, Japan, and the US, are researching the option of launching their own CBDC. In a recent interview for Reuters, Edward Chancellor opined that central bank digital currencies are highly risky projects.

He said that CBDCs might even kill Bitcoin. Chancellor explained that it is much easier to distribute and ”print” digital currencies rather than cash, and that will cause an utterly high level of inflation.

He then added that in order to solve the issue, the governments and central banks would have to fix the emission of their digital coins – which number would be much higher than 21 million bitcoins:

”When banks get it right with CBDCs this will kill Bitcoin.”

The historian analyzed that changes in the form of money are normal and have happened multiple times in the past. As an example, he pointed to the paper money which once replaced metal coins. Chancellor predicted that in the process of the financial revolution, digital currencies would invade the world, but he opined that Bitcoin would not be among one of them.


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In conclusion, the journalist said that central bank digital currencies are ”cool” as a project but can not qualify as stable.

Deutsche Bank on CBDCs

Recently, the multinational investment banking giant – Deutsche bank – shared similar thoughts. The CIO of the German institution – Christian Nolting – predicted that CBDCs could damage Bitcoin’s role as a payment instrument. He also suggested that the primary cryptocurrency could serve as a store of value.

According to Nolting, the crypto industry is ”here to stay.” On the other hand, he warned that ”governments and more digitally-aware populations might ultimately prefer to go with CBDCs,” instead of relying on the decentralized nature of BTC. Furthermore, some potentially harming legislative frameworks developed by world regulators could reduce digital assets’ chances of serving as international payment instruments:

”A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/cbdcs-are-not-that-stable-and-may-eventually-kill-bitcoin-says-financial-expert/

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