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What are the Things to Know About Bitcoin Casinos

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There are only a handful of people who might be ignorant about Bitcoins. One might not be well aware of all the technicalities related to the cryptocurrencies. But most might have at least heard about them.  For the uninitiated, the Bitcoin was the first cryptocurrency to be introduced to the world. And what ensued after …

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There are only a handful of people who might be ignorant about Bitcoins. One might not be well aware of all the technicalities related to the cryptocurrencies. But most might have at least heard about them. 

For the uninitiated, the Bitcoin was the first cryptocurrency to be introduced to the world. And what ensued after that is history. 

Bitcoin Casinos

A myriad of other cryptocurrencies like Litecoin and Ethereum started being developed. Big names in the economy like Facebook and Amazon started coming up with their own coins.

Facebook’s cryptocurrency, Libra, has been making quite some noise since the last year. With the passage of time, it is now being observed that these currencies are penetrating every sector of society. 

What initially was the territory of investors, is now gaining more relevance. That said, one very crucial development to note here is the rise of Bitcoin casinos.

Casinos have always served as a key player in the economy. It has churned out profits by the hour and made significant contributions to the economy. 

There is no way one can deny this simple fact. Amidst all the negativity concerning gambling, its role in the economy is irrefutable. 

And thus, it is quite natural that the crypto-sphere has taken a liking for this domain. Now that we have cleared the air about gambling, let us look at the features of a Bitcoin casino.

The Concept of the Bitcoin Casino:

As we have already mentioned at the beginning, Bitcoin is the most popular cryptocurrency. Even after a series of other coins making their way into the market, Bitcoin continues to occupy a fair share. 

Speaking of which, we shall now venture into the concept of Bitcoin casinos. Bitcoin casinos are online casinos that deal with Bitcoins. 

This is the simplest definition that one can think of. Gambling activities, lotteries, coupons and various games- all use Bitcoins as their currency in a Bitcoin casino. 

The major reason why these casinos are witnessing exponential growth is due to their anonymity. Plus, there are no regular taxes charged on the winnings from these casinos. 

And this makes the casinos all the more popular.

The Reasons for the Soaring Popularity of Bitcoin Casinos:

We mentioned a few points in the previous section about why Bitcoin casinos are gaining more popularity by the day. 

We shall now look at these reasons and a few more in more details to understand the topic better.

Anonymity

The biggest advantage that Bitcoin casinos come with is the element of anonymity. Transactions made using Bitcoin are anonymous for the most part. 

This has lent more security to the users. And people can gamble to their heart’s content in these casinos without risking the exposure of their identities. 

However, since these casinos deal with digital currencies, the details are entered into an electronic inventory, by default. 

And this makes it easy to trace the criminals and hackers in the case of any theft or threat.

Zero Transaction Fees

The second vital feature of Bitcoin casinos is that there are no transaction fees involved in the entire process. Unlike casinos dealing with fiat currency, Bitcoin casinos have zero transaction fees. 

This feature has drawn people from several walks of life in flocks. 

Plus, it has also increased the accessibility of the casinos. People from any corner of the world can log in to these casinos without having to pay anything extra. 

And that is why most of the legit gambling sites online are now leaning towards Bitcoin.

Casinos leaning towards bitcoin

Taxes like those on Fiat Currency are Not Charged for Bitcoin Casinos

Another major reason why Bitcoin casinos have gained more popularity is due to the lax in the taxing systems. 

People usually need to pay a significant amount as the tax on their winnings in regular casinos. However, with Bitcoin casinos, the scene is quite refreshing. 

Taxes are not levied on the winnings from a Bitcoin casino. 

However, you must also note that cryptocurrencies have their own regulations when it comes to taxes. And that is a different ball game. Whatever the scene might be, the taxes are not as heavy as that of a regular casino. 

And this has been nothing but a major relief for gamblers.

Wrapping Up:

These were some of the reasons why Bitcoin casinos have risen in status and are enjoying colossal popularity.

More and more online casinos are now dealing with cryptocurrencies due to these welcoming features. 

Hopefully, over the next few years, every online casino will adopt Bitcoins and other cryptocurrencies and make gambling safe and fun.

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Source: https://coinpedia.org/guest-post/things-to-know-about-bitcoin-casinos/

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Bitcoin price hits $50K after bullish outlook from Citigroup and Goldman Sachs

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On March 1 cryptocurrency investors woke up to the sight of Bitcoin (BTC) rising from it weekend correction to $44,000 as the market found its bullish momentum and altcoins rebounded from their swing lows.

Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin increased 16.6% from its low of $43,504 on Feb. 28 to the $50,000 level which bulls are attempting to flip back to support.

BTC/USDT 4-hour chart. Source: TradingView

Earlier in the day, MicroStrategy CEO Michael Saylor tweeted that the firm had purchased another $15 million worth of Bitcoin, bringing its total holdings to 90,859 BTC and further demonstrating that institutional demand for the top cryptocurrency continues to grow as firms buy each dip’

Analysis of key BTC price indicators also shows that bulls were eager to buy the $43,000 retest which occurred over the weekend.

Not every analyst is bullish

Bitcoin’s surge above $49,000 has some calling for new all-time highs in the near future, but according to veteran analyst Peter Brandt, nothing is certain when it comes to the cryptocurrency market.

Today Goldman Sachs announced that it would restart its crypto trading desk and Brandt was quick to tweet the following chart and point out that its launch didn’t work out so well for the cryptocurrency market in December 2017. 

BTC/USD 1-week chart. Source: Twitter

According to David Lifchitz, Chief Investment Officer of ExoAlpha, it’s still “too early to tell” if the pullback in Bitcoin is over but $44,500 appears to have provided strong support.

In terms of whether the top cryptocurrency could breakout to new highs in March, Lifchitz said he’s uncertain on exactly what might happen as March is historically a bearish trading month for BTC.

According to Lifchitz, tax season in the U.S. could put bearish pressures on the market as investors may need to “sell some of their holdings to pay for earlier realized capital gains.”

From a bullish perspective, the 20% correction during the second half of February may have signaled an “early start” to the usual March weakness, with the worst of the downturn already transpiring.

Lifchitz said:

“Despite the 20% pullback, we’re still in an upward sloping trend since the October $10K breakout. The big unknown is what the miners will do as they are net sellers. They are the real short-term risk.”

Analysis of Glassnode’s Net Unrealized Profit and Loss (NUPL) metric shows that while both 20% corrections experienced during this cycle have created the “signature sideways and choppy” price action typically seen during bull markets, buyers have been stepping in sooner than they had in previous bull cycles and fewer long-term holders are willing to sell their BTC. 

Bitcoin Entity-adjusted NUPL. Source: glassnode

Steadying yields help to stabilize traditional markets

The traditional financial markets also rallied on Monday as Treasury yields stabilized and optimism related to the COVID-19 vaccine rollout boosted investor sentiment about the future of the global economy.

The S&P 500, Dow and NASDAQ all closed the day in the black, finishing up 2.38%, 1.95% and 3.01% respectively. The strong performance from each index occurred as global central banks world continue to reaffirm commitments to accommodative policies that will support the global economic recovery.

Altcoins also recovered their recent losses as Bitcoin price broke out to $50,000.

Daily cryptocurrency market performance. Source: Coin360

Binance Coin (BNB) was the best performer in the top 10, increasing 21% to $248, while Ethereum (ETH) saw its price rise 9.46% to $1,525. PancakeSwap (CAKE) and Fantom (FTM) both rallied price 36% and currently trade for $12.30 and $0.558 respectively.

The overall cryptocurrency market cap now stands at $1.52 trillion and Bitcoin’s dominance rate is 61%.

Source: https://cointelegraph.com/news/bitcoin-price-hits-50k-after-bullish-outlook-from-citigroup-and-goldman-sachs

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Goldman Sachs Plans to Relaunch Its Cryptocurrency Trading Desk

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Reports on Reuters today revealed that American multinational investment bank, Goldman Sachs, will offer bitcoin futures and non-deliverable forwards on behalf of its clients starting next week.

According to sources familiar with the matter, the move is part of the bank’s effort to take advantage of the fast-growing crypto space, which is gradually becoming an investment of choice for institutional players. 

Notably, the bank is also considering developing a Bitcoin Exchange-Traded Fund (ETF) soon as part of its commitment to fully venture into the industry. 

Based on this regard, the unnamed source noted that Goldman Sachs had already “issued a request for information to explore digital asset custody.” 

Goldman’s First Shot At Crypto

In late 2017, Goldman Sachs became the first Wall Street biggest firm to ever consider offering crypto-related products, as the bank was planning to open a cryptocurrency desk.

At the time, the Wall Street financial institution was working on how to address security challenges associated with the business, as well as how it would custody the assets.

Plans were on the way for the launch slated for late 2018 when reports emerged in September that same year that the bank has chosen not to offer crypto-related investments. 

Sources said that the bank dropped its crypto plans due to the regulatory concerns associated with the industry, with regulators breathing down the neck of most projects. 

The issue of regulatory uncertainty has been the major stumbling block that hindered several institutional players from getting involved with cryptocurrencies. 

Interestingly, there have been clearer regulations in recent times luring institutional investors like Microstrategy and Tesla. 

The entrance of these large corporations has given other institutional investors the greenlight that crypto is safe compared to how it was viewed in 2018. 

Thus it could be the reason Goldman Sach is making plans to restart its cryptocurrency trading desk in earnest.

A Change Of Heart? 

However, Goldman Sachs’ second shot at launching a cryptocurrency trading desk comes less than a year after the bank told its clients during a conference call that bitcoin and cryptocurrencies are not an asset class.

Reports at the time suggested that part of the reason for the call was to discourage its customers from including bitcoin and cryptocurrencies in their portfolio.

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Source: https://cryptopotato.com/goldman-sachs-plans-to-relaunch-its-cryptocurrency-trading-desk/

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Bitcoin Still Has an Uncertain Future: Citibank Analysts

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In a 100-page deep-dive report dubbed “Bitcoin, at the Tipping Point,” Citibank’s global perspectives and solutions team noted that the cryptocurrency could potentially “become the currency of choice for international trade.”

The analysts acknowledged that the massive interest shown by several large institutional investors like Tesla, Microstrategy, and PayPal is one of the major propellants for the digital asset gaining mainstream adoption.

The team further noted that several other factors, including a wide range of digital payment options like stablecoins and Central Bank Digital Currency (CBDC), could also increase the chances of bitcoin adoption for cross-border settlements.

An Uncertain Future

The report also pointed out that a side-by-side comparison of the risks associated with bitcoin and the opportunities it presents makes it very easy to conclude that the digital asset is at a tipping point.

They wrote:

 “There are a host of risks and obstacles that stand in the way of Bitcoin progress… Weighing the potential hurdles against the opportunities leads to the conclusion that Bitcoin is at a tipping point… Bitcoin’s future is thus still uncertain, but developments in the near term are likely to prove decisive as the currency balances at the tipping point of mainstream acceptance or a speculative implosion.”

Bitcoin Going Mainstream Already 

The concluding part of the report quoted the famous philosopher, Schopenhauer, who said,

“All Truths pass through three stages, first it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”

The team states that the positive change in stance on issues about bitcoin by several financial institutions very well prove these words of Schopenhauer, which he said more than 150 years before the bitcoin idea was born.

Several banks had actively shunned bitcoin in the past, arguing that it has no intrinsic value as it is allegedly backed by mere speculations from its proponents.

However, bitcoin’s immense growth has forced its former critics to re-evaluate their stance and join the bitcoin adoption trend. Some of the biggest banks in the world have started offering bitcoin services to their clients.

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Source: https://cryptopotato.com/bitcoin-still-has-an-uncertain-future-citibank-analysts/

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