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Why Is Cryptocurrency Becoming Popular with Casinos?

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The post Why Is Cryptocurrency Becoming Popular with Casinos? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The cryptocurrency (crypto) market has been on a steady rise over the past few years, especially with the explosive success that Bitcoin has seen. Alongside Bitcoin, there have been hundreds of other cryptocurrencies that have made their way into the industry, and most are definitely here to stay. While many people are still skeptical about …

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The cryptocurrency (crypto) market has been on a steady rise over the past few years, especially with the explosive success that Bitcoin has seen. Alongside Bitcoin, there have been hundreds of other cryptocurrencies that have made their way into the industry, and most are definitely here to stay.

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While many people are still skeptical about the potential danger of this sort of investment, many more have started investing small amounts. Most of the skeptics will talk about how unstable and volatile the cryptocurrency market can be, especially when compared to the stock market.

But most of us are also aware that even the stock market can have its pitfalls and sometimes your investments could see huge changes from one day to another. And while the stock market might be safer, it can also be less profitable, with certain cryptocurrencies seeing huge surges of profit in a matter of days.

All in all, the main question that you should ask yourself when considering cryptocurrencies is whether you can afford to take chances with your investments. If your answer is a definite yes then the cryptocurrency market is a perfect fit for you.

Cryptos and Online Casinos

It came as no surprise to people who are fans of online casino that cryptocurrencies also found a way to be useful in this particular industry. Using cryptocurrency to pay for various online products and services is quickly becoming the norm.

Most industries have seen benefits in working with this new payment type and this trend doesn’t seem to be going anywhere, anytime soon. Here are some of the main reasons and motivations behind the impact that cryptos are currently having on the online casino world:

Enhanced Privacy

Whenever you visit a regular casino you will usually have to give them some form of identification (ID or maybe a passport if you’re traveling) in order to prove that you’re of legal age. But for some this may seem like an infringement on their privacy, especially if you are in your 30’s and 40’s. In certain cases being asked for ID can even seem somewhat insulting.

This is also partially true for online casinos, you will still have to offer them some form of identification in order to play. All of this is understandable though because otherwise, people would try all manner of tricks to fool casinos.

But where the usage of cryptos truly shines is in privacy when it comes to your bank accounts and any sums of money that you want to deposit to your account. With the usage of cryptocurrencies, your actual bank accounts will be completely protected.

If instead, you are worried about your crypto wallet, rest assured that the chances of someone being able to hack your wallet are very slim. And when it comes down to it, you should never have your life savings turned into crypto and deposited onto the same wallet that you would use for your gaming habits.

More Bonuses

Most online casinos generally have multiple types of bonuses that they can offer players. They range from deposit bonuses, that will offer you an extra amount of money you can play with, or simple numerical bonuses when you reach a certain amount of deposited money.

But casinos that accept cryptocurrencies as payment have started offering bigger and better bonuses than ever before. You can even deposit regular money and accept bonuses that will offer you crypto. This could be an easy shortcut for gamers who would like to enter the cryptocurrency market but are unsure of how to even do that.

Safety Against Volatile Regulations

Another added bonus that cryptos bring to the table is the fact that most of them are unregulated and thus not under the surveillance of governments. While governments have the right to inspect bank accounts and funds that you might be moving around, they do not have the right to inspect your cryptocurrency deposits.

This is especially useful for people who care about the privacy of their funds and do not like government interference when it comes to their money. 

No Limitations on Participation

In order to enjoy a regular casino experience, you will normally have to travel to one particular casino. All of that entails a lot of work that certain people don’t feel like doing all the time. You just want to play some fun games and relax.

Cryptocurrency can also help with this when used on an online casino because you won’t even need to lift a finger. As long as you have the credentials to your crypto wallet, you don’t have to reach for your wallet to take out your credit card. With a few simple clicks, you will have all the necessary money deposited and ready to go.

Conclusion

Crypto is making it easier for people to shop and pay online securely. Using cryptocurrency for playing online games is one of the most secure ways of keeping your money safe and unregulated by your country’s government. You get full privacy, extra bonuses, and complete security when using cryptocurrency for online casino entertainment needs.

Whether you are a big fan of casinos and their respective games or an avid cryptocurrency fan, both worlds can now collide and you can reap all the benefits. If you are neither then maybe this is a good opportunity to explore both of them.

Still, testing the waters before going full-in is always a good idea. So, try out a few online casinos before you decide to invest your crypto coins in your favorite games.

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Source: https://coinpedia.org/blockchain-esports/cryptocurrency-becoming-popular-with-casinos/

Blockchain

Enjin Joins Crypto Climate Accord as its Blockchain Becomes Carbon Negative

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Following the recent FUD around high energy usage from cryptocurrency projects, Enjin – the NFT ecosystem provider and creator of the ERC-1155 token standard, has turned its JumpNet blockchain carbon negative. This comes after joining the Crypto Climate Accord, aiming to decarbonize the industry.

Enjin Joins Crypto Climate Accord

Ever since Tesla’s Elon Musk criticized bitcoin for the high energy used for mining, especially such coming from coal fuels, the entire cryptocurrency space has been focused on this concern. Apart from the emergence of new organizations aiming to transition BTC’s proof of work consensus algorithm to more clean energy sources, other projects have also informed of similar plans.

Enjin, describing itself as a growing “ecosystem of blockchain software products that make it simple for anyone to develop, trade, monetize, incentivize, and market with blockchain,” is the next one, according to a press release shared with CryptoPotato.

To do so, the protocol has joined the Crypto Climate Accord. Launched by Energy Web, the Alliance for Innovative Regulation, and RMI, the Accord is a private sector-led initiative aiming to make the digital asset space 100% renewable.

“We are happy to see Enjin join this fast-growing community of companies that want to build solutions to decarbonize the crypto sector. The race is on for someone like Enjin to lead the way with delivering proof of green NFTs while promoting standard energy and carbon industry practices.” – commented Global Markets Lead at Energy Web, Doug Miller.

JumpNet Blockchain Goes Carbon Negative

The statement further outlined that Enjin’s arm JumpNet “already uses less energy than the average US household and 99.99% less electricity than Ethereum.” It has also acquired carbon offset credits through Beyond Neutral, which has allowed it to become carbon negative. In other words, JumpNet is now “offsetting a higher amount of carbon than it produces.”


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According to the PR, JumpNet allows developers to build a “direct response” to criticism coming from global watchdogs as they can build “eco-friendly, free solutions.”

Enjin CEO, Maxim Blagov, highlighted the significance of putting Planet Earth in the first spot but also continuing to develop and innovate. He added, “carbon neutrality for JumpNet is an important step toward our vision of a sustainable NFT ecosystem for Enjin and our partners.”

Going carbon neutral now means that Enjin has actually achieved this goal ahead of schedule as it had planned to do so by 2030 initially.

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Source: https://cryptopotato.com/enjin-joins-crypto-climate-accord-as-its-blockchain-becomes-carbon-negative/

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Blockchain

Over 100K ETH ($200 Million) Staked in Ethereum 2.0 in a Single Day

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The total amount of ETH staked ahead of the upcoming Ethereum 2.0 upgrade has grown significantly and will likely continue to increase as the launch date draws closer.

100 ETH Staked in a Day

Data from CryptoQuant revealed yesterday that more than 100k ETH worth over $200 million as per current prices was sent to the Ethereum 2.0 deposit contract in a single day.

With the new staking, the total value of ETH now locked up in the Eth2 contract is currently more than 5% of the cryptocurrency’s entire circulating supply.

Ethereum Price vs. Amount Staked. Source: CryptoQuant
Ethereum Price vs. Amount Staked. Source: CryptoQuant

A Major Milestone

Earlier this month, the Ethereum network witnessed a major milestone when the total amount of coins staked on ETH 2.0 exceeded 5.2million ETH, which was worth a whopping $14 billion back then.

At the time of writing, there are 174,318 validators processing the blocks on ETH 2.0 with more than 5.88 million ETH staked in the deposit contract, which is currently worth $11.6 billion due to the current bearish market conditions. The figure represents more than a 1,000% increase from the minimum 524,000 ETH threshold required to move forward with the staking process.


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The increasing number of validators and staked ETH is impressive as it shows that the Ethereum community believes in the possibilities that ETH 2.0 will unlock.

The Ethereum 2.0 Upgrade

The ETH 2.0 upgrade was initiated to address some of the pressing issues of the Ethereum network, such as scalability and high gas fees.

The network-wide upgrade will introduce sharding to improve Ethereum’s efficiency and scalability. Sharding will ensure that the network will use parallel processing by breaking up data verification tasks among various sets of nodes, with each being responsible for verifying only the data it received.

Although sharding is a layer-1 scaling solution that will come with ETH 2.0, Ethereum co-founder Vitalik Buterin revealed in March that his team is already completing a layer-2 solution that would make the network 100x scalable within the next few months.

Additionally, Ethereum will be making a shift from the extremely complex and power-intensive Proof of Work (PoW) to the more efficient Proof of Stake (PoS) consensus algorithm. The move to a PoS mechanism means that Ethereum 2.0 will become an eco-friendly blockchain.

With these adjustments, the ETH 2.0 network will supposedly be faster and more robust than the current system.

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Source: https://cryptopotato.com/over-100k-eth-200-million-staked-in-ethereum-2-0-in-a-single-day/

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‘It might get ugly with’ Bitcoin…BUT

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Prices are a reflection of investor sentiment, they say. In a span of a little over two months, Bitcoin’s price has promptly halved, and now, after China’s recent crackdown on mining, a section of the market participants believe that BCT is a less attractive prospect. 

Talking on similar lines in a recent Kitco News interview, Saifedean Ammous, the author of ‘The Bitcoin Standard’ said that the current hiccup would not have a long-term impact on crypto’s price. He said,  

“You can’t really ban Bitcoin, you can ban yourself from Bitcoin, but Bitcoin continues to operate and I think even if it’s going to be a 50%, 60%, 70%, 80% crash, ultimately, the ability to bounce back is what’s going to win the day for Bitcoin.”

Nevertheless, he concurred that the Chinese crackdown was a serious issue because a major proportion of the mining operations have been halted. Ammous further stated that BTC’s price would most likely drop further as and when more machines go offline. Miners, indeed, are facing one of their worst nightmares at this stage. What’s more, the author also expects a panic sell by the Chinese hodlers in the coming days. 

As a matter of fact, miners are large hodlers themselves, and now, according to Ammous, “you’re forcing them to sell large quantities.” Nevertheless, at the time of writing, Glassnode’s data underlined that miners’ outflow volume had touched its lowest point in 6 months, which ultimately implies that miners are still hodling their BTC. However, the sell-off that Ammous pointed out might likely take place in the foreseeable future.

Source: Glassnode

The author further opined that the clampdown would only impact traditional assets like gold. He stated that, unlike gold, BTC’s prospects aren’t influenced by political and banking systems. After witnessing a minor 0.32% price drop in the past 24-hours, Bitcoin was trading at $34,000.69 at press time.

Additionally, it should be noted that BTC’s hash rate has been falling over the past few days. Nevertheless, Ammous was positive that it would soon recover. With respective to Bitcoin’s inevitable comeback, the author concluded, 

“It might get ugly with BTC, but it thrives on adversity. If you do try and knock it down, if you do try and hurt it, you’re just setting up a great comeback story for BTC. This has been the case for over the many years.”


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Source: https://ambcrypto.com/it-might-get-ugly-with-bitcoin-but

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