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Crypto Casinos: 5 Reasons Why They Are Better Than Traditional Casinos

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The gambling sector is meeting a lot of innovations, including a recently bigger and more significant number of appearing crypto casinos.

Cryptocurrencies and blockchain technology are gradually entering the mainstream and start to influence our everyday life. With the current direction the economy market is taking, the gambling sector is also meeting a lot of innovations, including a recently bigger and more significant number of appearing crypto casinos. How they change the gambling industry? What novelties do they bring?

 

Here are 5 top advantages of crypto casinos over traditional casinos:

1. Anonymous transactions

When playing crypto betting games on the Internet, many players value anonymity for many different reasons. Firstly, the situation of online gambling in their countries might be uncertain. Secondly, they might be afraid of a possible data leak, which could cause them problems with the law or provide additional knowledge to people for whom the possession of this data would be unwelcome by the players. Gambling is often a lonely gig, and almost no one would be happy about the possible, revealing information about his losses or even winnings.

Crypto casinos efficiently solve this problem, as they are based on blockchain technology, which is independent of third parties, like governments and banks. Therefore, transactions are almost entirely anonymous. For example, in Bitcasino the only things you need to provide when depositing money is your wallet ID and e-mail ID, unlike in traditional casinos, where you need to provide your discrete data, such as your name, surname, address, and even bank account number, phone number. Sometimes in traditional casinos, you have to also send a scan of your ids, such as passport or driving license.

 

2. Transparency

Although major traditional casinos are regularly verified and licensed by individual agencies, players may still have suspicions about the honesty of the operators. Many people give up on playing in major casinos only because of this sole reason, like for example on PokerStars which was called a „rigged” software countless times. In crypto casinos, thanks to the blockchain technology, the code of the software are revealed and immutable, which means that even the creators cannot interfere with it. Most crypto betting sites already use the so-called provably good algorithms, which can be analyzed and verified for fairness on the part of the service operator. 

 

3. More attractive bonuses and jackpots

Once you know that playing in crypto casinos is anonymous and fully secure, it is time for another crypto advantage of casinos over traditional casinos. Apart from entertainment, players play primarily for money. Crypto casinos offer attractive prizes and bonuses thanks to the fact that running such a site is way cheaper thanks to blockchain technology. For instance, given the reliability and transparency they provide crypto casinos don’t need to spend loads of money on obtaining the gambling license, and thanks to no third party involved on the blockchain, the transactions between players and crypto casinos omit bank fees. It is a very significant advantage of crypto casinos over traditional casinos because excluding these fees means thousands of dollars saved every day.

 

4. Faster deposits and withdrawals

Another advantage of crypto casinos over traditional casinos are much quicker, usually instant withdrawals and deposits. It is a significant factor for players who are worried about the safety of their funds. In major traditional casinos like PokerStars, withdrawals usually last from 24 to 72 hours, and in less known poker sites they might last from a few days to even few months. In crypto casinos, you can feel secure and always be sure that your money is easily accessible.

 

5. Crypto casinos are the future on online gambling

With many advantages of blockchain technology, crypto casinos are the future of online gambling. Therefore, it is worth it to take over the competition. For example, if you are a professional poker player, you are probably aware that the poker industry is continually changing, and only people who can adjust to this environment, are likely to succeed. Adapt to the changing conditions before your opponents even start thinking about it!

 

Will you try your hand?

Cryptocurrencies are going to revolutionize our lives together with the gambling industry. The changes are already happening and thanks to many advantages such as, among others, the security, reliability, transparency, bigger prizes, and faster transactions you may experience the entirely new world of crypto betting games. If you have been playing in traditional casinos, we strongly encourage you to try your hand in any of the crypto casinos.

 

This article is a Guest Post, submitted by Daney Cross.

Note: Coinnounce.com does not promote, in any way, the gambling industry and does not recommend you to invest/play with your money/cryptocurrencies at any online crypto gambling websites. This article is only the viewpoints of the author and is not intended to promote any gambling sites in any form. The gambling industry, including crypto gambling, is very high-risk.

#Bitcoin

Will Bitcoin Drop During 2019 Super Bowl?

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The Super Bowl. In particular, sports fans are considering to bet on Bitcoin and whether it will rise or fall on that weekend.

Cryptocurrency is becoming more mainstream with Bitcoin still at the forefront. It’s become so mainstream that even sports fans are taking note of it and use cryptocurrency to bet on different sporting events including one of the biggest sports of the year: the Super Bowl. In particular, sports fans are considering to bet on Bitcoin and whether it will rise or fall on that weekend. Let’s take a look a short look at Bitcoin’s historical performance and why betting on Super Bowl 2019 weekend may be the next hot thing to do.

 

Bitcoin’s Crash in Early 2018

Recall, that the year 2017 saw quite a few coins gaining ground along with the price. The most notable increase is Bitcoin reaching a price of $17,783,06 on December 17, 2017. For many Bitcoin evangelists and supporters, this was seen as a significant step forward for the cryptocurrency. To understand why they would feel this way, remember that Bitcoin has been the leader in the cryptocurrency market since its introduction as the first cryptocurrency in 2009.

As a part of this huge price spike, a buying frenzy ensued with just about everyone wanting to get involved with Bitcoin. Unfortunately, this frenzy and the upward trend didn’t continue in 2018. Within one month into 2018, the currency lost about $80 million in market cap. Oddly enough this happened right around the Super Bowl. It’s quite a coincidence, but let’s talk more about that in a moment. For now, let’s focus on what were the leading factors causing this rapid drop off.

We must always take into account that digital currencies are volatile. Bearing that in mind, other factors that would contribute to this decline are:

  1. Facebook’s refusal to support ICOs and cryptocurrency ads,
  2. Indian Ministers incorrect reporting
  3. Subpoenas against the two largest exchanges Bitfenix and Tether.
  4. US Bank’s refusal to support Bitcoin in February 2018

 

Of all of these four potential factors, the US Banks’ refusal is probably the most significant of them. The reason being the US Banks’ refusal significant is that this occurred over the Super Bowl 2018 weekend. As a result of this news, the price fell more than $2,000. That’s quite a sharp drop off in 2 days. Such a sharp drop seems to suggest there is a potential correlation between the Super Bowl weekend and the Bitcoin price.

 

Bitcoin’s performance during 2018

After this significant sell-off during the first part of 2018, the price seemed to stabilize at around $6,400 during fall 2018. At the same time, Ripple (XRP) and Ether gained substantially and battled to become the world’s second largest cryptocurrency. This means that at these currencies were growing; Bitcoin remained relatively stagnant. The price stabilization during Fall 2018 still gives some Bitcoin investors about the future growth and health of the currency. They are still interested in holding on their coin.

 

What about Bitcoin’s fate during Super Bowl 2019?

There is a common sentiment that Bitcoin stands to lose during the 2019 Super Bowl. Recall that news of the US Banks’ refusal to work with Bitcoin came out during the Super Bowl weekend. That doesn’t bode well for cryptocurrency holders when they are thinking about using cryptocurrency to buy their Super Bowl tickets.

Now if we fast forward to 2019, there is a similar sentiment that Bitcoin will fall during the Super Bowl weekend. Two reasons may be as follows: past performance is an indicator for the future as well as an exciting trend showing Sundays as the best times to trade cryptocurrency. In case of curiosity, this Sunday trend came to light after nearly a decade of trading.

 

What does all this mean for sports betters?

The easy answer is that betters have an opportunity to not only bet on their favorite team winning the Super Bowl but also on whether Bitcoin will fall on Super Bowl weekend. It’s a chance to double down and earn twice as much coin. Let’s take a step further for one moment.

In general, the 2018 cryptocurrency has been somewhat bearish. As we’ve noted, Bitcoin has not done particularly well. And, the altcoins haven’t done particularly well either with Ethereum dropping more than 90%. This means that betting on Bitcoin on online sportsbooks like 1xBit provides a solution to increase the value of a player’s cryptocurrency with a reasonably good chance to do it.

Sports betting will always be there. But, now there is an added opportunity. As sports betting revolutionizing to a more online, digital environment, one can capitalize on this opportunity with adding the dimension of betting on Bitcoin. And, the chances of winning seem to be favorable for Super Bowl 2019.

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#Gambling

Bitcoin Still Stays Strong: Gamblers Prove

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The latest research from 1xBit indicated that cryptocurrency gamblers are doing just fine in terms of the overall bearish cryptocurrency market.

Despite the cryptocurrency gambling is a relatively new sphere, it causes more and more interest among the cryptocurrency stakeholders. The latest research from cryptocurrency gambling platform 1xBit indicated that cryptocurrency gamblers are doing just fine in terms of the overall bearish cryptocurrency market.

According to 1xBit, Bitcoin remains the most popular and widely used cryptocurrency among the gamblers and digital asset traders, despite the market falling. 1xBit is a well-known Bitcoin sportsbook and casino platform that allows users to withdraw, deposit and place bets on a wide range of sports. It doesn’t deal with fiat money, only with cryptocurrencies.

 

Another Bitcoin Rivals

The 1xBit’s latest updates were connected with adding XRP and TRX to the platform, which gained great popularity due to their low transaction fees and fast transaction speed, making them a perfect payment solution for crypto-gamblers.

Ripple is a famous cryptocurrency platform, designed primarily for payment systems. XRP is using to deliver payments between countries, businesses, avoiding unnecessary financial, time and labor costs. But it is also a perfect payment method for gambling. The transaction confirmation time for XRP is around 4 seconds, that is particularly important for live betting, where nearly every second counts. Also, this cryptocurrency provides full anonymity – you don’t need to provide your personal data to top up your wallet. On 1xBit website players can register with no need to provide any personal information and all the payments are made in cryptocurrencies, that guarantees your anonymity.

The second newly-added cryptocurrency became Tron (TRX) – one of the largest and most valuable tokens on the cryptocurrency market at the moment. Tron, which is an open-source global digital entertainment protocol, was originally created as a solution to a specific problem. But in a short period of time, it attracted the attention of investors. One of the recent examples is BitTorrent, a pioneer peer-to-peer technology for sharing files on the internet, which announced that it is creating its own cryptocurrency, based on the TRON protocol.

Despite these recent innovations, Bitcoin still remains the most dominant cryptocurrency on 1xBit by the total number and volume of bets.

 

Bitcoin Doing Well

The statistics were collected by 1xBit from their user base to analyze the gambler’s behavior on the platform. It shows that during the recent Q4 crypto crash and market falling by over than $100 billion, gamblers continued to place bets normally as before, despite the collapsing value of all 21 cryptocurrencies available there. Moreover, in the last quarter of 2018 the number of bets placed on the 1xBit platform – in the US dollar equivalent – were almost the same. This data reveals that crypto users appear to be less concerned about high volatility and poor crypto asset performance, but much more concerned about how much of a return they could make in the equivalent fiat value. Based on this research it’s clear that the crypto-gambling sector will be strong despite the price action on the markets.

Interestingly, more detailed studies indicate that 53% of the website clients preferable use Bitcoin for betting rather than in Ethereum (26%) or other cryptocurrencies. It means that Bitcoin still remains in great request.

But what about other cryptocurrencies? They are used but much less in comparison with Bitcoin. For example, the volume of bets in Litecoin is only 8%, while bets in Altcoin amounts to 7% and in Dogecoin amounts to 6% of overall bets on 1xBit.

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#Gambling

Does Blockchain Bring More Trust in Online Gambling?

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The online gambling industry is crying out for change as general user trust continues to falter. Blockchain technology offers a comprehensive solution.

There Are Deep Trust Issues in Online Gambling – Does Blockchain Promise a Solution?

Gambling is possibly one of the best-regulated industries out there. There should be little cause for players to worry. There have been isolated incidents, such as Absolute Poker stealing up to $1 million from its players over ten years ago, but such high profile cases are few and far between.

So why is it that trust is so hard to come by? A British Gambling Commission study on gambling behaviours found that two-thirds of respondents do not think that gambling is fair and can be trusted, with 41% thinking that gambling is associated with criminal activity.

This is quite clearly a perception issue that is not helped by the fact that people cannot see the inner workings of a gambling website. In fact, Absolute Poker’s scam was only revealed following a community effort and some major slip ups by the cheating parties.

With real money on the line, users expect trust and security to be of paramount importance for the gaming operators.

 

Absolute Fraud

In 2007, AbsolutePoker hosted a tournament carrying a first prize of $30k. They had held many similar competitions of this kind in the past so there was no real pretext for suspicion or alarm.

But, after losing to what he considered to be unusual gameplay, 21-year-old runner up Marco Johnson decided to contact AbsolutePoker for the precise details of his hand history.

What Marco got instead shocked him: whether in error or from a whistleblower, he received an email detailing every single hand played at the tournament, along with all participants logged into each table. Looking into the data further revealed that the player who won the competition showed consistently irrational play.

This was no smoking gun, but the document also included player email addresses as well as IP addresses. The suspect player, Potripper, could be seen to win big at each table alongside the presence of User #363a player who was invisible to all others at the table. Potripper barely ever folded a hand while #363 was present at the table.

The findings after this were even more shocking; the IP address of #363 pointed directly to Kahnawak Gaming Commission, where AbsolutePoker’s servers were hosted. Some estimates place the cost of insider rigging from the company as high as $1,000,000, and they were ordered to refund $1.6 million to customers.

 

So How Can Blockchain Foster Trust?

A central feature of blockchain technology is that trust is built into the system due to the transparency of the confirmations based on the distributed ledger system.

User #363 in AbsolutePoker’s tournament had insider access to a degree where they could see each player’s cards. Decentralization is a practical solution as it means that all of the game’s functions would have to be verified by users themselves.

It would, in essence, remove the theoretical ability of game operators and admins to use back-end gaming mechanisms to advantage themselves. As highlighted already, this is more unlikely in today’s climate, but removing all doubt would make the world of difference to the broader perception and trust in online gambling.

Clarity is key to more reliable online gambling platforms, and that can be offered on the blockchain.

 

Who Is Developing Online Gaming on Blockchain?

Online gaming has not gone unnoticed in the startup world, with several companies developing proposals for casino-related…

The significant potential in the burgeoning technology for online gambling has not gone unnoticed in the startup world, and several have popped up with recommendations for casino-related platforms on the blockchain.

One of these is Zeroedge, who offer a 0% house edge system that exclusively uses their cryptocurrency, Zerocoin. The concept hinges on users buying the platform’s native crypto tokens and then playing casino games; it’s a nice idea, but it seems to place the burden of risk on players who may see their funds fluctuate in value as they are locked into using Zerocoins for their gambling.

Qlear Protocol is a more general blockchain gaming platform which aims to create trust in an online gaming environment. This extends naturally to casino games, but they also bill themselves as a solution for online eSports tournaments. This seems good—Qlear appears much more focused on allowing developers to very easily integrate these trust functions than on any lofty concepts.

Funfair meanwhile wants to develop a sort of open casino platform whereby licensees can pay to set up their casino on the blockchain-based network. Similarly to Zeroedge, they exclusively use a native token (FUN), but their business model seems more plausible because other revenue streams are coming from various fees on the platform. Crucially, they do not seek to rely on the value of their cryptocurrency solely.

 

Online Gambling Could Be Transformed Forever

The gambling industry is crying out for change as general user trust continues to falter. New games and ways to play online are also coming into the fray which makes it vital that the broader player base can trust in the platform that they choose.

Blockchain technology offers a comprehensive solution and, should this be effectively implemented, for the first time trust in online gambling might be beyond question.

This must be the ideal for online gambling; it should be the most trustworthy process possible, and with blockchain, this may be about to become a reality.

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