Online Casinos and Cryptocurrency
There was a time when the word “cryptocurrency” raised a lot of questions and doubtful expressions. But with the impressive amount of attention bitcoin and other cryptocurrencies have gained through the media, digital currencies are one thing everyone is shuffling around to get their hands on.
With more and more outlets bitcoin games accepting Bitcoin as a payment option worldwide, including online casino operators. We’re aware that casinos have become a huge business in the industry and the competition there is very fierce. Thus, casinos have opted for a different attraction like offering deposits and withdrawals via bitcoin.
Now the question is will Bitcoin casinos really get somewhere or is this just a waste of time?
A setback that we’re aware of is that there aren’t many online casinos for bitcoin gambling. Unibet, a famous online casino might eventually add Bitcoin to its list of banking options however, that will take its own time since it depends on its demand. Due to this, there are lesser possibilities of bitcoin casinos to be on the rise, although there might be a possibility in the long run.
It’s only fair if we look at the positives and really, there are many. The major reason why customers would definitely opt for online bitcoin casinos is that they ensure 100% anonymity for the player and owner. Cryptocurrencies are completely independent which means that all your personal information is kept safe and never at risk. Another plus point is that with cryptocurrencies you never have to worry about chargeback issues which is a common problem for credit cards.
Also, with normal online casinos, you usually have to wait around for 2 to 3 days for the money to be withdrawn to your bank account. But that’s not the case with bitcoin, your withdrawals are almost instant each time.
When compared to a few minor setbacks, the advantages outweigh the disadvantages. The more the people become aware of these cryptocurrencies the more the demand. It is true though, we need to give cryptocurrencies their space to become mainstream so a number of people take notice and decide to acquire it.
Story Credits: livebitcoinnews.com
Image Credits: bitcoingamblingsites.net
The hype of cryptocurrencies has increased dramatically over the past few years. Especially after the introduction of Bitcoin, back in 2009.
Bitcoin is the most popular cryptocurrency. The currency has ruled the crypto world undisputedly for many years. Even now, Bitcoin sits on top of the crypto pile. However, it is not the only king in the jungle anymore. The leading cryptocurrency is now facing a growing competition from other cryptocurrencies, Litecoin being one of the closest rivals of Bitcoin.
In this article, we have discussed the major differences between Bitcoin and Litecoin. Hopefully, you will be able to get a good idea about both the cryptocurrencies after reading this.
Litecoin is one of the many names that received a lot of positive responses from the market. It was launched in 2011 by its creator Charles Gee – with the aim of becoming the “silver” to Bitcoin’s “gold”. Like Bitcoin, Litecoin is also generated by mining. The motivation behind its creation was to improve upon Bitcoin.
In 2009, Satoshi Nakamoto launched Bitcoin as the world’s first cryptocurrency. It has no central authority and anyone can access it from anywhere. Bitcoins are ‘mined’, using computing power in a global network and are used to buy things electronically.
What is The Difference Between Bitcoin and Litecoin?
There isn’t just one, but many differences between Bitcoin and Litecoin. The major differences are as follows:
- There are more litecoins available in the market, i.e. 84 million than bitcoins as Bitcoin will never exceed the limit of 21 million.
- Due to the limit of bitcoins available, it is of much higher value as compared to Litecoin.
- Litecoin has a much faster speed of transaction; only 2.5 minutes, unlike Bitcoin which takes around 10 minutes right now.
- Both employ different algorithms, Bitcoin uses the longstanding SHA-256 algorithm, unlike Litecoin which makes use of a new algorithm known as Scrypt.
- Another major difference is that Litecoin is a cheaper option for miners than Bitcoin. The former only requires a normal computer and an internet connection to begin mining, whereas the latter requires maximum computing power which is out-of-reach for an everyday user.
- Bitcoin is relatively slow in confirming transactions, while Litecoin accepts a higher number of transactions due to its higher volume of blocks.
So, What to Choose – Bitcoin or Litecoin?
We know that both the cryptocurrencies have their own set of pros and cons. They even have several resemblances. No doubt, they are both accepted very positively all across the globe. However, the final choice is yours.
Within the past 24 hours, the price of most of the cryptocurrencies has declined significantly in the global market.
Ripple has once again dropped below the $49 billion region and has achieved a monthly low at $1.28. For many bitcoin investors, $10,000 mark was a psychological threshold, but the $1 mark of Ripple is also considered as a significant threshold that has led the price of Ripple to upsurge by 33-fold within few weeks. The market valuation of Ripple could possibly decrease further if the price of XRP or Ripple couldn’t withstand itself above $1. Also, Bitcoin struggles to maintain the gains that it recorded on January 25, although it has shown a 3% decrease in the price and is currently trading at $11,153.
Ripple has a huge following in the South Korean market and the extensive day by day exchanging volumes of XRP on UpBit and Bithumb, two of the country’s major cryptocurrency money exchanging platforms, it is almost impossible that the market valuation of Ripple would fall beneath $40 billion.
Currently, the market cap of Ripple is not as much as half of Ethereum’s. Also, it is not expected that the market cap of Ripple would fall below the current levels unless something unexpected happens within a short period of time.
Ethereum’s native cryptocurrency Ether (with EOS) has recorded the lowest losses from the major cryptocurrencies, demonstrating a minor 2% decrease in market valuation.
The tenth most important and valuable cryptocurrency in the market NEM has experienced a startling 16% decrease in its price. The unexpected drop in the value of NEM was said to be set off by a possible security breach which occurred on a leading Japanese cryptocurrency exchange, CoinCheck.
Local Japanese media released reports on January 26, that all Japanese yen withdrawal and cash outs have been disabled by CoinCheck due to suspicious transactions. Also, some unverified reports as well claimed that $500 million worth of NEM was withdrawn from CoinCheck and it’s still unclear whether it was a group of users or a hacker that stole NEM from the exchange.
The cryptocurrency community is eagerly predicting an official statement from CoinCheck, however, it has not been confirmed yet if the exchange was hacked or not.
An abrupt flow of $500 million from a Japanese cryptocurrency exchange could have caused the market to fall. Many investors have suggested that another reason could be the closing of bitcoin upcoming contracts on CME Group, and institutional investors selling huge amounts of bitcoin to deliberately bring down the currency’s price to cash out short contracts.
Shorting of bitcoin and whales selling the digital currency to cash out short contracts could have persuasively contributed to the decrease in the market cap of bitcoin, and because bitcoin is considered as the reserve currency of the market, it looks clear that the rest of the cryptocurrency market fell with it as well.
US-based residents are looking for tax returns and South Korean investors are anticipating the January 31 cryptocurrency exchange recommencement date; the global cryptocurrency market would probably improve instantly within the month February.
13 July 2017, It pays to be the Bitcoin sign guy. Don’t believe? Look up the new data released by Blockchain.
Yesterday, Bitcoin world was humming during congressional committee by Federal Reserve chair Janet Yellen. Where the image of sign speedily gets viral in few hours, yet the attendee with his partner was eventually asked to leave by a staffer.
After his arrival, it emerged that the solitary is a friend of cryptocurrency broker who tweets under the knob CryptoEthan. He also posted a picture, soon he will recognize as Bitcoin Sign Guy. In addition, he will have the complete authority to share Bitcoin and hold the now-infamous sign as well.
Although, his gathered address is 6.32570673 BTC, with the amount under $15,000 at the existing price. whereas, it holds the transaction with 556 number according to blockchain.info. That was small in scale with a 1BTC contribution.
Later on, that photo was deleted at Bitcoin Sign Guy’s request. This viral activity drove numerous scams tries with photoshopped versions of the original picture.
Story Cerdit: Coindesk
The People’s Bank of China (PBoC) sketched out an agenda for 2018. According to this agenda the future of crypto in china has come under discussion again. China had to take this step to protect the national currency of China which is no doubt Yuan. Furthermore, according to a statement dated March 29 on the PBoC website, China will continue to apply strict measures against all kinds of virtual currencies to protect Yuan.
Background of Cryptocurrencies in China
We would have to go a couple of years back to properly understand the situation cryptocurrencies are facing right now in China. According to the initial coin offering news few years back, Bitcoin had gained great popularity among the Chinese Citizens, prices were also going up steadily.
Concerned with the progress of Bitcoin and other cryptocurrencies,in December 2013 the People’s Bank of China along with some other ministries of China, published an official notice regarding Bitcoin. Originally this notice was meant to reduce or control the financial risk of Bitcoin. Several points were highlighted in that notice pertaining to the risks involved in the sale and purchase of cryptocurrencies.
Salient Features of Notice Against Cryptocurrencies
According to the above mentioned notice the People’s Bank of China strictly ordered that:
- All companies offering Crypto-related services especially Bitcoins, must be registered with the relative government ministries.
- Organizations dealing specially in Bitcoin-related services should implement necessary measures to prevent money laundering and other illegal activities.
- Any kind of criminal activity such as fraud, money laundering and gambling etc should be reported instantly to the authorities.
- Companies behind the deals of Bitcoin and all such services should educate the public about Bitcoin and the technology behind it. This measure will save the majority of laymen from frauds, and fake companies would not be able to mislead the public with misinformation.
- Bitcoin can only be bought or sold in its original form and not to be exchanged with traditional currency at any cost.
- Rather than money, cryptocurrency can be best defined as something that serves as a medium of exchange or a store of value.
China’s Latest Approach Against Cryptocurrency
The deputy governor of the People’s Bank of China Fan Yifei outlined objectives in protecting the yuan at the 2018 national video conference. It was a serious effort dedicated to the major challenges faced by the Chinese monetary system in terms of Yuan.
In his statement Fan supported the development of a government based digital currency in order to protect the yuan against unofficial virtual currencies. However, as was done in the past, no specific policies against crypto currencies were offered this time.