Bitcoin
How to Make Bitcoin Transactions?
Bitcoin today is still one of the hottest cryptocurrencies on the market and is definitely one of the most talked-about virtual currencies. Also, Bitcoin’s market capitalization has surpassed $650. 07 billion.
Needless to say, the crypto market is booming, and Bitcoin is the central aspect of this growth. If you’re new to BTC transactions and wondering how to get started because all this is too confusing for you, in this article, we explain in more detail what BTC transactions are.
Bitcoin â Virtual Currency
Bitcoin is a decentralized digital currency that was developed as a means to transfer money over the Internet without an intermediary. It operates differently from traditional currencies because it is based on the blockchain network.
Moreover, this is a decentralized, peer-to-peer database where the BTC transactions are added to a so-called blocks of transactions, which are linked via cryptography in the network.
After a BTC transaction is recorded in the system, it’s not possible for the details of the transaction to be changed by any user. This makes every BTC transaction irreversible in the network.
Plus, there is complete transparency regarding the information about the transactions in the network in order to ensure there is total security in the network. Otherwise, the identity of the users is confidential.
Elements of BTC Transactions
The main elements of every BTC transaction are a transaction output, input, and designated amount. The input is the BTC address which is the address of the Bitcoin wallet from which the transaction was initiated. The second part is the output, specifically the other Bitcoin address of the receiver.
It should be noted that for each BTC transaction is necessary for both parties to have their own Bitcoin wallets. A bitcoin wallet is a software where the Bitcoin tokens are stored, and each Bitcoin wallet has its own set of private and public keys, which are required for any BTC transaction.
For example, if you want to trade on an online trading site, it’s important for you to invest in a good BTC wallet. There are great automated trading sites like BitcoinProfit.org where you can invest in BTC, and you can also exchange your BTC for other cryptocurrencies. If you want to create an account, you only need $250.
The Bitcoin address is actually a hashed version of your public key. Moreover, the private key is seen as a unique string of characters that are paired with your public key, and the private key is necessary for you to sign your BTC transaction.
The Blockchain Network
When you want to make a BTC transaction and send BTC to another user, your Bitcoin wallet will create a transaction output which is basically the address of the user you want to send BTC to. After you have initiated the transaction on the blockchain network, the transaction will be recorded on the system, and the information regarding your Bitcoin address will be registered as a transaction input while the transaction output will be the person’s Bitcoin address.
The transaction is processed by the miners on the network. When you want to make a transaction, you also need to take into account the transaction fees that you will need to pay in order for your BTC transaction to be completed on the network.
Amount of BTC
When it comes to the amount of BTC that you can send, you can actually send satoshis via the network. But obviously, you cannot send one satoshi, as it is only 100 millionth of one Bitcoin. The minimal number of BTC tokens that you can send over the network is actually 546 Satoshis. The name of the smallest unit of a Bitcoin comes from the name of Bitcoin’s creator Satoshi Nakamoto.
Bitcoin
Navigating Bitcoin’s Impact: SOFTSWISSâ iGaming Industry Overview
In March 2024, Bitcoin soared to a historical high, nearing 70,000 euro per coin. How does this impact the iGaming market? Being a tech company with over 15 years of experience and an innovator in crypto iGaming software development, SOFTSWISS shares anticipations in its quarterly crypto analysis.
Over 220 brands powered by the company engaged in crypto transactions during the first quarter of 2024, which is 12% higher than the previous quarter. SOFTSWISS experts analyse the data gathered from crypto-friendly brands by employing extrapolation, comparative, and correlative analysis.
iGaming Market Overview: Unveiling Anticipated Growth
The size of the global online gambling and sports betting industry is expected to rise significantly and exceed 170 billion euro by 2032, according to Statista. Based on SOFTSWISS data, the iGaming market has demonstrated a stable pattern of growth year after year.
In absolute terms in euro, the Total Bet Sum grew by 5.8% in the first quarter of the year compared to the last quarter of 2023. Analysing the year-on-year increase, comparing Q1â24 with Q1â23, the growth is more impressive, showcasing a 47.2% boost.
Simultaneously, the Total Bet Count, both fiat and crypto, displayed a slightly larger gain in the first quarter of 2024 compared to the previous quarter, surpassing 6.1%. The indicator’s year-on-year boost is much more notable, revealing a 57.2% increase.
The popularity of iGaming in recent years has been fuelled by its global reach and accessibility due to constant technological advancements. On one hand, the quality of internet connectivity continues to rise, while on the other, new payment methods are emerging, simplifying payment procedures.
The in-depth quarterly analysis, ongoing since the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q1â24, the Fiat Bet Sum increased by 6.9% compared to Q4â23, while the rise of Crypto Bet Sum was at 2.4%.
The more active growth of fiat bets led to a slight decrease in the share of crypto. In the first quarter of 2024, the crypto share in the Total Bets Sum settled at 24.4%, decreasing by 0.8 percentage points (p.p) compared to the last quarter of 2023.
What is the State of Crypto in iGaming?
Analysing crypto bets, it is crucial to highlight that almost 93% of them are facilitated through the in-game currency conversion tool, which is gaining traction. This mechanism allows operators to engage players with cryptocurrency assets in games initially tailored for fiat only. Operators that adopt such options are gaining more competitive advantages in the market.
While the Q1â2024 Crypto Bet Sum shows a moderate 2.4% growth compared to the previous quarter, the year-on-year analysis demonstrates a 20.8% increase. The Crypto Bet Count remained unchanged in Q1â24 compared to the previous quarter’s indicator. Simultaneously, the metric increased by 21.3% year-on-year. The figures speak volumes, showcasing a consistent interest among players in crypto gaming.
âThe lack of a substantial increase in the number of crypto bets during Q1â24 can be partly attributed to the significant rise of the Bitcoin exchange rate during this period, leading players to be more cautious with their crypto bets. This trend mirrors the situation in the first quarter of the previous year when the Bitcoin exchange rate surged following a decline at the end of 2022,â comments Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.
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What Distinguishes the Average Crypto Bet?
The average crypto bet increased to 1.71 euro in the first quarter of the year from 1.66 euro in the last quarter of 2023. This growth correlates with a significant strengthening of the Bitcoin rate during the first quarter of 2024.
The average fiat bet remained steady at around 0.81 euro in Q1â24 and Q4â23. The average total bet stayed constant since the second half of the previous year and is equal to 0.93 euro.
Notably, the average crypto bet is double that of fiat. This indicates that digital currencies are preferred by higher-income players.
Why Did Bitcoinâs Share Drop?
The Top Five most operated digital coins in iGaming have remained stable during the last two years with minor changes in ranking order. The top still includes Bitcoin, Ethereum, Litecoin, Dogecoin, and Tether.
In Q1 2024, Bitcoin experienced a significant decline of 9.4 p.p. compared to Q4 2023. This could be attributed to the bolstering Bitcoin exchange rate and players exercising a more cautious approach towards it.
In contrast, the shares of other digital coins have increased. Ethereum and Litecoin showed growth of 4.0 p.p. and 3.8 p.p., respectively, during the same period. Simultaneously, Dogecoin rose to fourth place in the ranking, leaving Tether behind.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: âThe benefits of employing digital currencies, such as fast transactions and anonymity, still attract many players. Embracing cryptocurrencies in iGaming can boost operator profits despite their volatile nature.
As the Bitcoin rate is expected to strengthen after the Bitcoin Halving, the average crypto bet and projected gains may see a notable impact. During such promising times, it is crucial to have reliable and experienced partners to navigate the path to success.â
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About SOFTSWISS
SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform, and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
Bitcoin
Should iGaming Be Worried About 2024 Bitcoin Halving?
In its LinkedIn newsletter, âThe SOFTSWISS Specialâ, SOFTSWISS, a global tech expert with over 15 years of experience in iGaming, delves into the impact of Bitcoin Halving on the iGaming realm.Â
The recent historical moment of Bitcoin Halving took place on 19th April 2024. SOFTSWISS, a pioneer in crypto-friendly iGaming software, shares its insights and forecasts for how this event may shape the future of iGaming, shedding light on potential opportunities and challenges for industry stakeholders.
What is Bitcoin Halving?
The Bitcoin halving is a scheduled event that occurs approximately every four years or every 210,000 blocks. During this event, the reward for mining and verifying new blocks is reduced by 50%, resulting in miners earning only half the number of BTC per mined block.Â
Since its launch in 2009, Bitcoin’s mining reward has halved four times, occurring in 2012, 2016, 2020, and 2024. The recent April halving reduced the reward to 3.125 BTC per block. Such events are crucial for Bitcoin’s scarcity and inflation control, ensuring that the total supply never exceeds 21 million coins and aligning with its deflationary principles.
Historically, each halving event has resulted in a rise in Bitcoin’s price. This is attributed to the reduced supply and increased scarcity, although other market factors have also influenced these outcomes.
Exploring the Impact of Bitcoin Halving on the iGaming Industry
To provide an in-depth analysis of the Bitcoin Halving impact on iGaming, SOFTSWISS invited Bradley Peak, blockchain expert and tokenomics adviser, to share its anticipations.
- Bets rise: The halving is expected to lead to an increase in Bitcoin’s value. If the trend of impressive price surges persists, Bitcoin-friendly iGaming brands could see a positive impact.
- Crypto adoption increase: Implementing crypto-friendly models has the potential to boost player trust and transparency in iGaming. Additionally, it could rejuvenate unique gaming experiences like provably fair games and decentralised casinos.
- Regulatory frameworks improvement: The recent Bitcoin halving could prompt regulatory bodies to reassess their stance on cryptocurrency gambling. This could lead to new regulations ensuring fairness, responsible gambling, and anti-money laundering measures in the crypto-driven iGaming sector.Â
Bradley Peak, blockchain expert, comments on the recent changes: “Any transformation will not be without its challenges. It is important to adapt â invest in employee learning and development, onboard crypto processing, and make sure your platform remains secure in the process.â
Explore the influence of the 2024 Bitcoin Halving on the iGaming industry in the fourth edition of The SOFTSWISS Special newsletter on LinkedIn.
About SOFTSWISSÂ
SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
Bitcoin
Bitcoin Miner celebrates two years of hugely successful collaboration with ZBD
Bitcoin Miner, the worldâs number one Bitcoin game, is celebrating two years of its collaboration with ZBD, a leading fintech company powering digital economies for gamers and developers. Since the partnership began, Bitcoin Miner has gone from a forgotten title with no players to becoming one of the largest play-and-earn games ever, with over 2 million lifetime users.
ZBDâs Lightning-powered payments technology enables developers to inject instant rewards into their games to boost retention and community engagement. Fumb Games, the studio behind Bitcoin Miner, partnered with ZBD in March 2022 to help revive its flagship title, enabling it to reward players with fragments of Bitcoin for playing the game as normal. From the outset, the integration of ZBDâs tech had a marked impact, leading to a 12x boost in 30-day retention. Two years on, Bitcoin Miner is achieving 40,000 daily active users, making it the biggest Bitcoin game by user count.
Besides the retention benefit of rewards, which leads to player retention that exceeds 6 months, the success of Bitcoin Miner has also been fueled by community-based features such as regular live events. The majority of Bitcoin Miner players are US-based millennial males who enjoy engaging with gaming communities, with weekly events leading to a 20% increase in revenue. As well as its own community of engaged players, Bitcoin Miner benefits from the ZBD app user base of more than a million gamers.
Paul West, Founder of Fumb Games, said âBitcoin Miner has proven that US players love games that are fun, snackable and rewarding. The game is not only sustainable, but has soared to new heights since the partnership with ZBD. It’s no surprise that I’m very excited for the future of bitcoin and player-friendly rewarded games.â
Ben Cousens, Chief Strategy Officer at ZBD, said âThe two-year collaboration with Paul and Fumb Games on Bitcoin Miner has been a quintessential success story for what weâre building at ZBD. It proves the value in offering rewards for gamers and the success of ZBDâs rewards and payments tech at making it possible at speed and scale. We will no doubt see further impressive numbers for Bitcoin Miner that cement its status as worldâs number one Bitcoin game, and we also look forward to extending the potential benefits of Bitcoin rewards to more developers.â
In November 2023, Fumb Games also integrated ZBDâs technology in its idle tycoon RPG SpaceY. ZBD works with more than 100 game developers worldwide, including major brands such as Square Enix, and is also used by innovative adtech companies like Slice and AdInMo.
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