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Which one is better for online gaming: Ethereum or Bitcoin?

Niji Ng

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Which one is better for online gaming: Ethereum or Bitcoin?
Reading Time: 2 minutes

There is a seemingly eternal debate going on in the online gaming sector. Which of the cryptocurrencies are better suited for online gaming functionality: Ethereum or Bitcoin?

Bitcoin seemed to have a natural first-mover advantage, as it was the original crypto. However, the other one is also catching up really fast.

Which of the two is best suited to the online gaming world? Let’s find out.

First of all, due to Bitcoin being the first ever cryptocurrency it is the most widely accepted as you’d expect. This instantly makes it the most popular for use at online casinos because the operators that accept cryptos will accept Bitcoin. However, its popularity has started to get the better of it at times, with the network often becoming congested; which leads to delays when depositing and withdrawing.

In the past, it was the speed of transactions when using Bitcoin as well as their low fees which made this the payment method of choice for many. Now, with transactions taking longer to process, it is opened a gap in the market where other cryptos could usurp it, with Bitcoin’s huge advantage now seemingly a thing of the past.

Step forward, Ethereum. While Bitcoin may be the number one cryptocurrency, Ethereum runs it a good second and while it operates in the same way as Bitcoin running on a blockchain, it does bring its own features to the table too. One of its unique twists is the use of smart contracts which enforce transactions in the cryptocurrency world.

In terms of its influence in the online gaming sector, Ethereum is growing in popularity, and for very good reasons too. While it may not be as popular as Bitcoin, it does have its advantages and the fact that they capitalise on their rival’s perceived weaknesses show why Ethereum is gaining a head of steam in gambling circles.

Ethereum’s transactions are not only processed a lot faster than Bitcoin’s, but their fees are lower too; which can be all the difference when it comes to deciding whether to game using Bitcoin or Ethereum. We live in a world where speed is everything, people don’t want to have to wait any longer than they need to and with Ethereum they won’t have to.

In terms of the head to head battle, if you want faster processing speeds and lower fees than Ethereum is worth considering. Bitcoin is the king of cryptocurrencies though, it’s by far the most reputable and the fact that it’s the most widely accepted makes it the ultimate choice regardless of decreased speeds and higher fees. In fact, the reality is, players will find that most cryptocurrency gaming sites will most likely accommodate a number of currencies.

 

Source: globalcoinreport.com

Niji has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. Besides reporting industry headlines from all around the globe, Niji is also head of the content management team at Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.

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Cryptocurrency

Cryptocurrency hackers swindle $2.5M through online game chat

Niji Ng

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Cryptocurrency hackers swindle $2.5M through online game chat
Photo Source: alg24.net
Reading Time: 1 minute

 

Turkish hackers have stolen $2.47 million worth of cryptocurrencies from unsuspecting users using the chatting platform of an online game.

The crypto exchange found out this novel mode of theft and immediately alerted the police. The police quickly intervened and prevented further damage. The hackers managed to swindle 13 million Turkish lira ($2.47 million).

They used the chatting platform of popular gaming website PlayerUnknown’s Battlegrounds (PUBG), to communicate with each other. PUBG is the fifth ranked in the list of highest selling games in the world.

The police have arrested 24 suspects from various provinces such as Ankara, Istanbul, Bursa, Antalya, Izmir, Edirne, Bolu and Afyonkarahisar.

The police have so far recovered 1.3 million lira ($250,000) in crypto and 54,000 lira ($10,300) in cash from the suspects. The recovered crypto has been returned to the crypto exchange. The police did not reveal the identity of the crypto exchange.

The police released two of the 24 suspects after they completed their legal procedures at the police station. The rest of the suspects went on to an Istanbul Courthouse. Here, the court restrained six of them, releasing the remaining sixteen “on condition of judicial control.”

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Cryptocurrency

BETR bets on ETH

George Miller

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BETR bets on ETH
Reading Time: 2 minutes

 

Launching multi-currency betting, BETR Founder, Adriaan Brink said, “Today we introduce native ETH betting – a bettor can now bet in either BETR or ETH. If you bet in ETH you will be paid winnings in ETH.  Simple. And it works.  Seamlessly.”

A bettor simply chooses the currency that they wish to bet in. The system is now multi-currency – bets can be stored in any one of the supported currencies and mixed on the bet history and in the underlying smart contracts.

Fundamental to this innovation is the underlying escrow, which is always in BETR.

Once a bettor has chosen a currency, the bet is recorded with a fixed exchange rate which is used to calculate the winnings (if applicable). The bet is laid against the peer-to-peer layer at the BETR amount according to this rate.

From the layer’s perspective this is a BETR bet – layers will always lay in BETR and the underlying escrows will always happen in BETR. Affiliate payouts and any other rev shares will also remain in BETR. The underlying liquidity pool remains in BETR.

The tokenomic effect for BETR of this new technology will be that net losses in other currency betting will require further BETR being used in the system. These will be sourced from treasury reserves and by buying on exchanges. Ultimately this leads to increased liquidity in the BETR system

Brink, commenting on the possible implications of this technological innovation said, “Looking to the future this brings an exciting addition to our platform.  We are working on adding cross-chain crypto currencies such as EOS and LTC to the client and hope to have more news on these soon.

“We are also, as a part of this change, moving to a technical architecture where we will be able to operate across multiple core systems, be it Ethereum, EOS or any other performant crypto currency.

BETR Foundation:
The BETR Foundation was established in 2017 in Estonia, aiming to integrate blockchain technology into sports betting for a decentralized peer-to-peer betting system. Founded by Adriaan Brink and David Vanrenen, BETR is a non-profit organisation which develops sophisticated software solutions for peer-to-peer betting using smart contracts on the blockchain to enable the bet between a layer and bettor.
https://betr.org/

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Cryptocurrency

TruePlay Changes The World of iGaming With Its Blockchain Solution – T3 module

Zoltan Tundik

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Reading Time: 2 minutes

 

Between February 5-7, TruePlay attended one of the most significant events in the iGaming industry – ICE London 2019. TruePlay presented its innovative blockchain solution – a blockchain-based T3 module.

London Conference Week combined three events at Excel: ICE VOX, ICE London, and LAC. With over 33 thousand people from about 153 countries, 8,500 operators representing more than 600 companies at 45,500 sqm of Excel, the massive event brought together gambling companies, operators and suppliers of software and hardware products, affiliates and everyone who is involved with the business of games.

At ICE, the team of TruePlay presented its new blockchain solution T3 module to the game providers. T3 module stands for Transparency, Trust, TruePlay and collects, verifies statistics and publishes it on the blockchain. It guarantees immutability and is designed specifically to make online gambling totally transparent for all parties involved and increase trust and loyalty.

T3 module is a powerful tool that allows to take control of all vulnerabilities in the cycle of interaction between all participants of the internet gambling market and to make it crystal clear. With the help of the system, everyone can easily track players’ entire journey, starting with registration and deposit, ending with a payout of affiliate rewards for leads.

With TruePlay blockchain solution, game providers get simplified reporting for authority, automation of calculations with operators, the trust of the players due to the transparency of the RTP games and no place for piracy. The system is designed in such a way that there is no need for game providers to modify its integration protocol, but complete the installation in a few easy steps.

TruePlay’s solution also adds value to Responsible Gaming. The platform allows to automatically track players who want to be locked at their own will to control gaming addiction and track violations of the rules of a license when exceeding specified limits for a player. For tax payments, audit and accounting for licensees, TruePlay also provides all tools necessary.

One of the first TruePlay’s partners, Fairplay crypto casino, has already implemented T3 module into its game platform and connected a wide list of respectable game providers, including Microgaming, Boongo, iSoftBet, PG Soft, Play’n Go, Playson and Spinomenal. The FairPlay team also visited ICE London and now is working on adding new partners, which will be announced soon.

About

TruePlay is a b2b blockchain-based platform for gaming providers, affiliates, and operators. Creating honesty and transparency in the gambling world, TruePlay provides a unique honesty control system. With a deep blockchain integration, TruePlay allows fast token deposits and withdrawals across multiple casinos eliminating extra commissions.

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