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Bitcoin and Casinos – Why the Dynamic Duo Are Successful and Here to Stay

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Are Bitcoin Casinos Legal?
Reading Time: 5 minutes

 

When Bitcoin first made its foray into the financial scene, it seemed like little more than an experiment. The idea behind this new form of money was introduced during the peak of the 2008 financial crisis.

Bitcoin was a new form of money with no central governing entity. Rather, it made use of a transparent, distributed ledger system for recording transactions. A network of peers was responsible for keeping things moving.

Bitcoin has come a long way since then and is currently valued at over $10,900. But the journey there has been anything but smooth.

 

Bitcoin ‘Bubbles’ and Obituaries Rock Cryptosphere

 

Due to its massive volatility, the reigning king of crypto has been dismissed numerous times along the way. The very first spike in Bitcoin’s price took place on July 12, 2010. At the time, price shot up tenfold from $0.008 all the way to $0.08. In 2011, it sung more wildly, reaching a new peak of $31.

A more remarkable price spike took place in 2013. After skyrocketing to an all-time high of over $1,000 in November that year, price fell to about $177 over a span of 12 months.

But one of the most memorable bubbles of all time was the 2017/2018 one. Back then, BTC made its most astronomical ascent to an all-time high of nearly $20,000 in December 2017. Come January, it first dropped to $10,000, hovering there for a while before falling below $5,000.

As a result of these roller coaster rides, there have been at least 382 obituaries to its name. These typically take the form of essays explaining why Bitcoin is doomed to fail. The oldest of these was announced on December 15, 2010, while the most recent was on September 4, 2020.

 

Bitcoin Adoption Hits New Highs

However, during this time, Bitcoin has seen enormous adoption as can be seen from its usage milestones. As of September 30, 2020, the total number of transactions that have taken place on the Bitcoin blockchain was 573,063,000 according to Blockchain.com. This has not been seen more clearly than in the gambling industry, which now boasts over 200 different Bitcoin casinos with thousands of different games.

On average, about 350,000 transactions are confirmed on the network every day. That translates to approximately 15,000 transactions per hour or 4 transactions every second. Moreover, unique BTC accounts have grown at a rate of almost 60% per year over the past five years.

BitInfoCharts shows that there are over 23 million Bitcoin addresses and more than 800,000 active users on the network every day.

 

Decentralization Meets Smart Contracts

 

A noteworthy development that resulted from the launch of Bitcoin was that it spawned an entire ecosystem of digital assets. Bitcoin’s launch had introduced not just a digital asset but also a technology known as blockchain.

A blockchain refers to a public, decentralized ledger that makes it possible to securely record transactions, thus eliminating the role of an intermediary. The concept was so revolutionary that it inspired the creation of new blockchains beyond Bitcoin.

The first of this new family of digital assets was Ethereum, offering new functions below the value transfer that Bitcoin offered. Specifically, Ethereum was created for the execution of smart contracts and decentralized applications (DApps).

However, the idea of smart contracts actually preceded the launch of the Ethereum blockchain. Its roots are traced back to 1994 when Nick Szabo suggested the use of protocols to facilitate contracts. His idea of a digital contract would offer more features than what conventional contracts offered and reduce transaction costs.

Vitalik Buterin, Ethereum co-founder, built on this concept, implementing smart contracts into a blockchain system in 2013. As used in blockchain, smart contracts are scripts that implement a traditional contract using code. They are self-executing in the sense that the moment specified conditions are met, they go into effect.

The application of the concept makes it possible for parties that are completely unknown to each other to get into agreements without requiring a middleman. All the terms and conditions of a smart contract are accessible to relevant parties. Consequently, there is no possibility of a dispute arising after it comes into force. Moreover, they make it possible to execute transactions much faster than in the traditional process. And since they make use of a high level of encryption, they are secure.

Courtesy of the marriage between decentralized transactions and smart contracts, a whole new world of possibilities came to birth. One of these was the emergence of stablecoins.

 

Stabilizing Crypto Volatility – The Birth of Stablecoins and Bitcoin Casinos

 

Like most useful innovations, the emergence of stablecoins was driven by a real market need. Going back to the very beginning, cryptocurrencies were launched to address pain points in the existing financial system.

But while they excelled at being a medium of exchange, they failed terribly at being a store of value. Their values have been known to fluctuate by double digits on a normal day, and this makes them highly ineffective at the latter role.

Stablecoins provided the answer to this quagmire, as they have what it takes to minimize price movement. In order to achieve this, they are pegged to various assets such as commodities and currencies. Thanks to their fundamental framework, they provided a basis for enjoying all the benefits of crypto without the risk of value fluctuations.

Notably, Ethereum is the most popular blockchain protocol choice for the launch of stablecoins. In fact, at least 50% of all active stablecoins run on the Ethereum blockchain. Among the reasons for this popularity is the fact that it supports the integration of new digital assets without the arduous process of creating new infrastructure.

Ethereum makes use of the popular ERC-20 protocol that allows for interoperability between all assets launched on its blockchain. Some of the well-known ERC-20 stablecoins include Tether (USDT), Paxos Standard (PAX), True USD (TUSD) and USD Coin (USDC) among others.

Bitcoin casinos were at the forefront of the adoption of Bitcoin and other cryptocurrencies. The introduction of stablecoin support on gambling platforms took the whole concept to a new high. Previously, concerns about value fluctuations hampered widespread adoption of crypto at casinos.

But now, users can bet stable value at casinos with all the benefits of crypto. For instance, it is possible to enjoy matchless speed in making deposits and receiving payouts. Punters also get a level of privacy that is inaccessible when using fiat money. Some crypto casinos support completely anonymous gameplay, while others require minimal personal details for registration.

In the spirit of interoperability, Bitcoin gamblers even have the opportunity to migrate their Bitcoin to the Ethereum blockchain. Above all, the level of security availed by the use of crypto is remarkable. On one hand, users do not need to upload any sensitive personal information, and on the other, cryptographic security ensures unmatched safety.

 

What the Future Holds for the Dynamic Duo

Bitcoin has clearly come a long way since its inception and still holds plenty of potential for various industries. The casino industry was among the first to embrace crypto and has reaped significantly from the move.
With the evolution of the technology underpinning cryptocurrencies, from the introduction of smart contracts to stablecoins, the casino industry has continued to enjoy diverse benefits. The possibility of smart contract betting is equally promising and could take the bitcoin casino sector to a new high.

Bitcoin

Lithuanian Govt to Switch Land-based Gaming taxes to GGR-based Regime

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The Lithuanian government has introduced a new bill that would tax land-based slots and table games based on GGR, rather than a fixed fee per table or machine.

The bill was proposed by the country’s Ministry of Finance, and will now be put towards the Seimas, which may vote it into law.

Currently, for land-based slot machines and table games, operators must pay a fixed fee based on the number of machines or tables they operate. That fee is €260 per month for a Category A slot machine – which has unlimited winnings – €130 per month for a category B slot machine – where stakes and winnings are limited – and €2300 per month for a gaming table. Other forms of gambling are taxed based on GGR.

The government noted that under the current system, the worse an operator was performing, the higher an effective tax rate it would pay as a percentage of revenue, making the system highly regressive.

However, with the draft law, land-based slots and table games would be taxed at 18% of GGR.

“So far, we are seeing tax inequalities in the gambling sector. Currently, a gambling business pays a flat fee, not a percentage of the revenue generated,” Minister of Finance Gintarė Skaistė said.

“We want a clearer, one-size-fits-all taxation system that is fairer: in the months of higher turnover, businesses would pay more, in lower months they would pay less. At the same time, the new procedure will increase the transparency of the gambling sector and ensure fairer taxation,” Gintarė Skaistė added.

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Best Bitcoin Casino unveils sleek new look

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Best Bitcoin Casino debuts innovative rating system
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Online casino comparison site has also rolled out an innovative rating algorithm to ensure listed brands are accurately reviewed and rated

Best Bitcoin Casino, one of the most established and trusted Bitcoin casino comparison sites, has relaunched with a brand-new design and innovative rating algorithm that promises to deliver even more value to operators and players.

In addition to a fresh look and feel, Best Bitcoin Casino (BBC) now offers an intuitive back office and dashboard that gives operators full control over the information and review for each of their brands as well as direct access to the Best Bitcoin Casino community.

BBC has more than 650 casinos reviewed on the site but is encouraging operators that are not already listed to sign up and create an account. Each casino is then tested and rated by a member of the admin team and also receives a rating from players.

This is combined with BBC’s powerful rating algorithm that uses several parameters to rate an operator including bonuses and wagering requrements, direct and proactive player support, licenses held and more.

Above all, Best Bitcoin Casino gives top priority to player ratings, comments and feedback to ensure that each casino is accurately reviewed and rated based on the experience that it offers to players.

To coincide with the redesign, Best Bitcoin Casino has rolled out a new rating system – Rated as Best Bitcoin Casino. Those that receive the seal of approval can earn player trust and confidence, connect with BBC’s 12,000-strong community faster and enjoy better exposure across the site.

This badge is awarded to casinos that meet the following criteria:

  1. Have a 7.0 rating our above
  2. Have a dedicated casino representative
  3. Respond within 72 hours
  4. Use reputable casino game software
  5. Support various payment methods (crypto and FIAT)
  6. Update key details about the brand

In addition to the 650 online casino brands listed and reviewed on the site, BBC visitors and subscribers can also access information about dozens of crypto and blockchain platform providers, game developers, payment providers, licensing jurisdictions and more.

Barry GoldwonAsset Manager at Best Bitcoin Casino, said: “I am incredibly proud of the new look and feel we have created for Best Bitcoin Casino as we continue to establish the site as one of the most reputable and trusted in the market.

“More than that, I am proud of the incredible feedback we have received from operators and our subscribers which gives us the confidence that we are on the right track and have been since we launched in 2013.

“Our ultimate goal is to help players find reputable cryptocurrency and blockchain online operators, not only casinos, but also sportsbooks, esports, poker, dice and more. Our new rating algorithm will allow us to do this more accurately and at scale as we keep adding more brands to the site.

“We already have 650+ brands reviewed and rated but we would like to see even more operators sign up to Best Bitcoin Casino and take advantage of our community of more than 12,000 members to drive awareness of their casinos and increase new player sign ups.”

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Bitcoin

German Election Betting: Cloudbet Odds Swing To SPD’s Scholz After First Debate

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German Election Betting: Cloudbet Odds Swing To SPD’s Scholz After First Debate
Reading Time: 2 minutes

 

Betting odds on the German federal election swung firmly towards Olaf Scholz and his SPD party after polls indicated that he won the first televised debate of the campaign.

Markets now give Scholz a 56% probability of becoming the country’s next chancellor, up from 36% on August 23,  prices compiled by crypto sportsbook Cloudbet show. He has now taken the lead from main rival Armin Laschet, whose likelihood of becoming chancellor slumped to 44% from 63%.

Cloudbet is the only major crypto operator offering German election markets. The odds are hosted on an enriched event page that charts real-time price movements and will live-stream future debates for players to seize betting opportunities as odds shift.

The page will also contain the Cloudbet Opinion, a visual representation of which party bettors are favoring with their wagers, and a useful alternative voting indicator to opinion polls. Cloudbet first unveiled the feature to good effect ahead of the US presidential election in November. Bets placed on Cloudbet for that election were closer to the final result than official poll results, especially in predicting state-by-state outcomes.

“Betting markets can offer unique insights into how segments of the voting public perceive the election,” a Cloudbet election expert said. “We will continue to monitor movements as the debates and campaigns continue.”

Sunday’s 100-minute debate was largely uncontroversial, with views on climate change proving to be one point of difference between the three chancellor candidates. Some 36% of viewers picked Scholz, according to a Forsa poll for broadcasters RTL/ntv. The Greens’ Annalena Baerbock placed second with 30%, while Laschet was last with 25%.

Founded in 2013, Cloudbet established itself as one of the world’s leading bitcoin betting operators, with a reputation built on unparalleled security and speedy withdrawals. Players on the German site can bet with 12 cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, USDT, Dogecoin and Dash.

In June this year, the operator launched a fully localised website to provide better services for German customers. It also hosts a Telegram community for German-speaking customers to engage with other like-minded betting fans.

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