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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?
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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

Evgeniy Babitsyn from Bets.io Comments on the Future of BTC

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Evgeniy Babitsyn from Bets.io Comments on the Future of BTC
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In January 2024, the SEC approved 11 Bitcoin ETFs, marking a significant announcement for Bitcoin and the wider crypto-market. This approval demonstrates the growing integration of traditional finance with decentralized finance. The announcement has sparked mixed reactions, with crypto experts questioning what this means for the future of tradable crypto assets. On the back of the announcement, the news that BlackRock will now be the biggest holder of Bitcoin has made the issue more complex.

Evgeniy Babitsyn, CMO of Bets.io, is an expert crypto commentator who has been closely monitoring these latest developments.

“There are pros and cons to the BTC ETF. On the one hand, it gives retail investors another avenue of access to the crypto market, allowing them to invest through a traditional finance instrument. This is important because investors not well-versed in crypto investing can find it difficult to access and invest in crypto assets,” he said. “However, the bigger point here is that BTC’s incorporation into an ETF goes against the founding principles of cryptocurrency. Its evolution is a consequence of advanced technology removing the ‘middleman’ in transactions, empowering individuals to make transactions free of bureaucratic institutions.”

When it comes to the regulation of crypto assets, Evgeniy does admit that there is a role for regulators to play. However, he advises it should not go against the fundamentals of cryptocurrencies. “While there is a role for regulation to play, having an ETF in play goes against what BTC initially set out to achieve as an alternative to traditional financial systems.”

Increased institutional involvement in crypto trading can also distort the market, posing significant questions for the future. “News is now emerging that the world’s largest asset manager, BlackRock, is on track to becoming the biggest holder of BTC because of the ETF,” Evgeniy said. “Coupled with this, the ongoing developments from state entities to regulate crypto assets, the question now is whether the institutional embrace of BTC marks the beginning of the end for the coin, at least in its original form.”

Bets.io is a renowned brand within the world of crypto iGaming. It was launched in 2021 and has been rapidly expanding ever since. In 2022, the brand was acclaimed as The Rising Star Operator of the Year by SiGMA Europe for its ambition, results, and potential in the online entertainment industry. As such, it has been keenly watching the developments of crypto assets unfold.

Looking to the future, Evgeniy sees big announcements on the horizon. “For now, we know that 2024 will be a monumental year for the future of BTC, cryptocurrencies, and Web3.”

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Bitcoin

How Bitcoin made its way into mainstream service industries

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Bitcoin, a decentralized digital currency, has garnered significant attention and adoption in recent years. Its emergence has challenged traditional financial systems and paved the way for alternative forms of currency. Mainstream service industries, encompassing a wide range of sectors such as e-commerce, travel, hospitality, and finance, have witnessed the transformative impact of Bitcoin.

This article explores how Bitcoin made its way into these service industries, revolutionizing the way transactions are conducted. From its humble beginnings to its current status, Bitcoin has navigated challenges, gained acceptance, and provided numerous advantages, leading to its integration into the mainstream service sector.

Early Adoption and Initial Challenges

Bitcoin was introduced in 2009 by an anonymous person or group known as Satoshi Nakamoto. During its initial years, Bitcoin attracted a niche community of tech enthusiasts, libertarians, and those seeking an alternative financial system. These early adopters recognized the potential of the cryptocurrency and its underlying blockchain technology to disrupt traditional payment systems.

As Bitcoin gained attention, it faced significant skepticism and resistance from established service industries. Many industry players questioned its legitimacy, associating it with illicit activities due to its decentralized nature. Moreover, the volatility of Bitcoin’s price posed challenges for businesses that desired stability in their financial transactions. Concerns regarding regulatory compliance, security, and scalability further impeded its acceptance.

Over time, the Bitcoin ecosystem has evolved to address these early challenges. Innovations such as payment processors and merchant services emerged to facilitate Bitcoin transactions and provide stability by instantly converting Bitcoin into local currencies. Regulatory frameworks have also begun to take shape, enhancing consumer protection and promoting transparency. Additionally, advancements in blockchain technology have improved security and scalability, addressing some of the initial concerns surrounding Bitcoin’s integration into service industries.

Growing Acceptance in Service Industries

Bitcoin’s journey from a niche digital currency to widespread acceptance in service industries has been marked by notable milestones and increasing recognition of its value proposition.

Service industries across various sectors have started embracing Bitcoin as a viable payment option. E-commerce platforms, for instance, have integrated Bitcoin payment gateways, allowing customers to purchase goods and services using the cryptocurrency. Travel and hospitality businesses have followed suit, enabling travelers to book flights, accommodations, and other services using Bitcoin.

Another notable example of this acceptance is the integration of Bitcoin into online casinos.

Online casinos have increasingly embraced Bitcoin as a payment method, providing players with an alternative to traditional fiat currencies. Bitcoin’s advantages align closely with the needs and preferences of online casino enthusiasts. Firstly, Bitcoin enables faster and more secure transactions, allowing players to deposit and withdraw funds quickly without the delays often associated with traditional banking methods.

Moreover, Bitcoin offers enhanced privacy and anonymity, which are highly valued by online casino players who prefer to keep their gambling activities discreet. With Bitcoin, players could now play BlackJack online without divulging personal banking information, fostering a sense of security.

Food and beverage establishments have also begun accepting Bitcoin as a form of payment, providing customers with more choices and flexibility in transactions. Furthermore, financial services have recognized the potential of Bitcoin, with some institutions offering Bitcoin custody services and even incorporating cryptocurrency investment options.

Future Prospects and Potential Challenges

The future of Bitcoin in service industries holds both exciting prospects and potential challenges that need to be addressed for continued growth and mainstream adoption.

Bitcoin’s trajectory points towards increased mainstream adoption in service industries. As more businesses recognize the benefits of accepting Bitcoin, we can expect a broader range of industries to integrate cryptocurrency payments into their operations. This would contribute to the overall normalization and acceptance of Bitcoin as a legitimate form of currency.

As an example, Bitcoin’s future in online casinos appears promising, with an increasing number of platforms embracing cryptocurrency transactions. As more online casinos recognize the benefits of Bitcoin, it is likely to become a standard payment method across the industry. This increased adoption will allow players to find their best bitcoin betting site much more easily, as well as enjoy greater flexibility and convenience in funding their accounts and withdrawing winnings.

The evolving regulatory landscape poses both opportunities and challenges for Bitcoin. Regulatory frameworks are being developed to provide consumer protection, prevent money laundering, and ensure compliance with existing financial regulations. Striking a balance between innovation and compliance will be crucial to foster a supportive regulatory environment for Bitcoin in service industries.

The rise of Bitcoin and other cryptocurrencies has the potential to disrupt traditional banking systems. As more individuals and businesses embrace decentralized digital currencies, the need for traditional banking services could diminish. This shift may require financial institutions to adapt their business models and explore partnerships or collaborations with the emerging cryptocurrency ecosystem.

Technological advancements are essential to address scalability concerns related to Bitcoin’s transaction throughput and network congestion. Solutions such as the Lightning Network, layer-two protocols, and improved consensus algorithms are being developed to enhance scalability and transaction efficiency. Overcoming these technological challenges is vital for Bitcoin to meet the growing demand of service industries and maintain its relevance in an increasingly digital world.

Conclusion

Bitcoin’s journey into mainstream service industries has been marked by significant milestones and widespread acceptance. From its early days of skepticism and challenges, Bitcoin has overcome hurdles and gained recognition for its benefits in various sectors. The integration of Bitcoin into e-commerce, travel, hospitality, and financial services showcases its potential to revolutionize traditional payment systems.

Looking ahead, continued development and innovation will be key to sustaining Bitcoin’s growth and addressing regulatory, scalability, and technological challenges. As Bitcoin becomes increasingly ingrained in service industries, its impact on global finance and the future of decentralized currencies is poised to reshape the way we transact and interact with the financial ecosystem.

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Edgegap partners with Zebedee to bring Bitcoin transactions to multiplayer games

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Edgegap partners with Zebedee to bring Bitcoin transactions to multiplayer games
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Edgegap in partnership with ZEBEDEE, the next generation payments-processor, announced that Edgegap’s server orchestration platform tailored for multiplayer games is now accessible to game developers utilizing ZEBEDEE’s payments platform. This latest partnership will join the vision of the two companies toward a unified and global marketplace accessible to all game makers and players.

ZEBEDEE’s fully programmable payments platform allows developers to send, receive and pay with Bitcoin in and outside their game, with transactions as small as $0.0002. The technology enables innovative payment-based mechanics, such as real-time micro-transactions based on actions the player takes in the game, with no fees and instant settlement. The nature of these transactions requires seamless connectivity with minimal latency and lag, making Edgegap’s flexible server orchestration a powerful proposition for developers and gamers alike.

Edgegap’s ever-expanding distributed cloud network with 450+ locations worldwide can handle any traffic volume through automation and rapid-scaling orchestration. Its proximity hosting technology deploys game instances in the optimal location to deliver near-zero latency regardless of players’ platform, location or internet access type. It is supported by the ultimate peace of mind – an industry best 99.9% availability.

“We’re thrilled to collaborate with ZEBEDEE to continue our mission to democratize access to distributed server orchestration. We hope this partnership will empower developers to confidently deploy their games worldwide with near-zero latency for a flawless multiplayer experience,”  said Mathieu Duperre, CEO of Edgegap.

“ZEBEDEE is proud to add Edgegap as part of its ecosystem of tools and products to give our developer partners on-demand access to premium multiplayer server infrastructure that can natively incorporate our own payments capabilities,” says Ben Cousens, Chief Strategy Officer at ZEBEDEE.

This marks the beginning of an ambitious partnership for the two companies, who detected a natural fit in their offerings and are committed to building innovative solutions targeting both game makers and gamers. As gaming continues to become more social and interaction-driven, flexible and instant global server infrastructure and flexible and global payments technology should come hand in hand. The new partnership between Edgegap and ZEBEDEE places both companies at the forefront of this innovation.

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