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Cryptocurrencies in Gambling: Not Bitcoin Only

George Miller

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Cryptocurrencies in Gambling: Not Bitcoin Only
Reading Time: 3 minutes

Cryptocurrencies have caught the fancy of investors and common people alike in the last few years. Bitcoin is the most popular cryptocurrency but there are many more digital currencies that have appeared and also being accepted by financial institutions for payments. The use of cryptocurrencies is not limited to regular transactions like online purchases and investments, as growing number of online casinos, are also accepting digital currencies. Today, more and more iGamers are switching to these digital currencies for online gambling.

There was a time not so long ago when gamers searched on the Internet for Bitcoin casino, crypto casino, etc., to be able to use their digital currency for transactions. Today, realizing the craze and popularity of these Cryptocurrencies, more and more casinos are offering the facility to use a variety of Cryptocurrencies to carry out transactions. Blockchain technology, on which digital currencies are based upon, is not only safe and secure but also gives gamers the freedom to stop using their bank accounts and debit cards for online gaming. There are many other advantages of using a digital currency for making transactions. These are as follows.

  • Low chances of fraud as transaction is digital and no party can say it didn’t take place

  • Low fee associated with Cryptocurrencies

  • Payment gets confirmed in very quick time

  • Gamer is not asked for any proof of identification

Today, the total market cap of gambling specific Cryptocurrencies is more than $500 million. More than 30,000 gamers make transactions using Cryptocurrencies in online casinos every week. All a gamer needs to do is buy cryptocurrency and add it to a virtual crypto wallet. Now he/she is ready to make payments using this wallet in online casinos without facing any of the hassles they would have otherwise faced if paying through banks.

Image source: Blockchainnews

Bitcoin

Without a doubt, Bitcoin is one of the most popular cryptocurrency being used by iGamers to play their favourite games in online casinos. This digital currency has gained a lot of respect and legitimacy with PayPal announcing it to be included in one of its products. Earlier, Bitcoin was regarded as an investment tool only. Today, gamers see it as a safe and secured currency to maintain their privacy when playing in online casinos. Also, it is one of cryptocurrencies that is widley accepted at online casinos worldwide.

Ethereum

Ethereum is also a very popular cryptocurrency among gamers. This digital currency has caught the fancy of gamers because it is not as controversial as Ripple and it also offers higher functionalities to the owners. Ethereum is a very safe and secure digital currency that is increasing in value with each passing day in the current year. The best feature that iGamers love about Ethereum is ‘smart contract,’ which increases the safety of the customer. Funds are not released until all conditions are fulfilled.

Litecoin

Also referred to as simply LTC, this is another popular cryptocurrency among the gamers. Many investors treat it as is a Bitcoin kid with a lower price tag but high potential to replicate the success of Bitcoin. Gamers love the speed of this digital currency that completes a transaction in a lightning speed. Because of its speed, Litecoin has become one of the most favorite Cryptocurrencies of the iGamers. Another feature of Litecoin loved by gamers is the low transaction fees associated with this digital currency.

There are dozens of Cryptocurrencies in the world with new ones cropping up every few months. While Bitcoin is still the most popular of these Cryptocurrencies, many new digital currencies have caught the imagination of the gamers because of their safety features. With new Cryptocurrencies being specifically created for use in online casinos, the future of these digital currencies appears to be bright.

Bitcoin

The9 to Purchase 2000 Bitcoin Miners for Over $6 Million

Niji Narayan

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The9 to Purchase 2000 Bitcoin Miners for Over $6 Million
Reading Time: < 1 minute

 

The9 Limited, the Shanghai-based online game operator, has revealed that the company is planning to acquire 2000 Canaan Avalonminers for over $6 million in a stock deal. The9’s binding memorandum of understanding (MOU) explains that the new units will give the company 0.1 exahash of bitcoin hashpower.

According to the announcement, The9 entered into a legally binding memorandum of understanding (MOU) with an “unrelated bitcoin mining machine owner.” The machines will be exchanged for Class A ordinary shares.

The9 said that the firm will issue approximately 8,127,390 shares based on the share price of around $24.81. But during the next six months, the number of shares could be reassessed.

But the new MOU is not the only deal The9 has established. The company also disclosed that it obtained 0.288 (EH/s) of hashpower. This deal took place when the company signed definitive agreements for 12,246 bitcoin mining rigs.

The announcement does not disclose whether or not the 12,246 mining rigs are Canaan Avalonminer brand miners. That specific deal was also completed with share calculations and an issuance agreement with a lock-up period of six months.

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Bitcoin

You Have 30 Days to Win a Lamborghini at FreeBitco.in

George Miller

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30 Days Left - FreeBitco.in Lamborghini Giveaway Contest
Reading Time: 2 minutes

 

Want to win a Lamborghini in 30 days?

Back in 2019, FreeBitco.in, the seventh-largest online casino in the world, introduced Crypto’s Biggest Giveaway – Win a Lambo.

The fourth edition of the giveaway is nearing its end and you have 30 days to participate and stand a chance to own a Lamborghini.

Win a Lambo Round 4 started on 1st November 2020 after User 38048549 won 15.27 BTC in Round 3.

This giveaway is a Golden Ticket contest. Let’s take a look at how you can participate…

How to Participate in Win a Lambo Round 4?

The objective is simple – deposit, play, and subsequently collect Golden Tickets for a chance to win a Lamborghini. Here’s how you do that:

  1. Create an account at FreeBitco.in.
  2. Collect Free BTC or deposit BTC into FreeBitco.in wallet.
  3. Play the HI-LO dice game, or bet on events.
  4. For every 0.005 BTC wagered in total on both the dice game or the event betting page, the user gets 1 Golden Ticket.
  5. Golden Tickets can also be bought for 25,000 satoshi each.
  6. Collect as many Golden Tickets as possible to increase the chances of winning a Lamborghini.
  7. After the contest ends, a provably fair lottery drawing will be conducted to pick the lucky winner.

One Winning Ticket Is All You Need

FreeBitco.in’s Provably Fair algorithm ensures that the Golden Ticket lottery draw is completely random. What does that mean?

It’s simple: there will only be one winning ticket. All you have to do is be the one holding it.

In the second round, the winner held over 200,000 tickets, but in the previous round, the winner only held 1,626 tickets out of a whopping 5.5 million!

Over 2.7 million Golden Tickets have already been distributed in this round. You have 30 days to collect as many tickets as possible before the contest ends. The more you collect, the higher your chances of winning.

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Bitcoin

Are Bitcoin Casinos Legal?

George Miller

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Are Bitcoin Casinos Legal?
Reading Time: 4 minutes

 

Cryptocurrency, especially bitcoins, became trendy a few years ago. The variety of digital currencies grows every day.  If it was difficult to imagine where people can spend their tokens ten years ago, today, there are a lot of options on how to invest them or what to buy for them. Online gambling flourished last year too. Online casino bitcoin is fresh but very popular. There is only one unanswered question – is crypto gambling legal? But, first of all, it is necessary to generally describe blockchain tech and bitcoins.

What Is Bitcoin and How Does Blockchain Technology Work?

For the first time, blockchain tech was described in the 80-es of the 20th century, but only in 2008, it was realized and popularized by someone known as Satoshi Nakamoto. Blockchain is a digital technology to hold records about transactions (blocks) on different public databases (chains) connected by the peer-to-peer network. To say simple, it is a decentralized structure to protect transfers among users. Blockchains are in use not only for cryptocurrency operations today because they allow protecting every action from any tampering. It means that information in the digital ledger is under high safeguard. Also, this technology provides data transfers very quickly without a third approval party.

Bitcoin is the first and most popular cryptocurrency in the world. It is decentralized and may be submitted only as a digital currency that can be transferred or exchanged by blockchain technology. BTC is created by mining. Totally, 21 million coins can be mined. However, the pace of mined bitcoins decreases every 4 years. It means that the last coin will be mined near the 2140 year.

There are a lot of talks about the future of bitcoins and their impact on the global economy. Hence, the most interesting question is about the legal status of crypto and its use.

The Legality of Cryptocurrency over the Globe

Law always hampers with the regulation of new object reality. It is never clear which events will be longstanding and which not. In the first few years, authorities looked closely at cryptocurrency. Even now, there are many experts who say that the wave of coins will decrease soon, and they will lose most users. However, developed countries and many of their satellites (the USA, EU members, the UK, Japan, Singapore, Australia, and so on) have started regulating bitcoins’ flow the same as finance’s flow. Somewhere, the situation is contentious. For example, in Canada, bitcoins are not prohibited now, and dealers in crypto are regulated as money service businesses. At the same time, companies dealing with virtual currencies must register with the FTRAC (special regulator) and meet all requirements (one of them is to report suspicious transactions). This infringes one of the basic principles of cryptocurrency – the absence of a third party. Also, there are still countries where BTC and other tokens are prohibited, and their use is under restriction. In total, there are more than 70 countries and territories in the world where bitcoin is legal and near 15 countries with the contentious situation.

Online Casinos Accept Crypto: How Does It Work?

In September 2020, it was counted that casinos on the Internet using cryptocurrency gain an additional profit of over USD 150 million! This sum will grow in the next years. So, how does it work?

Online casino bitcoin is a gambling platform that deals mainly with bitcoin cryptocurrency. Such casinos operate with special software to minimize human intervention. It means that software has the role of a dealer in games where real players are needed. In other cases, it is an algorithm of accidental winnings like in other casinos. The main difference between an online gaming house working only with fiat money and a casino receiving crypto is that the latter provides operation based on the peer-to-peer network (blockchain principle).

Advantages of Gambling with BTC

Digital casinos dealing with BTC have many advantages over classic online casinos because of using blockchain tech.

  • Anonymity. The nature of cryptocurrency implies only secure activities between two users. All information about who sends and to who is ciphered by the algorithm. For many players, it is very important to stay anonymous.
  • Speed of transfers. The absence of the third party in transactions allows making transactions very quick. It may be important in conditions of cryptocurrency fluctuations. Also, the high speed of deposit acceptance allows starting playing faster as well as receiving withdrawals quickly.
  • Decentralized structure. In classic casinos, all money is in the hand of the casino’s owner. Bitcoin gambling platforms do not have a single center of money transfer. It helps to protect users and their stakes.
  • No additional fees. Most of the online casinos dealing with crypto do not demand transaction fees or other supplementary payments.
  • Accessibility. The digital nature of this business allows playing games for many people at one time and guarantees the approachability of games over the world.

 

Are Online Bitcoin Casinos Legal?

Not all countries where cryptocurrency is legal demonstrate similar loyalty to online gambling with bitcoins. There are three kinds of countries:

1. Where any online gambling is prohibited.

2. Where cryptocurrencies are prohibited.

3. Where crypto gambling is permitted.

 

In Estonia, Germany, Finland, and Denmark, Internet gambling with crypto is allowed with a special license given by the local regulator to both local providers and foreign ones. Hong-Kong, Gibraltar, and the United Kingdom (including the Isle of Man) have the same position.

In Switzerland, Norway, and Sweden, local gambling platforms need to receive a license, and foreign ones can act without it.

In the USA, casinos accepting bitcoins are totally illegal. Many known gambling providers are incorporated outside this country. The same situation is in Malta, even though Malta Gaming Authority gives licenses to most online casinos.

Playing casinos in the countries where it is prohibited is the liability of a player. All amenable gambling platforms always note the list of restricted countries in their Terms and Conditions.

To sum up, it is necessary to say that the situation with bitcoins and online bitcoin casinos’ legitimacy is changeable. Players may play from any place, but possible consequences are their responsibility.

 

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