Bitcoin has been around for over 10 years now, and while it is still a long way off from replacing cash, it certainly seems to have found a place in society.
Adoption of and other cryptocurrencies has been hindered largely by the fact that they don’t yet offer many real-life use cases. So long as people can continue to use cash and credit cards safely for everyday purchases, they don’t see the point in changing to Bitcoin. While it seems likely Bitcoin or some variation of it will almost certainly replace cash one day, it most likely won’t happen tomorrow.
In some industries, however, Bitcoin [and the blockchain technology upon which it is built] offer significant advantages to day-to-day operations. Online gambling is one such industry.
Peace of Mind
When it comes to money, there is nothing more important than giving your customers peace of mind. Banking and personal details are a difficult thing to ask for over the Internet, even if you are a well-known and trusted company. Traditionally, people don’t trust giving their personal data away on the Internet, no matter how secure the platform claims to be.
With online gambling, it can be especially difficult to gain customer trust, particularly if you are new to the sector. This is where cryptocurrencies offer a fresh perspective when it comes to making payments online. When gambling with Bitcoin, there is no need to hand over banking or card details to some strange or unknown entity.
Digital assets like cryptocurrencies already exist online and can be sent safely and securely between two people without needing to reveal any personal data other than your Bitcoin wallet address.
An online casino that accepts Bitcoin can instantly receive a deposit of funds from a customer without even needing to know their name. The customer can rest assured that none of their banking or personal details are sitting on a random database somewhere, vulnerable to a hack or cyber-theft.
Faster and More Affordable
Above and behind the peace of mind , there are the additional benefits of speed and affordability. Traditional banking transactions are slow, often taking days to clear. If you want them to be quicker, you will need to use a credit card – which usually attracts high fees.
With cryptocurrencies, transfers are instant and practically free – often attracting only a tiny transaction fee to cover network costs. The beauty of blockchain technology means there is no need for a third-party intermediary like a bank or credit card company to verify your transaction. The blockchain network is supported by thousands of computers which instantly and automatically verify transactions in a 100% secure and reliable fashion.
The technology is far more advanced than anything else that the banks currently use and not only removes unnecessary staffing costs but also the possibility of human error.
A perfect record of events
works by recording each and every transaction on a massive digital ledger that is distributed amongst thousands of computers worldwide. While this information is entirely transparent and viewable by all, it cannot be altered or changed by anyone. In addition, it is encrypted in a way that offers all the necessary information needed to confirm an event without ever revealing any personal details.
This means that no parties involved in a transaction can ever cheat the system. For online casinos, this offers the perfect environment of trust between customer and operator. The customer knows the casino can’t rig the system and the casino knows the customer feels confident that he is playing a fair game.
Blockchain technology also offers methods by which casinos can operate ‘provably fair’ [RNG]. This means customers can put into question the outcome of a dice roll or roulette spin. The computer algorithm that generates the random number is not controlled by the casino and code and resulting data is entirely transparent immutable.
This means all disputes can be easily and unquestionably resolved, making the casino operators lives easier.
Gambling should always be as fun and enjoyable as possible without any extra safety concerns. When competing online, you will play your best when in an environment that is trustworthy and stress-free.
Gambling with Bitcoin assures you that while you may not get a perfect hand every time, at least you know you can trust the dealer and that your money is safe.
After the Wild West, the Next Generation of Crypto Companies are Advancing the Industry
Back in the ICO boom of late 2017 and 2018, it was too easy for anyone to enter the crypto space with little more than a white paper and a sales pitch. However, once their ICO was over and the spending sprees started, even the most well-intentioned projects struggled to sustain themselves. A quick browse through Deadcoins shows that many simply burned through their funds and ultimately never brought a product to market.
Now, the crypto market is starting to grow up. The community has been burned by too much hype around useless niche products too many times. Therefore, the pressure is on tech startups to demonstrate they have solid business acumen together with a sustainable plan for the future.
As more and more Mainnets launch, there is also increasing recognition of the importance of interoperability. A standalone product is like a lone tree in a lightning storm, prone to being hit.
Interoperability means becoming an integral part of a thriving blockchain-based ecosystem. Those who understand the importance of developing this ecosystem are the ones who stand the best chance of surviving in the long term.
Here’s an overview of three companies with a strong focus on playing the long game and driving towards an interoperable ecosystem.
A significant factor that led to the explosion of ICOs in 2017 and 2018 was the existence of the ERC-20 token standard. Now, regulatory clampdowns mean ICO’s will be treated as securities. Therefore, many startups are turning to the security token offering (STO) as a means of crowdfunding.
Polymath is aiming to replicate the success of ERC-20 through its own offering, the ST-20 token standard. This provides a compliant means for founders to fund their visions, and as it stands, over 100 tokens have already launched using Polymath. It’s a complete turnkey solution for running an STO without falling foul of the regulators.
At the recent Consensus 2019 event in New York City, Polymath confirmed that it will develop a separate blockchain for regulation-compliant tokens with Ethereum co-founder and Cardano developer Charles Hoskinson.
Polymath also operates a treasury. The company has locked up 75 million of its own tokens for five years. This treasury approach provides a long-term, sustainable option for funding future endeavors.
ChangeNOW offers non-custodial crypto exchange services without limits or registration required. Using ChangeNOW, a user can trade in their chosen cryptos in just five easy steps with no hassle. They simply select their tokens for selling and buying, and the interface determines the best available rate at the time. The user receives the address for sending funds and provides their own address for receipt. It’s that simple.
ChangeNOW is working hard on establishing many partnerships across the crypto landscape. It has relationships with exchanges including Binance, Bittrex, and Bitfinex, and wallet providers such as Ledger, Trezor, and Atomic Wallet. The company recently received the endorsement of Binance CEO Changpeng Zhao (CZ) for it’s NOW token to become one of the first listed on the newly launched Binance DEX.
The company has also been rolling out a series of innovative features for its users. It now offers a zero-fee public Lightning node, which enables instant payments and cross-chain atomic swaps. It also has a service called NOWpayments, which allows vendors to start accepting cryptocurrency payments through a native integration to their platform, or through a widget.
For startups which want to swap out their ICO tokens to ones issued on their own main net, ChangeNOW also offers a dedicated token migration service. Finally, in keeping with the growing trend of exchanges operating a loyalty program, ChangeNOW will also be opening up its VIP Lounge, which provides premium benefits to members.
LiquidApps exists to remove barriers to dApp adoption, both for users and developers. It’s achieving this through the operation of its DAPP Network, the backbone of which is the Dapp Service Provider (DSP) and the DAPP token.
A DSP can be any individual or entity which meets the requirement for becoming an EOS block producer. A DSP can then sell services over the DAPP Network in exchange for DAPP tokens.
LiquidApps is rolling out services thick and fast. The first was vRAM, which is compatible with EOS RAM but without the limitations and consequent supply-and-demand challenges of the latter. Next up was vAccounts, which allows developers to offer a dApp-specific account for new users, removing the requirement for users to have to buy RAM to open an EOS account.
Now the company is offering a host of new services, which includes the potential for inter-blockchain communication with its new ChainOracle XIBC service. It allows developers to bring in sources of external information (for example, from other blockchains or even the internet) to their dApp, which has previously been challenging due to the deterministic requirements of a blockchain. Using the LiquidApps solution, external data can be verified by a DSP in such a way as to retain the integrity of the network and root out bad actors.
By enabling communication between blockchains in this way, LiquidApps is aiding the development of an interoperable ecosystem. In turn, the company is carving out a role for itself in that ecosystem long into the future.
These three companies are leading the way in taking a long-term view alongside working to build a flourishing blockchain ecosystem. These developments are reliable indicators that the days of the crypto wild west are coming to an end, and the sector is now entering the next stage of maturity. This growth can only work for the benefit of all participants.
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