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Off the beaten track: Bitcoin as a payment method for online casinos

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Off the beaten track: Bitcoin as a payment method for online casinos
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The basic principles of Bitcoin as a so-called cryptocurrency are very well known by now. We learnt all about how it works and what it is all about and people all over the world use it for all kinds of transactions on a daily basis. Some like the advantages of the blockchain and the security it comes with, others value the anonymity it offers to its users. For whatever reason people decided to make their payments with a Bitcoin transaction, the currency remains a true success story.

That becomes even more evident when looking at the recent spike in value that the Bitcoin experienced. Now, let’s take a closer look at this fascinating product and all its perks – did you know for example that you can use Bitcoin to win money online when playing casino games such as fruit machines?

Bitcoin is accepted as an official payment method

Over the past few years, Bitcoin has been adopted as an official payment method by a growing number of stores and countries. However, products and services cannot only be paid for with cryptocurrency on the internet, it is also accepted as a payment option by physical businesses. You can for instance pay for your brand new car or making an investments with your bank using Bitcoin. You can use Bitcoin to pay for almost anything, restaurants, airlines, insurance companies and real estate firms. It is even possible to donate to well-known NGOs via Bitcoin.

The rise of the currency started, however, in the online world. Here, the foundation for the current success has been laid. One area we are sure you did not know about before is online gambling, also called iGaming. Due to its high security standards, independency from governing bodies and super-fast speed, Bitcoin has proven to be the ideal method of payment for many gamers and gamblers in the casino community. Until recently, Steam, one of the biggest gaming service providers, had Bitcoin listed as a payment option on their website. Even providers of online casino games started to accept that Bitcoin is here to stay and added the currency for payments and withdrawals from and into players’ accounts.

Hitting the jackpot with Bitcoin

Gambling with Bitcoin can be massively rewarding. The cryptocurrency has established itself next to prestigious payment service providers such as VISA, Mastercard or eWallet like PayPal, Skrill and Neteller. Players benefit from fast and secure deposits and withdrawals completely free of charge. A recently introduced Bitcoin lottery even allows players to win in Bitcoin and receive a potentially skyrocketing sum for their win in the future.

Bitcoin can also be used to play fruit machines and popular card and table games such as blackjack, roulette and poker and can even be selected as a payment method for placing sports bets with certain providers and bookmakers. Jackpots in online casinos regularly climb up to over 20 million euros with every bet placed contributing to the overall prize pool.

What’s in store for the future

As Bitcoin kept on climbing in both popularity and acceptance as a payment method, there were also bumps on the road to the top. Since the currency started a rapid decline in value last year, the words “crash” and “Bitcoin in free fall” have been adopted by the media hinting at what was about to come. People stopped investing in Bitcoins and some even avoided using it at all.

Companies like Nvidia reported a decrease in sales for cryptocurrency equipment and cryptocurrency service providers informed that only $ 60 million have been paid into accounts in May 2018. But there is also good news. There are clear indications that the currency is on its way to recovery. On January 15th, within one day the entire crypto market went from $ 120 billion to $ 123 billion. Many analysts predict a time of recovery and accumulation for 2019, similar to the path the market took after the crash in 2015.



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Guest Post

Crypto Analysts are Bullish for XRP: Predicting it will Reach $7 in the Coming Weeks to Months

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Crypto Analysts are Bullish for XRP: Predicting it will Reach $7 in the Coming Weeks to Months
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The positive sentiment for XRP is strong, with a number of major players in the crypto space declaring some rather bold projections for its price to significantly increase in the near future.

Namely, prominent crypto identity, Sir Gordon Gekko, tweeted his prediction on May 28th that XRP will soon reach $7-$10 based on the similar signs after hitting a daily golden cross as it did in 2017.

The same significant event in 2017 saw Ripple’s price soar from $0.23 to a high of $3.30 to deliver investors and ROI of 1334% in less than one month.

The golden cross appears on a chart when a market’s short-term moving average crosses above its long-term moving average and indicates the potential for a major rally. In this case, the short-term average is based on 50-day period and the long term average is based on 200-day period.

XRP’s daily golden cross chart pattern in 2019:

The expectation of XRP’s monumental price increase is firmly backed by several other pro analysts, including Robert Art, who tweeted on the 19th June his foresight of $7 also. Robert further backed this up his claim in a YouTube post only 2 days ago stating he remains extremely confident that XRP is primed to explode.

Adding further fuel to the fire, Ripple has landed another impactful partnership with international money transfer company, Moneygram. The partnership will allow Moneygram to use Ripple’s native token, XRP, to improve operating efficiencies, increase earnings, and its abundance of free cash flow.

Since the announcement of the Ripple and Moneygram deal, Moneygram’s stocks more than doubled in price, demonstrating the confidence in XRP as financial services companies seek to leverage blockchain technology as it enters the mainstream.

More than sentiment and the media alone, it has been widely recognized that various chart indicators are pointing towards a break out in XRP’s price. As aforementioned, a daily golden cross, as well as an XRP/BTC double bottom seen on the 21st June which indicates a change in trend and a momentum reversal from the prior leading price action – being the bear market.

XRP/BTC in Double Bottom Pattern:

Additionally, the consistent increase in trading volume and the formidable upwards price action of the crypto market as a whole are unmistakable factors to consider as indicators contributing to a bull run.

More advanced trading strategies, in particular margin trading, are on the rise as traders from traditional financial markets join in on the action. With an obvious increase in leveraged long positions in an effort to maximally capitalize on the current and highly favorable trading conditions.

The trend to trade with leverage has markedly increased since the beginning of 2019, which should come as no surprise as the high-risk/high-reward strategy provides the opportunity to magnify a trade’s profitability by up to 100x [as is possible the leading margin trading platforms, Bitmex and PrimeXBT].

As further evidence of margin trading’s increased popularity, Binance has announced its plan to add a margin trading feature, and other exchanges like OkEX have upped its moderate leverage allowances, to a slightly higher leverage allowance of up to 5x. How much leverage Binance plans to offer is unknown as yet.

At this stage, the opportunity to trade XRP with 100x leverage is only available on PrimeXBT.  Thus, it’d be fairly safe to presume we will see another surge in the margin trading platform’s volume and new user numbers in accordance with the highly anticipated XRP bull run – as its users ‘go long’ in the hope of increasing an already expected 7x price increase by a whopping 100x.

Crypto trading is inherently high-risk and high-reward by consequent of its incredible volatility, which is what makes it so attractive to traders and investors.  It’s now possible that die-hard hodlers will finally reap the rewards of their patience, and that those who came late to the party post 2017 have a chance to make a sizeable profit from crypto once more this year in 2019.

Some analysts are saying the XRP price increase will reach the projected 7x within the coming days-to-weeks, whereas others are saying weeks-to-months.  The good news is that both predictions point to green!

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