Tag Archives: crypto

1xBit Brings Fun to Cryptocurrencies while Increasing Adoption

1xBit Brings Fun to Cryptocurrencies while Increasing Adoption

 

 

In 1994, Today Show hosts Bryant Gumbel and Katie Couric famously had a lot of trouble understanding this new ‘internet’ thing.

At that time, the internet was as obscure and incredible as cryptocurrencies are for most people right now. In those early days of the internet, many people didn’t really think it would last or have much of an impact, just like many are saying now about cryptocurrencies. But it was also in 1994 that the first online casino opened, enticing millions of users to log in and giving the internet its first real bump of broad appeal.

And just like in 1994, cryptocurrencies now are getting a lot of interest from gambling sites building on the power of cryptocurrencies borderless, decentralized money built for the internet. One such site, 1xBit, is right now aggressively positioning itself to become the premier online betting site based exclusively on cryptocurrencies. 1xBit was established in 2016 and since then has become one of the largest and most recognizable gambling sites. Since their inception, the 1xBit team has been pouring their resources and creativity into the most modern, varied and exciting betting experience for their customers. And of course, their bets are provably fair.

Key features include:

  • Betting on the latest sports matches, pre-match and live, for both casual and advanced players
  • More than 50 types of sports to bet on, including exotic sports like Gaelic football, greyhound racing, eSports, etc.
  • Slot games from more than 100 different providers, suitable for anyone’s taste
  • Live dealers for all manner of casino games, including roulette, blackjack, baccarat, etc.
  • More than 90 different casual games created by the 1xBit team
  • And of course, 1xBit is a big supporter of cryptocurrencies. Users of their platform can deposit Bitcoin, Ether, Dash, Litecoin, ZCash, Tron, Verge, and more as well as the stable coins Tether, USD Coin, True USD, and Paxos ST. There are no fees for deposits or withdrawals. In total, there are almost 30 cryptocurrencies supported.
  • Utilizing the power of the blockchain, the games are provably fair.
  • The platform is truly international as 62 languages are supported.

1xBit also reaffirms their commitment to becoming the premiere crypto-betting site by offering many ongoing promotions and bonuses. They are currently offering a Welcome Package of up to 7 bitcoins, a massive bonus compared to what other casinos are able to offer. New users can get 100% welcome bonus of up to 1 BTC for their first deposit. They can then get continuing bonuses for subsequent deposits:

  • 50% bonus up to 1 BTC on the second deposit
  • 100% bonus up to 2 BTC on the third deposit
  • 50% bonus up to 3 BTC on the fourth deposit

Normally, bonuses like this are only offered to new customers, but uniquely 1xBit makes this bonus available to both current and new users!

Article Produced By
Bitcoin Warrior

https://bitcoinwarrior.net/2019/08/1xbit-brings-fun-to-cryptocurrencies-while-increasing-adoption/

Heiko Closhen, Entrepreneur

Become e-Resident and start the company in Estonia

Become e-Resident and start the company in Estonia

 

 

Did you hear about e-Residency program in Estonia? Let us introduce you to the tailor made solutions for digital nomads. Use our service and pay for our services in BTC with discount.

EESTI CONSULTING OÜ

Eesti Consulting offers several different services including: company formation in Estonia with the prestige legal address in the heart of Tallinn, contact person service, assistance in the bank account opening, assistance concerning the obtaining of the e-Residency card, assistance concerning obtaining the cryptocurrency services for the client.

We offer a 5% discount if you are paying in cryptocurrency way. If you have a business that offers a Bitcoin discount and would like to be featured on Bitcoin Warrior, please click on the Submit a Bitcoin Business link at the top of the page.

Article Produced By
BitcoinWarrior

https://bitcoinwarrior.net/2019/08/become-e-resident-and-start-the-company-in-estonia/

Heiko Closhen, Entrepreneur

Ripple Vs Stellar: Which Is the Better Cryptocurrency?

In the latest cryptocurrency news, we have witnessed exciting products in the industry.

Notably, some projects are unique while others tend to look similar. For crypto lovers, it is not hard to notice that projects like Ethereum and NEO have some striking similarities. Despite the industry witnessing an increase in the number of projects, Ripple and Stellar appear to stand out from the pack.  These two projects are gaining interest and are appealing to future-minded individuals. Both Ripple and Stellar have some similarities in identity and technologies. And the thing about these is that both cryptocurrencies had awesome cryptocurrency news in the past. Both of them want to solve the issue of a crossborder payment system. However, the two projects tend to differ in terms of philosophies and the general purpose within the cryptosphere. Here is a breakdown of the similarities and differences between the two projects. In this ripple vs stellar comparison, we will try and compare both and see which one has a better consensus mechanism for international transfers. Our comprehensive guide is the ultimate comparison between ripple and stellar and will help you understand which digital asset is used where and what’s so special about it. 

Understanding Ripple (XRP)

Brad Garlinghouse is the CEO of Ripple protocol. The blockchain technology created by ripple is used by banks on operations such as transferring money worldwide. Basically, it is a crossborder payment solution with a close to 0 fee that doesn’t involve so many third partys and that allows banks to send money from a place to another in seconds. Ripple emerged first in 2012. The project is a product of Chris Larsen and Jed McCaleb alongside Brad Garlinghouse. Developers of Ripple intended to make the system support a crossborder payment instantly for free, almost.  Its started as a payment protocol, to ease the transfer of money between borders. Traditionally, international money transfer is outdated, slow and costly. Ripple wants to change this model.

They are trying to change this by using xRapid – which already have a lot of banks that are using it – and probably soon Binance will use it too. To have a better understanding about xRapid, you may check the xRapid explained article. Same for xCurrent or xVia. Ripple digital asset grow in 2017 to as much as $3 and had a market capitalization of $130 billion at its all time high price. It wasn’t the largest cryptocurrency at the time and its not now, but its however widely used as a payments solution for transferring money using blockchain technology.  Ripples XRP is the cryptocurrency that the ripple protocol uses. The Ripple protocol was build to send money abroad and have Ripples XRP as the cryptocurrency for it. However, banks can use it to send money from one to another one in just a few seconds and for a fee of less than 1/10th of a cent. Ripple labs are working hard to establish more partnerships and have more banks join their network. If we take a closer look at the XRP price analysis , we can see that XRP decreased to $0.20 lately – after it had a value of $0.46 in 2019. Ripple XRP price decreased a lot mostly due to Bitcoin fluctuations and cryptocurrency trading.

Understanding Stellar (XLM)

Stellar emerged a few years later after Ripple with Jed McCaleb being one of the project co-founders. Jed McCaleb worked with Brad Garlinghouse at Ripple Labs also. Stellar also deploys the use of blockchain to process payments. It is important to note that the code bases for Ripple and Stellar are all similar. Stellar’s entire project goal strikes some similarities to Ripple. It seeks to enable the ability of an instant international payment . Stellar Network add its transactions to a shared, distributed ledger that its available for anyone to check. The Stellars XLM is powered by the Stellar Development Foundation – who are working on improving the Stellar consensus protocol. Stellar wants to solve the international transfers issue by created a crossborder payment system focused on people, not banks – unlike Ripple’s XRP. The Stellar Lumens XLM is the cryptocurrency that its used on the stellar lumens blockchain. 

Stellar stands out a bit because its primary focus is on individuals unlike Ripple’s target for institutions like banks. Stellar network is a bit more flexible than current payment options – such as PayPal. The fee of using Stellar’s service is low too – a merely 0.00001 XLM per transaction.
The developers came up with Stellar Lumens or XLM as the native cryptocurrency. Stellar also had the biggest cryptocurrency airdrop to date – with $125 Million USD distributed among the people that verified their identity on blockchain.com. Stellar’s price analysis doesn’t look too good either, as Stellars XLM lost over half of its value in 2019. However, the stellar network is still one of the most used ones and stellar lumens XLM  is still in top 15 based on its market capitalization. The price forecasts for Stellars XLM are not so favorable lately, but with the right catalyst – Stellar lumens can be one of the solutions for a perfect crossborder payment solution.

XRP vs XLM –  Similarities Between Ripple and Stellar

When it comes to Stellar vs Ripple, we have had some fundamental similarities to point out. It is not a surprise that they strike some similarities considering that their code base is the same. Additionally, the two projects were co-founded by Jed McCaleb. It is important to note that Ripple and Stellar do not depend on miners. Lack of miners means that both projects stand out compared to other PoW cryptocurrencies. Furthermore, the blockchain used by Ripple and Stellar claims to be decentralized. The truth is, the cryptocurrency enthusiasts have solid points when they claim that both of them are more centralized than decetralized. However, both don’t permit running of nodes by the public. Developers of the project kept the nodes private and operate their nodes on many servers. When it comes to authentication of payments, the two projects use a distributed ledger technology. They have a reputation for instant payments at a lower cost.

Ripple and Stellar have prioritized keeping the value of the coins low. Maintaining the value will enable both projects to have affordable services with the aim of supporting cheap cross border payments. Both XRP or XLM are listed on more than 10 top  crypto exchange. The cryptocurrencies are used for cryptocurrency trading as well as their main purpose – creating a reliable crossborder payment system based on a distributed ledger technology.  XRP or XLM can be stored on hardware wallets, such as Ledger nano or a Trezor. So if you’re looking to hodl any of these two, its really easy if you own a Trezor or Ledger Nano.

XRP Token vs Stellar XLM – Key Differences between Stellar Lumens and Ripple

At a glance, Ripple and Stellar vary from each other based on their philosophies. Ripple labs focused on making the project the solution to instantly and cheaply conduct a  crossborder payment one bank to another. The XRP distributed ledger technology is not public, as they work mostly with banks. The system has the XRP token as the fuel for these transfers. On the other hand, Stellar focus on individuals. The project targets people in developing countries who lack access to financial services. According to Stellar’s developer Jed McCaleb, he was motivated by his passion for helping people. A key difference between Ripple and Stellar is the fact that the Stellar code is open-source and can be found on Github.

Unlike Ripple, which is built mostly for banks.  The two projects also differ on nodes consensus. A conses model is a system that is used to validate payments without the use of any intermediaries. For Stellar, it deployed a protocol dubbed Stellar Consensus Protocol. On the other hand, Ripple implements the Proof of Corrections protocol to validate payments.  All these protocols are different from the popular PoW and PoS models popular among other crypto projects.

XRP or XLM – Which is the best project?

Before determining the better holding in the Stellar vs Ripple debate, we have some factors to consider. After Bitcoin and Ethereum, Ripples XRP is the third most valuable token based on its market capitalization.  Because Ripple joined the market two years after Stellar, the latter has managed to ink key partnerships with more than 100 banks. Such collaborations plays a crucial role in enhancing the trust in Ripple while at the same time improving the project’s market liquidity. Generally, Ripple stands out due to its notable success. The platform has proven a point while attempting g to revolutionize the cross border payments system.

Stellar looks like an underdog when compared to Ripple due to its plan to enable affordable financial services across the globe. It is evident that Stellar still lags behind Ripple in terms of success, but it has managed to maintain its position in the market. The Stellars XLM is ranked 11th, but its among the cryptocurrencies with a good use case and usage around the globe. We also have a possibility that Stellar will attract more customers in the coming days as it sets base in developing countries. This model makes it easier for people to transact globally using XRP. So, XRP or XLM? Who would win in the XRP vs Stellar battle?

If we look at the market capitalization, the XRP token is way far ahead. However, its latest technical analysis and price prediction doesn’t show any sign of recovery too soon. But the project is still solid and has a valid use case for the future. Stellar and Ripple have their similarities and differences. Both want to solve the money transfer issue – but each for a separate client. Stellar’s focusing more on individuals while Ripple was created for banks. Now, its all about understanding ripple and understanding stellar to know which one to pick – XRP or XLM.  Both of them can be easily swapped to fiat currency so the liquidity is not really a problem for neither. 

XRP vs XLM Conclusion

It is important to note that both Ripple and Stellar are on course to be among top global projects. Despite being a product of one individual, Ripple and Stellar have different ideologies with a concentration on a diverse customer base. For the Ripple vs Stellar debate, it is only noble to note that each project comes with its strength and weaknesses. Before settling on any token, conduct research and decide on a project that will give you value for your money. We believe that both project have a crucial role in the cryptocurrency field development and both would probably succeed. Which one will have a higher price in the future? That will depends on the business decisions each company will take, adoption and the user base of the companies. If you think about buying XLM or XRP – keep in mind that there’s a big risk as the market is extremely volatile these days.

Article Produced By
Amisi Paul

https://zerocrypted.com/ripple-vs-stellar/

Heiko Closhen, Entrepreneur

Scammers Are Using the Faces of Financial Analysts to Promote Phony Crypto Programs

Scammers Are Using the Faces of Financial Analysts to Promote Phony Crypto Programs

Scammers Are Up To Their Same Old Tricks

New advertisements featuring the face and likeness of Martin Lewis – an alleged financial expert in the London area – have been discovered on Instagram promoting potential cryptocurrency scams. These scams discuss a “revolutionary bitcoin home-based opportunity” that can change your life (and the lives of others) forever. One of the other tactics these scammers are utilizing to ensure unsuspecting readers believe their phony ads is by dressing them up to look like newspaper clippings. Some users claim that the ads mirror posts from The Mirror, a popular British news source. However, Lewis has already taken to Twitter to warn everyone that these advertisements are not real, and that he has never given permission for his likeness to be used in the ads. He’s warning everyone to steer clear and avoid getting pulled in.

Lewis is a well-known individual in Britain’s world of finance. Regularly appearing on television, Lewis discusses what investment opportunities are available for everyday citizens. He also talks about how to save money, new government incentives, and which bank accounts offer the best interest. His biggest claim to fame was a website he founded called MoneySavingExpert.com. This site sold in the year 2012 for a record $133 million. Despite a new year, it looks like many scammers still believe using celebrity images to promote their cryptocurrency schemes are the best way to go. One of the most prominent cases of using a celebrity’s face to scam people out of their digital assets involved one which occurred in late 2018. Hackers were allegedly using the likeness of SpaceX and Tesla CEO Elon Musk as a means of promoting a phony digital currency donation program.

These scammers acted as though they, themselves, were Elon Musk, and went around asking people to donate bitcoin to his various causes. The real Musk eventually came out and told everyone that these messages were not coming from him, though at that point, many donations had sadly been garnered illicitly. In addition, last September saw Dutch creator of the famed reality television program “Big Brother” John De Mol seeking legal advice regarding Facebook’s consistent publishing of fake cryptocurrency ads utilizing his likeness. Despite years of trying to work with Facebook to get the ads removed, the social media conglomerate did little to nothing to adhere to his requests.

Nothing Came of the Case

He ultimately sought out the assistance of lawyers to bring his situation to court in Amsterdam. The ruling was a rather lackluster one: Facebook and Del Mol must work out the issue themselves. While the ads have been removed at the time of writing, many Dutch residents have lost out, as the ads led to more than $2 million in donations or investments that have not yet been returned.

Article Produced By
Nick Marinoff

https://www.livebitcoinnews.com/scammers-are-using-the-faces-of-financial-experts-to-promote-phony-crypto-programs/

 

Heiko Closhen, Entrepreneur

Crypto news weekly roundup

Crypto news weekly roundup

2020 has gotten off to a busy start in the cryptocurrency space, with a lot of activity seen across the globe.

With the first full week of the year now almost over, everyone is settling into their routines and looking for new steps in the continued advancement of crypto and blockchain. As usual, this week has seen both positive and negative events, but they are all helping to shape Bitcoin’s future. Fintech company Longfin became one of the first companies of the new year to fall under the guillotine of the U.S. Securities and Exchange Commission (SEC). The firm had already been targeted by the commission for its shady practices, but its CEO, Venkata S. Meenavalli, will now have to pay fines worth $400,000 as he continues to be investigated for his prior misguided business management skills. He is also permanently forbidden from holding a position with any public company. Crypto hardware wallet Ledger found itself defending against malware using its name when a crypto enthusiast suddenly lost around $19,500 in Zcash. The user had inadvertently downloaded from Google Play a Chrome browser extension reportedly published by Ledger, but which was actually a crypto-stealing app. There hasn’t been any word on whether or not he was able to recuperate his losses, but it’s a reminder that due diligence is paramount when it comes to protecting financial data.

In its annual report on transparency and company activity, crypto exchange Kraken revealed that law enforcement departments from across the globe are contacting the company in record numbers while looking for it to reveal personal details on specific platform users. In 2018, the exchange received 475 requests and 710 were submitted last year. Most—61%—came from U.S. law enforcement, although this was lower than the 66% seen a year earlier. The U.S. SEC is planning on continuing its scrutiny of crypto activity this year, but it may be ready to do so in a more amicable manner. The commission’s Office of Compliance Inspections and Examinations revealed that it is going to be looking at the space, but in ways more aligned with it being a legitimate financial sector and less as only a haven for black markets, drug deals and scams.

That revelation came just after the SEC was denied a request seeking bank records from Telegram. As it continues to fight the social media platform for allegedly selling securities illegally in conjunction with the GRAM cryptocurrency and the Telegram Open Network, the SEC wanted the company to hand over its financials; however, a New York district court judge denied the request, but only temporarily. Telegram is still required to show certain financial details, as long as the release of the data complies with foreign data privacy laws. An exchange out of Singapore is causing a lot of grief for its users. COSS has suspended trading, explaining that the platform has to undergo maintenance. However, as has been seen in the past, the “maintenance” excuse has been used to cover up everything from hacks to exit scams. Perhaps COSS will be the exception, not the rule.

The crackdown on illegal crypto operations continues. The U.S. Commodity Futures Trading Commission (CFTC) shut down a crypto scheme led by Benjamin Reynolds. Reynolds was behind Control-Finance before it suddenly disappeared along with its founder and the CFTC is now trying to locate him. It has put a call out to international sources to help in the hunt, but nothing has yet turned up. Another fraudulent operation has been broken up, as well. Dunamiscoins is found in Uganda and the company’s executives are now on trial for running a complete scam. After operating for almost two years, the firm shut down last December, and prosecutors are looking to hold the individuals accountable for their illegal activity.

Article Produced By
Noah Bradley

https://coingeek.com/crypto-news-weekly-roundup-jan-11/

Heiko Closhen, Entrepreneur

Crypto 101: Is Investing in a Cryptocurrency Worth It?

Crypto 101: Is Investing in a Cryptocurrency Worth It?

Investing in something new can be a hard decision,

especially when you’re dealing with money you’ve saved up or earned from previous investments. If you’re on your way towards financial independence, or if you want to grow your assets and your portfolio, you’ll likely want to know everything there is to know about a potential investment before you move your money. The same process can be applied to cryptocurrency, which a lot of people tout as something with huge potential in the market in the near future. And considering its performance in the market today, people may be interested in finding out just what all the fuss is about. If you want to get to know cryptocurrency on a basic level, this article is for you.

What is Cryptocurrency?

Before you think about investing in a cryptocurrency, it might help to learn what a crypto is and how it can affect you as both a consumer and an investor. In essence, a cryptocurrency is a cryptographically-secure digital currency. It’s a virtual asset built from blockchain technology, which makes it decentralized, gamified, and most importantly anonymous. Theoretically, crypto can’t be controlled by a singular entity or government because of its nature. As a kind of blockchain, cryptocurrencies have three (3) major components, all of which are its major competitive points in the market:

  • Decentralization, where a bank or government isn’t needed to ensure that the crypto functions. This offers a great deal of financial freedom and democracy to users, as they decide what kinds of services and products they’re going to pay for.
  • Gamification, where users have to collaborate to “check” everyone’s transactions for rewards. Cryptocurrencies rely on computing power to “solve” cryptographic puzzles that allow changes to be made in the currency. Collaborators in this regard earn a portion of that currency as a reward, similar to how experience points are shared in multiplayer games. Gamification of cryptocurrency motivates users to collaborate and ensure the survival of crypto for their benefit.
  • Anonymity, where the robust security advantages of cryptography almost always ensure users of the cryptocurrency won’t be identified. And since all owners of the cryptocurrency will record all changes in transactions, anonymity is practically guaranteed.

Is it Worth Getting Into Crypto?

With the above in mind, it helps to identify whether or not these points actually matter when it comes to the full potential of cryptocurrencies. Is it even worth investing in cryptocurrency given its technical nature? It might help to check out both its advantages and disadvantages:

Advantages: Cryptocurrency makes transactions much easier and secure

People find cryptocurrency extremely appealing because of its potential to make digital transactions more accessible, much easier, and more efficient across different kinds of people. This can make credit more accessible to everyone. Here are other advantages:

  • Get more control over your own transactions. Due to the secure nature of crypto as a form of currency, most – if not all – control over what happens to your cryptocurrencies fall under your control. This means no legal representatives, no agents, and no brokers will be required – no commissions, brokerage fees, paperwork, and complicated things that might otherwise deter you from handling your own transactions. Crypto essentially “cuts out the middleman” and as such makes transactions much easier to manage, audit, and clarify between parties involved.
  • Democratize credit amongst a lot of people. According to some studies, around 2.2-billion people in the world have access to mobile phones or the Internet but at the same time have no access to traditional systems of exchange or banking. This is a lot of wasted potential in the market, and this is a lot of opportunities wasted on the part of consumers to take advantage of credit and investment opportunities. Since crypto needs to be handled on a digital medium, a lot of smartphone and internet users may be encouraged to participate and democratize the market. This is advantageous on an international level, as there’s no need for unnecessary levies, transaction charges, interest rates, and exchange rates.
  • Secure and adaptable. Cryptocurrencies are, by nature, protected by strong cryptographic encryption. This practically secured transactions against account tampering and fraud. At the same time, this guarantees the protection of consumer privacy as well. Likewise, the advanced technology involved in the making of crypto also paved the way for “general-use” crypto and crypto used for specific purposes. The flexibility of crypto as a medium has led people to create around 1,200 unique variants of cryptocurrencies, some of which are cryptocurrencies programmed to be used for specific purposes and industries.

Disadvantages: It’s still relatively new in the market

Granted, cryptocurrencies have been around for quite some time in the market. Unfortunately, it’s not as exposed to the general public given the rather technical nature of the currency. Despite its advantages, the image people have of cryptocurrency remains as “that complicated market.” Unless this is removed, or crypto becomes more accessible, it can become hard for people to trust crypto at large. Here are other disadvantages:

  • Lack of merchants makes crypto seem impractical. If we’re touting crypto as a form of currency, we should be able to use it in markets, right? Well, yes and no. Granted, we’re able to use cryptocurrencies in some markets and stores. Unfortunately, it’s not that “well-known” enough to be a widespread thing. This can make the idea of crypto investing a bit “off” for others, as while crypto is still unknown in majority of markets today, it’s really going to be beneficial as a form of investment. The good news here is that more industries have started to show interest in the potential of crypto as a form of currency – but it might be a long way to go for this to work out in the long run.
  • Technical nature might turn off consumers. Unlike other forms of stocks and investments, crypto might perhaps be the most technical-intensive of all of these. And considering how trading in itself can be a niche activity, the kind of familiarity people will need before trading crypto might turn them off from the concept. Of course, learning about anything can be difficult at first – and in the case of crypto, the learning snowballs, the more people start reading about crypto. However, finding a good place to start and what to read next can be a bit overwhelming for beginners.
  • Inconvenience in acquisition and maintenance. Building on the above, cryptocurrency can be quite a bit to handle for those who aren’t familiar with how blockchains and crypto work. For instance, if we do want people with better financial knowledge like our parents to handle cryptocurrency, they might be overwhelmed with what they have to study before even being able to handle crypto. Not only do they need to be familiar with an exchange, they need to have a wallet to maintain the crypto as well. If they want to earn rewards with mining, they also have to invest in a PC. These can be overwhelming for newcomers.

Conclusion: Worthy Investment, Considerable Risks

At the end of the day, it’s important to understand that despite the innate potential of crypto as a form of a financial asset, you shouldn’t solely rely on crypto for your portfolio. Like any other stock, you should diversify your crypto investments and make sure you study your niche enough that you know when to switch, pause, and even stop your investments entirely. While there are indeed a lot of advantages on crypto’s end, there are considerable risks from potential government intervention, how crypto in itself is used, and whether or not it can grow to be a reliable means of transactions in the future.

Article Produced By
John Salazar

John Salazar is a certified techie-at-heart, but he shares a love for all things science and technology, health and wellness, and even a bit of music on the side. As a creative writer, John makes sure to write both informative and entertaining pieces. He loves writing, and he plays the guitar when he has free time.
 

Heiko Closhen, Entrepreneur

Why so many casinos are allowing for cryptocurrency payments this year?

Why so many casinos are allowing for cryptocurrency payments this year?

 

As the decade comes to an end, one of the biggest things the 2010s will be remembered for is the rise of technology.

How we live, how we work, how we make purchases, and how we have fun are all being forever changed by technology. Two of the most popular technological booms of the last 10 years have been the increased popularity of online gambling and the rise of cryptocurrency. While these two things may not seem related at first, they very much are. In fact, they are becoming even more related as we head into the 2020s because more casinos, both online and off are embracing cryptocurrencies. The relationship between these two multi-billion dollar industries has a chance to be massive if they continue to grow together. Here is why so many casinos are allowing for cryptocurrency payments this year. 

Cryptocurrency and online gambling 

Always on the cutting edge of technological advancements, the online casino industry was quick to embrace cryptocurrency, specifically Bitcoin, when it first came to prominence a few years ago. Since the trend started, numerous online casinos have begun to accept Bitcoin and other cryptocurrencies as both a way to deposit currency and as a way to withdraw your winnings just as you would with any other banking method. There are now even Bitcoin-only online casinos where that is the only form of currency they accept. Using this form of currency for online casinos is attractive to both the casinos and the players. Because of the blockchain technology, which is the basis of cryptocurrency, cuts out the need for banks and other financial institutions who require large fees and amounts of time to process money transactions into casinos and out to players is faster and less expensive. Everyone involved in these types of online casinos considers this a win.

Benefits of cryptocurrency in online casinos

In addition to cutting the banks out of the online casino experience, there are other benefits that have led to the rise in online cryptocurrency casinos. With all the data leaks and hacks that happen nowadays on a seemingly regular basis, gambling with cryptocurrency is a way you can use online casinos anonymously and not worry as much about security. Also, when players travel to locations where online gambling may not be legal, that same anonymity can allow them to place bets where traditional banking would not.

Cryptocurrency and physical casinos 

As of the end of 2019, gambling in physical casinos around the world using cryptocurrency has not panned out yet and, while many people in the industry are trying to figure it out, it does not seem like it will happen in the very near future. This is especially true in the United States. There is one casino in the world that does take Bitcoin for gambling purposes.

That is the Merit Hotel Nicosia in Cyprus.

Why are there not more physical casinos allowing cryptocurrency gambling? Dale Ellard from Online Casino Gems explains, “It all comes down to regulation. Every rule, regulation, statute, and accounting standard in Las Vegas and elsewhere in the U.S. is based on a standard monetary unit like the dollar. The whole industry just finds that there is too much fluctuation and uncertainty in crypto at this point use it in a physical casino.” Ellard continued saying, “There will come a time when the demand gets loud enough they will have to figure it out, but for now, they are perfectly fine only accepting cold, hard, cash.”

The argument for cryptocurrency in physical casinos

Two main drivers are starting to push on physical casinos to start to consider allowing cryptocurrency gambling. One is the desire to attract young, tech-savvy people who more interested in the latest and greatest tech than their parents and grandparents who have kept casinos thriving as-is for years. The other issue is that casinos are still largely cash businesses and that does not always sit that well with the federal government and law enforcement. With all-cash gaming, there is a much bigger threat of illegal activities such as counterfeiting and money-laundering. Many in the law enforcement industry would like to see casinos move away from cash so that they would be harder for criminals to use to further their illegal pursuits.

Casinos allowing cryptocurrency payments

Just because gambling in physical casinos with cryptocurrency is not currently legal though does not mean the cryptocurrency industry is not hitting these establishments. Like many innovative and forward-thinking businesses, there are some early adopters in the Las Vegas hotel and casino industry that have started accepting Bitcoin as a legitimate form of payment. Since 2014, when Bitcoin had just burst onto the national scene, both The D Las Vegas Casino and Hotel and the Golden Gate Casino and Hotel announced that they would begin taking bitcoin payments of things like hotel rooms, restaurants and other on-site vendors such as the gift shop.

While two casinos do not exactly make a trend, it does give insight as to where in the world of physical casinos cryptocurrencies can start to make inroads. In the past, Vegas revenue was largely gambling-related but that has changed. Today, non-gaming revenue now makes up about two-thirds of all the revenue generated at properties on the Las Vegas strip, making it the core of the business now. Allowing new, innovative forms of payments from non-gaming entities is a way that the already profitable industry can see increases in their bottom line.

Conclusion

Cryptocurrencies are the new economic frontier and, what was considered simply a novelty in the last decade is quickly transitioning into a possible economic revolution as we approach the new decade. Online casinos are on the crest of this wave and stand to benefit hugely as the new, technologically advanced currency continues to grow. And, while physical casinos are happy to stay put in their old ways at the moment, they will start to embrace it off the casino floor and most experts agree, will have to reevaluate their stance on cryptocurrency gambling at some point in the not-so-distant future.

Article Produced By
Bitcoin Garden

This content is brought to you by the Bitcoin Garden staff.

https://bitcoingarden.org/why-so-many-casinos-are-allowing-for-cryptocurrency-payments-this-year/

Heiko Closhen, Entrepreneur

CryptoTraderTax Review A Detailed Look At This Crypto Tax Reporting Platform

CryptoTrader.Tax Review – A Detailed Look At This Crypto Tax Reporting Platform

CryptoTrader.Tax is a cryptocurrency tax calculator and reporting platform.

In this review, we take a look at its features, pricing, and more to see how well it stacks up. Crypto tax reporting can be a complicated and time-consuming process, with people usually making transactions across multiple different platforms and confusion over crypto tax policies.Nonetheless, it’s imperative that people get their taxes done on time to avoid penalties and future repercussions. When completing their crypto taxes, people have a few different options available to them. These include calculating and filing their taxes themselves, hiring an accountant, or using a specialized crypto tax reporting platform.One such crypto tax reporting platform is CryptoTrader.Tax, which describes itself as “the easiest and most reliable way to prepare your cryptocurrency taxes.” To find out if it lives up to these claims, I tested out the platform and have provided an in-depth review for our readers below.

Import Your Trades From Any Exchange

One of the complexities of trying to calculate your crypto taxes alone is handling the vast amount of transactions made across multiple crypto exchanges. A dollar value for each trade must be established in order to calculate any gains or losses accurately. Therefore, when dealing with a lot of trades, this becomes a long and tedious task, with errors often made. CryptoTrader.Tax allows you to quickly import your trades from any exchange by either using the API import tool or uploading your trade history files. This will enable you to efficiently manage all of your trading data on one specialized tax platform.

Supported Crypto Exchanges

Also, when you upload your trades, CryptoTrader.Tax automatically establishes a fair market value and cost basis for them using historical data. This dramatically increases the speed of calculating your taxes and significantly reduces the risk of errors. On top of your trade data, you can also add other crypto income from things like airdrops, gifts, and mining.

Generating a Tax Report

After importing all of your data, you then review your trades before generating your report. For each tax year, CryptoTrader.Tax generates an Audit Trail Report, Cryptocurrency Income Report, Short & Long Term Sales Report, IRS Form 8949, and an End of Year Positions Report.

Generating Tax Report

CryptoTrader.Tax supports the FIFO, LIFO, and HIFO accounting methods, meaning people from almost anywhere in the world can use this platform for their cryptocurrency taxes. Users can also have their gains and losses calculated in any fiat currency. When calculating your taxes, CryptoTrader.Tax uses the same methods that tax professionals use. It ensures that you are paying the correct amount and not overpaying on your taxes. CryptoTrader.Tax has built-in tax-loss harvesting tools to help you reduce and offset your capital gains. The platform also allows you to import your capital gains and losses directly into the online or desktop versions of TurboTax and other tax platforms. CryptoTrader.Tax is Level 1 PCI compliant and uses SSL encryption to ensure that your data on the platform is secure.

CryptoTrader.Tax Pricing

CryptoTrader.Tax charges for reports as a one-time payment per tax season. It has a tiered pricing structure in place, meaning the more trades you made during the tax season, the more you pay. This allows those with a small number of trades to pay a minimal amount, and even for those who require the ‘Unlimited’ tier, the pricing is still very competitive. When you have purchased a report, you can make unlimited revisions to it for that year. CryptoTrader.Tax’s pricing options are as follows:

CryptoTrader.Tax Pricing Plans

Users can pay for CryptoTrader.Tax using a Visa, MasterCard, or American Express credit/debit card. However, it’s important to understand that you only have to pay for CryptoTrader.Tax when you are ready to generate your tax report. This means you can create an account, import your data, and review your transactions for free. CryptoTrader.Tax offers a full money-back guarantee on any purchases. That means if you are not satisfied with your report, you can get a full reimbursement as long as you request it within 14 days of purchasing.

How to Create an Account

It’s quick and easy to create an account at CryptoTrader.Tax, with the option to create either an Individual Account or a Tax Professional Account. To create an Individual Account, users simply need to add an email address and create a password. Tax professionals need to provide their name, email, and create a password. CryptoTrader.Tax Signing up for an Individual Account This process takes seconds, and when you have created your account, you can immediately start integrating the exchanges you use, uploading your data, and using the platforms different tools. You do not need to provide any credit card or payment details when creating an account.

Overview

CryptoTrader.Tax allows anyone to easily manage and calculate their crypto taxes at a reasonable price. What could take hours or even days can be done in minutes on the CryptoTrader.Tax platform. On top of that, CryptoTrader.Tax ensures that your Bitcoin tax report is accurate and compliant, mitigating the risk of mistakes and overpaying on your crypto taxes.

CryptoTrader.Tax Overview

CryptoTrader.Tax’s CEO David Kemmerer was even a guest on Anthony Pompliano’s ‘Off the Chain’ podcast, where he discussed the complexities of cryptocurrency taxes. For those who would like to listen to this interview, you can find it here. If, at any point, a user needs assistance during the tax reporting process, CryptoTrader.Tax has a professional support team in place that will get your queries resolved quickly. Overall, CryptoTrader.Tax is an excellent choice for both individuals and tax professionals who are looking to make the tax reporting process more efficient.

Article Produced By
Jeremy Wells

A hobbyist programmer and freelance writer. Jeremy is a tech fanatic and a keen crypto collector. He is active in many blockchain communities.

Heiko Closhen, Entrepreneur

Cardano Price Analysis: January 1 2020 ADA: Last Support Ahoy

Cardano Price Analysis: January 1, 2020 – ADA: Last Support Ahoy!

Bears are in full control, and downtrend seems to be continued for the Cardano. Weekly ADA prices are moving towards critical support, and bull needs to defend this last support.

Weekly ADA prices are trading below the 9 days SMA, and 21 days SMA denoted by the blue line and white line, respectively. Prices are still in the downtrend and moving towards the critical support at $0.028, denoted by the white dotted straight line in the below-given chart. RSI is 35.64, which is skewed towards the oversold region, and meanwhile, Stoch RSI is moving towards the oversold region.Daily ADA prices could not hold the support at $0.037 denoted by the yellow dotted straight line and currently trading below the 9 days, 21 days, and 49 days SMA denoted by the blue line, white line, and green line respectively. Daily ADA prices are getting rejected by the 21 days SMA as evident from the chart given below; if history repeats, then the ADA prices will see a push in a downward direction towards the weekly critical support at $0.028. RSI is at 42.95, which is a neutral signal; meanwhile, Stoch RSI is at the overbought region and it is indicating that the price will go down with this shift in daily price momentum.

Few things noticeable with the Ichimoku Kinko Hyo system on the 1-day time frame chart are as follow:

  • Prices are trading below the Kumo; outlook is bearish.
  • Prices are trading below Kijun Sen (red line), bearish.
  • Prices were previously supported by the Tenkan Sen (blue line); currently, prices are trading below it as the prices lose its support of Tenkan Sen. This indicates that the prices will go down further.
  • Chikou Span is below the price candles and Kumo; bearish.

Conclusion:

Prices will move down towards the weekly critical support at $0.028, as evident by the Stoch RSI and Ichimoku Kinko Hyo indicators. ADA prices are strongly inside the bear’s grip, and the downtrend will continue.

Article Produced By
Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

https://www.cryptonewsz.com/cardano-price-analysis-january-1-2020-ada-last-support-ahoy/55472/

Heiko Closhen, Entrepreneur

Declining Spreads in Crypto Causing OTC Desks to Remain on Edge

Declining Spreads in Crypto Causing OTC Desks to Remain on Edge

The high volatility seen in 2017’s cryptocurrency market was a paradise for market makers and OTC desks,

as their profit margins continuously expanded along with spreads. Two years on, volatility is at a multi-year low and it has hit OTC desks right where it hurts. As the formerly largest OTC desk, Circle Trade, sells their business to Kraken, The Block reports that these entities are taking a second look at how they run their ships, December 24, 2019.

The Turbulence of Crypto Market Making

Depending on the state of the market, the firms providing liquidity to the order book stand to either make the most money or the least money. Volatility and ask-bid spread have a directly correlated relationship. So as volatility has come to a what can be considered a standstill, OTC desks have taken a hit relative to previous years. We often equate tight spreads to an efficient market, and this certainly holds on the customer’s side. But market makers have an incentive to provide more liquidity when spreads start to expand, giving the opportunity to earn a few basis points of extra profit per trade. Data from Skew shows that average realized volatility in Bitcoin has hit a periodical low, and spreads earned by OTC desks have contracted from nearly 200 basis points at the peak of the cycle to roughly 10 basis points now. Circle was forced to sell their once flourishing business to Kraken, in a deal that evidences Kraken’s desire to expand on the institutional side, and Circle’s pivot to focus on USDC.

Best Spread Wins the Game

From a trader’s perspective, the lowest spread is the best avenue to park capital, because it implies better entry-exit dynamics for customers. Crypto derivatives have historically had tight spreads. BitMEX built its empire on the back of having the most liquid order book in the industry. The reason they were able to attract so many traders, institutional and individual, is because they offer the best spreads in the market. So this is a fairly sensitive topic, or a dual-edged sword if you will. Lower spreads for customers attract more volume, but higher spreads help market makers net a larger profit from each trade.

Article Produced By
Ashwath Balakrishnan

Ashwath is a financial market and technology junkie. He is a cryptocurrency investor, trader, and enthusiast. He has expertise in market psychology and explaining complex technology in a simple way. He aims to battle misinformation in the cryptocurrency space.

https://btcmanager.com/declining-spreads-crypto-otc-desks/?q=/declining-spreads-crypto-otc-desks/&

Heiko Closhen, Entrepreneur