Tag: Crypto

Are NFTs Headed to Gaming?

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Cryptocurrencies are perhaps one of the most notable developments of the past decade or so and they continue to spawn even more innovations. Now, one of the most talked-about aspects of the crypto landscape is non-fungible tokens otherwise known as NFTs.

What Are NFTs?

As it is with several aspects of the crypto industry, NFTs are still not understood by everyone which is totally understandable. They are simply collectible digital assets that hold value as a form of cryptocurrency and as a form of art or culture. The reason why they are such a big deal is that they are a way to create both scarcity and uniqueness to digital art. You can also think of it as a new vessel of distribution and ownership for an already rather experimental medium.

How This Relates to Online Casinos

Well, if history is anything to go by, the casino industry is likely to pick up on this new buzz much like did with other emerging technologies. Today, bettors can leverage some of the latest technologies on their gambling platforms of choice. These include things like digital currencies, live betting, and even other arguably niche technologies like Augmented Reality (AR) and Virtual Reality (VR).

Now, if we consider the massive popularity of NFT, it is almost guaranteed that a massive push for its adoption in the online gaming world will be a reality soon. The rise of such activities like eSports also serves to prove the potential of the new technology as a way to take online gambling and gaming to the next level.

In many ways, the NFT blockchain network, online gaming, and the online casino industry seem to be built in such a way that they complement each other. Some companies have already begun investing in that future and they are already projecting some pretty impressive returns from that.

Should You Jump In?

People are already trading NFTs which sort of gives it a start that is much like the launch of digital currencies in the early 2010s. However, the phenomenon is still marred in quite a bit of skepticism just in the same way that digital currencies were in the beginning. All things considered, jumping in at this very moment is mainly a question of how much faith you have in what is arguably the future of gambling, art, and entertainment.

There is still a long way to go and a lot to learn before everything falls to place as projected but there are lots of people who are more than happy to be a part of that journey. Are you one of them?

More Institutional Support Coming to Bitcoin

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Bitcoin continues to be the headliner of the crypto industry something that is not too surprising if its recent price surges are anything to go by. The resilience of the sector is perhaps one of its most notable features and it seems more people are finally taking note. That said, it would seem that the dream of mainstream adoption is about to get a major boost going forward.

For a long time, institutional support for crypto seemed to be nothing more than a far-fetched idea. The digital currency’s proponents, however, did not lose hope in that idea.

Governments Soften Their Stance

For the most part, several governments and dozens of central banks have not been very friendly to Bitcoin and other digital currencies. This is no longer the case in some places, especially in the United States. For instance, dozens of local municipalities across the country are already mulling over putting their city treasury into bitcoin.

Admittedly, this can be attributed to the younger generation of leaders who are way more crypto-friendly compared to their older counterparts. Their stance when it comes to Bitcoin and crypto, in general, is a great launchpad for wider adoption and serves as a pretty neat policy experimentation. It all boils down to time – all is needed is for more crypto-friendly and forward-thinking politicians and regulators to climb up the leadership ranks.

The idea of decentralization which is part of bitcoin’s identity has long been debated but experimentation has shown the potential of such a move. More localities could soon start adopting Bitcoin and legislators could also start accepting bitcoin contributions.

More Corporate Backing

Publicly traded companies have also joined the bandwagon. Several corporate treasuries are buying lots of bitcoin and this is expected to nudge even more publicly traded companies to do the same even if their lines of business do not directly relate to bitcoin.

Back in 2017, the retail investors were at the helm of the bitcoin revolution and now that they have done their part, it is time to pass on the baton. The current surge in bitcoin’s growth is now likely to be driven by family offices as well as high net-worth individuals many of whom have had to sideline their ideological convictions of bitcoin.

All things considered, the inevitability of the rise of crypto is becoming clearer by the day. Even central banks are likely not to have much of a say when it comes to the direction that the industry heads to – it will grow bigger with or without their approval.

Visa Doubles Down on Its Plans for Crypto

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The crypto market has certainly come a long way since the first digital currency was launched and it is now more mature than ever before. Lots of things have changed and perhaps the most exciting development is the widespread interest that major financial and payment institutions have shown.

Global financial and payment service provide Visa is one of the most notable companies that are making a huge play for the crypto market. Already the company has ties with some popular crypto platforms such as Fold, BlockFi, and Crypto.com. However, according to Visa CEO Alfred Kelly, there is so much more in the pipeline.

Crypto Could Be Coming to Visa’s Payment Network

Last Thursday during the company’s Q1 earnings call, the chairman ad CEO reaffirmed Visa’s commitment to crypto which is likely to culminate in digital currencies directly on the Visa network. Kelly firmly believes that the company is well-positioned to add “differentiated value to the ecosystem.” This will essentially involve making crypto safe, useful, and more applicable for global payments.

“..it goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network, which already supports over 160 currencies today.”

Visa chairman and CEO Alfred Kelly

The strategy is firmly anchored on working with wallets and exchanges to allow users to purchase crypto using their Visa credentials. Similarly, it will also mean that users can cash out their crypto onto Visa credentials.

The Favorites

Well, even though Visa has previously claimed that it does not want to play favorites when it comes to the digital currencies that it will allow on its network, the recent announcement seems to be pointing at something quite different. The company seems to be handling the cryptocurrencies differently based on which category they fall on.

The two categories that the company is using to group blockchain assets are based on whether they are a store of value or are stable coins. Visa intends to angle crypto assets that serve as a store-of-value such as Bitcoin to serve as fiat on-ramp.

However, when it comes to stable coins, the company has been rather bullish. These sentiments may be quite disappointing since they seem to overlook all of the amazing milestones that Decentralized Finance (DeFi) made in 2020. Even JP Morgan Chase which has been showing interest in digital assets has shared the same sentiments.

Crypto Market Booms as World Ushers in A New Year

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2020 was, without a doubt, one of the worst years of the past decade. The coronavirus pandemic dealt a huge blow to societies, businesses, and industries all around the world – most of these are, in fact, yet to recover.

Even so, thanks to all of the efforts that were meant to help the world return to normal, things began to get better as the end of 2020 drew nearer. The stock market, for instance, was slowly approaching record highs and the same applied to crypto which is considered to be an alternative to the existing financial system.

Bitcoin Breaks Records

This digital currency is widely considered to be the mother of all crypto and has been known to break several records throughout the time that it has existed. As of December 31, Bitcoin was trading for a little over $29,000 per coin. The previous record for the digital currency was $20,000 and experts believe that the cryptocurrency will probably hit the $30,000 mark pretty soon.

Over the last six months, interest in Bitcoin and crypto, in general, has increased significantly. So, while Bitcoin might be well ahead of the pack, it is not the only one that has been breaking records. Alt-coins like Litecoin and Ether have also seen their prices go up significantly, something that has boosted the overall crypto markets. Several other digital currencies have also been on the rise.

What Does 2021 Hold?

Needless to say, the latest price surges for digital currencies have continued to fuel discussions about the readiness of crypto to go to even greater heights in terms of mainstream adoption. In the case of Bitcoin which is now being likened to gold, there are lots of people who already see it as a great hedge against dollar weakness and inflation risk. At that same time, some people are still questioning its validity as an asset class especially considering its rather volatile nature.

Still, if the past few months are anything to go by, 2021 could turn out to be an even more memorable year for crypto and related technologies as well as their applications. Most notably, the rapidly growing acceptance of these alternative currencies will pave way for even more developments such as a Bitcoin exchange-traded fund.

This will not only open the doors for new investors but also create new opportunities or uncover untapped spaces that disruptive companies can exploit. As always, we will be keeping you updated every step of the way. Happy New Year!

DAOGroup Sets Sights on The Growing Sports Betting Sector

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The growth of the mainstream sports betting industry has caught the attention of renowned online gambling digital currency and blockchain solutions provider, DAOGroup. Now, the company is doubling down on its efforts in the hopes of getting even more out of the growing sector.

The first move that DAOGroup is pursuing in its quest to capitalize on sports betting is strengthening its business development team. This came in the form of two new hires – Yelena Kensborn is the group’s new Sales and Marketing Director, while Adam Lee will be taking up the role of the Business Development Manager.

According to the DAOGroup CCO Glen Bullen, the decision to strengthen the company’s commercial team further could not have come at a better time. With such a robust team, they will now be able to effectively tailor their decisions to boost brand presence and cater to the needs of their customers. Many gaming operators are ramping up efforts to integrate crypto-gaming products in anticipation of the return of sports-related gambling activities.

“We’re here to help the industry benefit without the compliance headache, and I’m thrilled to be welcoming Yelena and Lee aboard. Both are strong individuals with proven credentials who will no doubt be key in helping our partners appeal to an even broader player base as mainstream betting returns,” Glen Bullen commented.

DAOGroup already has quite a neat portfolio of crypto-based products. Earlier this year, it launched DAOWallet, its flagship product. Gaming operators have shown a great deal of interest in the product owing to the fact that it does not require them to conform to addition AML and compliance procedures. The solutions provider has integrated all necessary features to ensure it is safe to use for both gamblers and operators.

Crypto and The Rise in Online Gambling

Needless to say, the rise of online gambling was inevitable. However, it is safe to say that the coronavirus pandemic may have catalyzed the process and now some crypto betting sites are experiencing an unprecedented surge in player traffic.

Many of these new-age and futuristic online gambling platforms now have to deal with issues related to transaction processing while at the same time tailoring newer and more competitive products. This is, of course, a good thing especially because it will hasten the growth of the crypto betting sector as well as the mainstream adoption of digital currencies.

Thankfully, a lot of improvements are already being put in place. Moreover, even traditional iGaming businesses are beginning to take crypto very seriously.

Number of Daily Bitcoin Transactions Drops Significantly

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The month of March has been tough for several industries across the globe and one of the areas that have been affected is the cryptocurrency market. A price drop that occurred earlier within the month was quite significant. Fortunately, the market has been slowly recovering from that drop and it should be back on track sometime this month.

Despite the impressive recovery of the crypto market, there have been some rather unusual reports regarding the decline in Bitcoin network activity. Daily Bitcoin transactions have been on a steady decline leading experts in the field to look into the matter.

As it turns out, there are several changes that have been noted concerning how Bitcoin, which is arguably the most popular and most widely used digital currency, is being used. While it may seem like a temporary anomaly that will blow over after a while, the plunge in network activity may be a reflection of a greater long-term trend. So, what is going on?

How It Started

Well, since the year rolled around, daily transaction activity grew at a pretty impressive pace and this was partly attributed to the increase in the price of Bitcoin. Both trading and mining picked up pace adding to the number of daily transactions.

However, an abrupt turn in the global economy earlier last month as the coronavirus pandemic spread across more countries affected the crypto market. Crypto prices fell and transactions began to dwindle. Daily transactions fell from over 350k to less than 275k and the number Is expected to fall even further going forward.

Bitcoin Holders Are Hodling

People who own or hold Bitcoin have since pulled thousands of their currency from exchanges and are now trading way less than they used to. Many of them are now only interested in keeping their crypto safe in personal wallets.

The decline in trading and network activity is not the only proof of this fact. There has been a recent uptick in the number of Bitcoin wallets and address diversity. As it stands, there are over a hundred thousand additional addresses compared to what was the case at the beginning of March.

A Win for Bitcoin?

While the decline in network activity is definitely something that people need to be concerned about, it might actually be a win for the crypto industry especially Bitcoin, in this case. The fact that people are keeping or holding their currencies is proof that the digital currency has matured enough to be considered as a health and safe store of value.

The global pandemic is wreaking havoc on the world’s economy and this makes Bitcoin a safe haven for lots of people. Its value is also now bound to go up as there will be very little supply.

Trends That Will Define the Crypto Space in 2020

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Now, 2019 was indeed a great year for digital currencies thanks mostly to the huge developments that were made. Most of these were meant to remedy existing problems within the space but all the same, they played a huge role in helping to achieve the industry’s current state. Moreover, it also marked the tenth anniversary of the bitcoin mining craze – not much of this still happens especially on a small scale but it is certainly something worth noting.

Even though 2019 saw a number of great developments in the blockchain and crypto sectors, it also had some lows. There were several price drops and a number of businesses that relied on the technologies felt the pinch. However, the dynamics of the crypto world are very interesting which implies that despite the undeniable problems that existed in the past, new trends are already beginning to take shape. In 2020, there are a few of these that will certainly not go unnoticed.

More Experimentation and Implementation

This trend began earlier on but it is still going to be huge in 2020. It is perhaps the best way that crypto enthusiasts and futurists can push the crypto agenda. The gambling sector has been one of the industries that have been at the forefront of experimentation. It has seen to the unveiling of a number of casino-specific cryptocurrencies as well as the integration of existing ones.

Decentralization of Finance

It is not just gambling though. In 2019, financial institutions including several central banks started experimenting with digital currencies. This year might be the year when we finally got to see the full rollout of state-backed digital currencies.

There is a truly unique opportunity for them to leverage new technologies in order to revolutionize both lending and margin trading services.

Tougher Regulation

Needless to say, there are still certain parties who view crypto as a threat to the existing financial system as well as a potential risk due to the association of the sector with crimes. As mentioned earlier, governments in places like China hope to reduce the risks by having their central banks produce their own digital currencies. In places where there have been no such considerations, the most viable solution seems to be tougher regulations. This will apply to both security and risk factors as well as to the issue of taxation. The taxation of crypto is set to be one of the highlights of 2020.

All in all, cryptocurrencies and blockchain have already proven that they are here to stay. 2020 is set to offer more proof of that. Happy new year!

Germany To Become a Crypto Haven Thanks to New Law

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On November 29, the German parliament passed a bill that will allow banks in the country to sell and store digital currencies and crypto-assets. This will be effective from January 1, 2020, and only custody providers and cryptocurrency exchanges with licenses will be allowed to operate.

As such, these companies have the whole of December to apply for the necessary licenses in order to be able to legally operate in the country’s new crypto regime. To be eligible for the licenses, the companies will have to be registered as legal German entities with no less than two directors operating in the country by the end of the year.

Now, all that remains is for the bill which implements the “fourth EU Money Laundering Directive” amendment to be signed off by the 16 German states. It is expected that most, if not all, of the states will sign in favor of the bill.

The bill is a pretty huge step forward for crypto especially with regards to the quest for mainstream adoption of crypto. Before the German parliament passed the bill, banks in the country were prohibited from offering any sort of direct access to cryptocurrencies and related assets. Instead, the banks could only rely on external custodians or dedicated subsidiaries.

The Feedback

According to a number of experts in the financial sector, the move is definitely going to have a huge impact on the European crypto market. In fact, many of them have pointed out that it effectively paves the way for Germany’s ascension to crypto haven in the continent and possibly the rest of the world.

Since financial institutions already enjoy a tremendous amount of trust, they are probably the best options for the safekeeping of digital currencies and assets. Moreover, they will play a huge role in the prevention of money laundering and terrorist financing which are by far some of the biggest concerns when it comes to digital currencies.

Is A Crypto Migration Possible?

Well, considering how unconducive certain jurisdictions have become for crypto investors, a shift to friendlier places such as Germany is possible. For instance, China has been cracking down on a number of crypto-related currencies. This is perhaps in preparation for the state-sanctioned cryptocurrency that the country has been pursuing. Still, domestic users are definitely going to find workarounds.

Similarly, Russia also seems to be leaning towards a possible crypto ban – the country’s central bank has recently backed a potential ban on crypto payments. The reason this is a consideration is the large number of concerns that are associated with the sector. For now, nothing has been decided yet but given the recent history of crypto regulation, anything could happen.

Tether Gains Popularity as Payment Method

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There have been lots of debates regarding the legitimacy of Tether (USDT) as a stable means of payments as well as its speculated involvement in the manipulation of the prices of digital currencies. Despite this, the digital currency has been growing with a decent number of merchants now accepting it as a preferred means of stability. This is largely because of its unmatched stability.

As it stands, Tether occupies the fourth spot in the United States’ crypto market. This means that it is already highly regarded as a stablecoin and therefore its rise to the top should not be as much of a surprise. Over the past year, merchants who are using the digital currency have recorded a significant increase in Tether volumes over the past year.

According to CoinPayments.net, one of the world’s largest digital currency payment processors, Tether currently accounts for up to 30 percent of the volume of transactions it processes. In comparison, a year ago the volume of Tether transactions was 30 times less than what has been recently reported. The consistency in Tether’s meteoric rise has been quite consistent across a number of other cryptocurrency payment processors as well.

Why Now?

Well, unlike other digital currencies, Tether burst into the scene with the promise of living up to the stablecoin objective. The digital currency avoided fluctuations and instead opted for at least a one-to-one ratio with the US dollar by managing a reserve.

This feature made it quite popular and many merchants would often accept payments in other digital currencies such as Bitcoin and convert it to Tether in order to “hedge against the volatility” of other cryptocurrencies. The over 265 companies that accept payments in Tether has since switched and are now taking Tether payments directly.

What It Means for Other Digital Currencies

While Tether’s use in commerce is definitely a positive development for the crypto community, its growth has had a rather negative impact on other digital currencies especially the ones considered to be market leaders such as Ether and Bitcoin. Owing to several factors, Bitcoin and Ether have lost their appeal among many investors and due to the rapidly shifting dynamics of the crypto industry, a lot of focus is being given to alternative crypto solutions.

Moreover, there is a need for more accessible digital currency solutions in such areas as gambling and other adult product like cannabis and sex dolls. Tether has caught up and its stability is making many other digital currencies seem like raw deals for many customers. Perhaps this is the beginning of its ascension to the top of the crypto market.

BLUEBET Emerges as World’s Top Crypto Betting Site

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According to blockchain user analysis website DappRadar, BLUEBET is the world’s leading cryptocurrency betting platform. Further analysis of the gaming website suggested that it is set to consolidate the positions for even longer thanks to its longer-term strategic focus on the so-called cross-chain crypto gambling – this will definitely be a revolutionary step forward for the recently launched gambling website.

On the DappRadar website, BLUEBET which has been in operation for just a little over seven months is described as a “multi-person online entertainment platform that is based on blockchain.” The online gaming platform supports a number of popular gaming titles including Texas, multiplayer Blackjack, Baccarat, PowerBall Lottery, Caribbean Poker, Sports, and multiplayer Three Card among many others. Its goal is to create a professional, safe and transparent gaming environment for their customers who are from all around the world. Furthermore, the company leverages the power of blockchain technology to build “a user autonomous community, and create a platform that belongs to poker enthusiasts and sports enthusiasts.”

The EOS-based project also currently ranks as the most popular blockchain projects with more than three thousand customers using it on a daily basis. However, there have been speculations that the traffic may not be quite as impressive as portrayed.

“There is a very high level of bot traffic on gambling dApps. We’re currently doing some research on this subject at DappRadar, but my personal gut feeling is +50% of traffic for some gambling dApps comes from bots,” Jon Jordan, a spokesperson for DappRadar website.

The presence of bot traffic might be a result of deliberate manipulation in order to fake user adoption numbers. Another possibility is that the bot interaction may be the result of algorithmic interactions which are completely legitimate in the context of online gambling.

Still, this might just be mere speculation as stated above especially considering the fact that BLUEBET was primarily designed and built with the Chinese gaming market in mind. Chinese gamblers have been switching to blockchain-based casinos particularly because of the anonymity they offer – this is a very important factor since gambling is still illegal in the country.

Cross-Chain Functionality

BLUEBET plans to eventually accommodate many other digital currencies including Ethereum and bitcoin. This is directly in line with the platform’s plans to build cross-chain functionality. This will allow for peer-to-peer betting by users using different cryptocurrencies. Needless to say, the functionality is almost unheard of in the crypto gambling sector and therefore it will set BLUEBET apart from all other gaming platform and give it an upper hand in the very competitive market.