Like most cryptocurrencies, Bitcoin Cash is difficult to predict because there is such a multitude of factors that can affect the BCH price performance. Some of these factors are harder to analyze and anticipate than others. Let’s take a closer look at the cryptocurrency industry as it pertains to the BCH market.
Factors with a positive impact
Bitcoin continues to suffer from scalability issues. This is one of the main reasons Bitcoin Cash came into existence. The more popular Bitcoin became, the harder it was to maintain fast transactions and low costs. If Bitcoin fails to fix their scalability problem, they could lose investors to Bitcoin Cash, since it can ensure faster and cheaper deals. As of today, the BCH block can hold 32MB of data, while Bitcoin is capable of processing only 1MB blocks.
Thanks in no small part to larger blocks, miners have quit mining Bitcoin and moved to mining Bitcoin Cash. This has spurred the growth of Bitcoin Cash, and if this trend persists, this will cause the price of BCH to go up as its appeal to miners increases.
The Name Is an Advantage
Bitcoin Cash shares a name and a history with Bitcoin. Since Bitcoin is the most widely known and widely used digital currency in the world, this is a huge advantage. Cryptocurrency enthusiasts who trust the Bitcoin name are more likely to trust Bitcoin Cash over alternative coins since they will have more faith in the platform. However, the name is not the only thing Bitcoin Cash shares with Bitcoin.
At 21 million, the supply of Bitcoin Cash is extremely limited. This works in its favor. There is already over 17 million BCH in circulation. Assets that have a smaller supply will almost always have a higher price tag. Rarity gives value. This will make Bitcoin Cash appealing to traders and investors because the tokens have a lot of selling potential. In fact, Bitcoin Cash is already the second most valuable cryptocurrency in the market after its elder brother Bitcoin.
Despite the low supply, BCH is easy to obtain right now. The token is listed on almost every major cryptocurrency exchange. Chances are that it is listed on the exchange you are currently using. BCH is also compatible with most cryptocurrency wallets. Overall, Bitcoin Cash is much more accessible than most other altcoins. This also adds to the trustworthiness of the token. No one is going to think that BCH is obsolete or obscure, which is often the case with less known altcoins.
Factors with a negative impact
Bitcoin Cash’s ties to Bitcoin is a double-edged sword. Definitely, the name gives it more credibility. However, Bitcoin is also an immediate competitor to Bitcoin Cash – the competitor that is extremely difficult to dethrone. This is problematic simply because Bitcoin has a supreme presence on the cryptocurrency market. Some altcoins have the benefit of being able to market themselves as entirely unique from Bitcoin. Bitcoin Cash cannot do that. Most people who once invested in BTC have no need to also invest in BCH.
Moreover, there are other coins out there that do not have the Bitcoin name but also market themselves as peer-to-peer cash. They include Dash and Litecoin. Some of these other tokens have very low fees and transaction rates, even when compared to Bitcoin Cash. Competition, in general, is a major concern, especially since the market right now is so bloated. Every time a new competitor emerges, it threatens to lower the popularity of BCH, as well as the price.
Another thing that influences the price of BCH is adoption. The more stores, restaurants, bars, service providers, etc. that adopt BCH as a payment option, the more usable this currency becomes. In turn, wider adoption among merchants results in more people within the crypto community wanting to own Bitcoin Cash.
As the case currently stands, not enough community members hold BCH. At least for now, this is going to prevent Bitcoin Cash from growing at its optimal rate. Adoption has been a consistent issue for many cryptocurrencies, but Bitcoin Cash is trying to solve it by introducing innovations to their protocol. This is a promising sign.
Whales have always had a key impact on the cryptocurrency market. With most major digital tokens, there’s still a small number of big-time investors who hold a massive percentage of the total tokens in circulation. This is true of Bitcoin, in particular. These whales not only exert a lot of power on the crypto market but also stand to stabilize the Bitcoin market. In a market that is notorious for its volatility and unpredictability, this could have a major impact across the board. It would definitely influence the price of Bitcoin Cash just as well.
Measures adopted by governmental bodies can have major effects on the price of BCH. For example, positive actions taken by South Korea have led to a surge in excitement around cryptocurrency and caused the prices to rise. In contrast, when negative actions happen, it can send investors running in the opposite direction. Last year, Venezuela made news for arresting Bitcoin miners that had a direct impact on the whole market. Something like that might make BCH miners think twice about mining.
A lot of investing and trading decisions are driven by emotions, especially fear and excitement. This can have a profound impact on the price of cryptocurrencies, including Bitcoin Cash.
Mining is Not Decentralized
A final thing that affects the price of BCH is mining practices. Right now there are a handful of mining pools that mine the majority of Bitcoin Cash. This is a key setback as it causes Bitcoin Cash to lose its appeal as a decentralized currency. Crypto tokens are touted as a decentralized alternative to government-backed currencies. Unless mining becomes more dispersed, this situation could hold the price of BCH back.
There are so many different details to keep in mind that it makes predicting price movements a constant chance. That said, the more you follow the news and analyze trends, the better you will be able to make wise trading decisions. While there are plenty of other factors that have the potential to drive the price of BCH up and down, these are just some of the most significant motivators. Other things like publicity and market manipulations can also affect cryptocurrency prices significantly.
Gambling has always been an inseparable companion of human civilization. In Greece, even philosophers were observed in gambling addiction, and the authorities in Sparta and Rome were forced to impose a ban. People were playing at home and in underground institutions, even when they were silent about the authorities.
All the time people play for money or goods equivalents: jewelry, clothing, food and other property as far as houses and ships. It is natural that in this era of digital money you are going to be able to play games with crypto. The first one is Bitcoin.
Bitcoin features described many times, but I remember exactly why it is most suitable for Internet Gambling:
Anonymity of the owner
Bitcoin and other cryptocurrencies don’t guarantee full anonymity of all participants of the payment system, but significantly limit the possibility of their identification. In fact, of course, it is not so perfect, and if you want to calculate the owner of Bitcoin it is still possible that it was proven that the FBI when you caught SilkRoad the owner of the underground market. But this is a mistake of a particular person, and the cryptocurrency now has the highest level of anonymity. Especially considering new developments such as Darkcoin and Cryptonote.
Bitcoin has a single Translation or Banknote Issue Centre, so it is impossible to control or prevent. This allows you to play online gambling among citizens of countries where it is prohibited, for example in the United States or the Arab states. Processing of instant payments. You can win in bitcoin without additional controls, commissions and other delays. Currently, Bitcoin and other crypto countries occupy a large segment of the online gaming market and do not leave it again.
Digital money has long since ceased to be a prerogative of casinos and is used wherever there is an element of fun and excitement. In this article, we will briefly discuss all areas of cryptocurrency gambling.
The first online casinos cooperating with Bitcoin appeared at the beginning of 2013 and since then Google has been releasing more and more links on request. The most famous of these is the SatoshiDice casino, with which many threads are connected, both large winnings and losses, as well as attempts to cheat the system. This game resource creates a noticeable transactional traffic on the Bitcoin network.
We should immediately divide the casinos that work with cryptocurrencies into two groups:
“Conventional” online cash registers that accept crypt/currency as one of the ways to replenish the account and withdraw profits.
The casinos that were originally created for crypto-currencies and are the only means of payment.
From the first group casino, it is clear – these are large organizations that have all the necessary licenses, and Bitcoin is just another way to pay without the anonymity of the customer. The casino initially focused on Bitcoin, is a completely different matter. We do not quote any ratings or reviews, interested parties can learn everything, but we will immediately answer what should be on the Bitcoin-casino. this support technology
Sufficiently fair or justly fair game. This is a revolutionary method of confirming the reliability of the draw, which became possible only after the arrival of the cryptocurrency. In order to confirm the equal opportunities of participants, special password signatures are used, unique to each bet and participant. Players can check their stakes at any time and make sure that everything is a fair game and that there are no robots, fake stakes and other tricks so common in a “normal casino”. All information shall be transparent and shall be available for inspection at any time. If the website does not support this technology – they leave immediately, despite all promotions and discounts.
There are also Bitcoin casinos available in a mobile version, such as the Cloudbet website, so you can spend money from your tablet on your smartphone.
Poker and crypto-currency
Now there are no problems with Bitcoin to play poker. All players – the biggest poker room PokerStars and controlling bitcoin poker sites, such as SwitchPoker, provide full support to work with a cryptologist.
The bookmakers also keep up with the technical progress, and the fans of the plant did not remain on the sidelines. Bitcoin bets and other cryptocurrencies accept sports betting. com and gobetgo.com. There are bookmakers who accept bets not only on events but also on the future odds of cryptocurrencies.
Cryptocurrencies in online games
Communities of cryptographic currency holders could not ignore the creators of computer games. Popular, like Minecraft, they have been working with them for a long time, but Spells of Genesis became the first audience-oriented Bitcoin game.
In addition to the use of the currency block for communication between players, Bitcoin is based on the economy of the game and the real story. During the game, participants gain on the objects crypto games (mine) and can be exchanged for real money Bitcoin then withdraw from the system.
Although the leader of Bitcoin as a means of payment for gambling, the other cryptovalent also tries to take his place in the market. Such cases have so far been isolated. Alternatives can be called DiceLiteCoin, a dice game where Litecoin is used as a payment tool. The site was opened in March 2014, supports manual and automatic trade, uses Provably Fair, is a version for smartphones and tablets. The casino commission is only 1%, which increases the popularity.
Gambling on altkoynah – quite promising sphere of investment games, and it is safe to assume that it will grow dynamically over the next few years, especially as the new crypto appears constantly, which means that excitement of their owners requires a way out.
Bitcoin in Las Vegas
Despite the fact that the status of Bitcoin is not fully defined even in the USA, Las Vegas opened this crypto valued cantor. With the ban on gambling in Nevada using electronic money, exchanging bitcoin for cash back and forth was very useful for players. The machine allows you to get Bitcoin or cash using your fingerprints, phone number or a special PIN code as a verification.
Can I win?
Is Bitcoin Casino a real winner? The question is popular and rather stupid. Of course, this is possible, and the probability of winning a bitcoin is the same as in “real” money. Do you think that topping up your card balance in a casino registered in Bermuda gives you more privileges than Bitcoin? The answer is obvious and there are examples of big winnings.
At Just-Dice.com Casino, a player under the nickname “Nakowa” was able to disrupt the pot for the amount of 11,000 BTC, which at the current stake was almost 1.3 million USD. It was not easy, and before drinking champagne, the same player fell 100,000 dollars. Everything as always – to earn a lot, you have to spend a lot.
Prospects of crypto-currency gambling
Like any new company, crypto-currency gambling is developing dynamically and there is still no significant redistribution of the market. But rapid growth will inevitably result from the emergence of large players and the creation of business rules, above all interaction with Member States’ regulatory authorities. For example, the Tax and Financial Policy Department of Spain has already aligned Bitcoin with payment systems and requires a license from a casino with a currency cryptor. And if you look at it without unnecessary hysteria to restrict freedom – there is nothing wrong with it. Let serious players stay in the market and there will be no situation when 37% of casinos are mere fraudsters because the anonymity of the crypt currency helps not only players but also those who cheat. For players in the Russian Federation the situation is doubly difficult, because, in addition to the fact that gambling is prohibited, the cryptocurrency in Russia may soon be banned.
Let us summarise. The Internet provides a full range of services for the bitter owner of Bitcoin and other cryptocurrencies. Have fun, but don’t forget that the casinos have ruined many famous people.
Cryptographers, blockchain technology – these slogans have been heard by even the greatest laymen. Nowadays, it is difficult not to notice the revolution that Bitcoin initiated. Browsing through industry media, and even general news services, we can easily find news about cryptocurrencies and blockchain. Increasingly, it seems that the market has adopted new technology and new assets in almost every industry. Sectors that have adopted or are working on blockchain projects often have nothing to do with each other. These include banking, tourism, sport, politics, e-commerce, automotive, art, and of course real estate and a whole new way of betting. How do such diverse sectors adapt cryptocurrencies and the blockchain technology? Are those always the right ideas?
Here blockchain technology is both a salvation and a threat. The banking sector is currently worth around USD 135 trillion. Banks are institutions which act as intermediaries in money transactions, grant credits, and loans, and are a trusted third party in transfers. What if banks encounter blockchain technology? Opinions are divided on this issue. A year ago the heads of the biggest banks like JP Morgan Chase and Goldman Sachs criticized the crypts and blockchain.
They compared Bitcoin to a tulip fever, to fraud, they foretold the shameful end of this market. Perhaps it was due to fear because blockchain technology can make transfers easier, improve them, and what is more, some people are rushing to say that banks will not be needed. It doesn’t have to be that extreme. On the other hand, what if the banks use blockchain? Here is the latest example. The Bank of England is testing the impact of blockchain technology on real-time settlement systems – RTGS. In the banking sector, however, the reluctance to cryptocurrencies prevails, e.g. in a Norwegian bank, Nordea was banned from having a cryptocurrency by its employees.
This industry, although apparently distant thematically from cryptocurrencies and blockchain technology, sympathizes with it. Since Bitcoin and other cryptocurrencies have become more and more popular, the tourism industry has recognized the need to adapt to the current trend. Many tourists are enthusiastic enthusiasts of crypts and blockchain. Therefore, it is not surprising that in many of the world’s and even Polish resorts the owners of holiday resorts include payment e.g. in Bitcoin. What is interesting, it was also created especially for the tourism industry. Toa Coin appeared on the market in mid-2017 and is used to make bookings, pay for transport, hotels, etc. It is also used to pay for the services of the Toa Coin. Here is a short spot of Toa Coin.
The tourist industry is extremely supportive of the cryptocurrencies and the whole blockchain technology. Let’s take a look, for example, at the latest announcement of the German Tourist Board. Customers using the services of the German headquarters offices will be able to pay for them in Bitcoin and other cryptocurrencies. This is a way to open up to an international customer. The idea seems to be the right one, given that the tourism sector is a thriving industry which is used by people all over the world.
Sport and celebrities
It was not without reason that I combined the world of athletes and celebrities into one. For the latest information about the cooperation of former footballer Michael Owen with the GCOX exchange connects these two worlds. This exchange offers celebrities the opportunity to create their own token. Star cryptocurrencies are an idea of promotion for celebrities, but also for the stock exchange itself. Michael Owen will become the ambassador of his own cryptocurrency OWN. Next to him, the face of GCOX is also a Philippine boxer – Manny Pacquiao and his cryptographed PAC Coin. In addition to the GCOX exchange, there is also another cryptocurrency, TokenStars, which offers celebrities their own cryptocurrencies As it turns out, celebrities are more and more entangled in the world of kryptowalut. Although the majority of them are mostly sports stars, there are also actors such as Ashton Kutcher, who tweeted about Ethereum as early as 2014. Just like the Forex market, the cryptocurrency market is gaining its ambassadors among the greatest fame.
Blockchain technology and crypts can also be a tool on the political scene. Take the example of Venezuela. Last year the country was accused of bankruptcy and Caracas refused to degrade its ratings. So what did President Nicolas Maduro come up with? He wanted to save the collapsing economy with a petro crypto coin, which would be covered by oil. A petro unit is the equivalent of one barrel of oil. In February this year, Maduro announced its petro emissions. Another example of the use of blockchain in politics can be found in the recent presidential elections in Russia. WCIOM research institute preparing exit polls announced the use of technology to secure databases during the election.
When making payments in e-shops we are looking for the most convenient way to pay for the purchase. Bitcoin more and more often joins e-commerce payment methods. We will pay for various goods, even for furniture. There are even tutorials on the web, which tell you how to enter payment in your e-shop in the cryptallow. Payment methods are not the only bow to e-commerce on blockchain. Rakuten, called Japanese Amazon, will introduce its own cryptocurrency Rakuten Coin. The Japanese e-commerce giant’s cryptocoin is to revolutionize the industry and become borderless cryptocurrencies, as Hiroshi Mikitani, the CEO himself, stressed. Customers of the e-shop could trade with Rakuten Coin and earn points in the Rakuten Super Points loyalty program. Rakuten Coin would be based on this program.
Here, the biggest automotive giants make plans and even test blockchain technology solutions. We are talking about BMW, Volkswagen or Porsche. In the case of some, these are only announcements. However, Porsche has recently issued a statement explaining in detail how it will use blockchain in its cars. The technology is tested on applications such as closing and opening a car, temporary access. Blockchain-based applications will contribute significantly to customer safety. The application that allows you to open and close the car is also to protect the owner from theft. The second advantage is that it saves time and speeds up the process. With blockchain, you will be able to connect directly offline, closing/opening your car will be six times faster than before.
Daimler announced the creation of its own cryptocurrency MobiCoin under the Mercedes-Benz brand. In this case, it would be a means of payment which would be a reward for eco-friendly and safe driving.
Who would have thought that such two distant lands could connect something? In March of this year, the gallery in Los Angeles hosted an exhibition titled “The World’s Day of the Year”. “New Money’. Artist Andy Bauch presented paintings made of lego elements. Behind the colorful mosaics, there were coded keys to the artist’s cryptocurrency wallet. Andy wanted to visualize the algorithms behind blockchain technology for those who can hardly imagine how it works from the IT side. This is not all, however, just a few days after that, the Canadian stock exchange admitted to purchasing Nelson Mandela’s golden hand casts, which were purchased in Bitcoin. The Ontario Stock Exchange, which purchased Nelson Mandela’s hand castings, will take them on a promotional tour. The cryptocurrency exchange is also working on its own cryptocurrency Dignity Coin (DIG), which is covered with gold. Therefore, gold castings will play an important role in promotion.
The industry smiled at the market cryptocurrencies and welcomed them with open arms. Properties, apartments are sold for cryptocurrencies all over the world. Ba, there is a real estate agency in Russia – Kalinka, which has become a pioneer in sales through Bitcoin. Not to mention the splendid apartments in Dubai, which you could buy from 33 Bitcoins at the time. In September this year, the owner of Knox Group and his wife announced the sale of apartment buildings in Science Park in Dubai. Offers come not only from Dubai but from all over the world. Apart from luxury houses in Miami, Panama or Acapulco, I once came across an offer for the otodom. A certain owner wanted to sell a plot near Toruń, only for Bitcoins. I don’t know if the transaction came to fruition, but it shows that the real estate market has adopted the new technology every inch.
There are many more industries that have adopted blockchain, but there is no way to list them in one article. I have chosen those that have aroused my interest over the course of the year but are also one of the most popular sectors. I leave it to you to judge whether it is right to take blockchain in so many areas of life.
The Ministry of Finance is working on regulations concerning requirements for cryptocurrency exchanges, which are also to be subject to the provisions of the Act on Counteracting Money Laundering and Terrorist Financing. These provisions are to be included in the law implementing the EU’s AMLD IV (Fourth Anti-Money Laundering Directive).
Do they pose a threat to bitcoin and other cryptocurrencies?
The inclusion of cryptocurrencies and portfolio management software companies under the Anti-Money Laundering and Financing of Terrorism Act may be perceived by some as an attack on the cryptocurrencies. This movement should, however, be read as the legislators’ perception of the growing importance of the digital currency market. Cryptocurrency exchanges, prediction markets, and the blockchain prediction will not be in any way depreciated or pressurized by higher regulatory requirements. They will simply have to apply to their customers the security measures that other similar institutions have to apply. Among other things, they will have to carefully analyze their clients and report suspicious transactions to the relevant authorities.
Covering the market with anti-money laundering and anti-terrorist financing regulations seems to be an obvious step because digital currencies, due to the anonymity of ownership, are an ideal tool for criminal activities, which was often reported by supervisory institutions from Poland and Europe.
The cryptocurrency market is not monitored in the same way as the banking market, thanks to which criminals can operate outside the field of view of law enforcement authorities. Additionally, cryptocurrency transfers are much more convenient and safer for them than using cash.
In the context of money laundering, we can use a very fresh example from Poland. It concerns the laundering of money obtained from the sale of fictitious invoices. In order to make it more difficult for you to detect fraud, fraudsters are laundering illegally acquired funds using the cryptocurrency market, namely a larger European player and Bitcoin. Thanks to this, they prevented the detection of people sending and receiving money, using the anonymity offered by the cryptocurrencies.
All that remains is to ask whether the regulations related to monitoring the crypto transactions will be sufficiently ‘tight’ to prevent illegal activity. The General Inspector of Financial Information (GIIF) will be responsible for verifying the compliance of companies with the requirements. However, it is difficult to say whether the new rules will provide it with sufficient tools to monitor all cryptocurrency transactions.
Can a lack of anonymity weaken the cryptocurrency position?
Activities aimed at reducing the anonymity of the cryptocurrency users make them lose one of their main advantages in the eyes of people interested in using them and investing capital on the digital currency market.
It is the anonymity that is mentioned as one of the main attributes of a cryptocurrency which makes them attractive to a certain part of the society, discouraged from fiduciary money. Can the weakening of one of the fundamental advantages of digital currencies negatively influence their popularity and price increase? Not necessarily. It is enough to pay attention to the fact that bitcoin price increases have not slowed down, despite the fact that at this moment it loses another of its fundamental advantages, i.e. the speed of transactions/transfers and low costs of such operations. Currently, in the case of bitcoin, we can put this argument between fairy tales and if someone today would like to send the bitcoin cheaply as a gift for Christmas, then do not catch up on Christmas with this! Fast and cheap transfers are now possible thanks to other cryptocurrencies, but it is the price of bitcoin, due to its popularity, that is growing dynamically.
The main advantages of BTC are decentralization, limited supply, anonymity, and fast and low transaction costs. It seems that, in fact, an unquestionable feature, in the case of limiting anonymity on the market, only the first of them will remain cryptocurrency. Of course, the limited supply of bitcoin is a fact, but it is increasingly pointed out that this argument is weakened by the subsequent divisions of the chain of this cryptocurrency, within which new coins are created (such as bitcoin cash or bitcoin gold). Most of them do not keep up with the popularity of classical Bitcoin. This is currently the case with Bitcoin cash, which is gaining in value when the price of the original bitcoin drops.
If the classic bitcoin continues to maintain its dynamic growth trend while further weakening its foundations, it will once again give skeptics arguments to call it a speculative bubble. If buyers still argue their decisions with the above-mentioned values of bitcoin, its price will be based on unreal premises, detached from the internal value, which is the basic criterion of the speculative bubble. Of course, on the other hand, there are arguments that bitcoin functions are slowly shifting from transaction to value storage, but they need to be approached skeptically – but this is a topic for a separate material.
You would not be mistaken to think that the crypto industry is a Shakespearean tragedy of late, with billions and billions being wiped off of the entire market in the last few months. Prospects for growth have narrowed considerably, and there are many investors now pulling the plug for fear that they will end up with nothing rather than just a substantial loss.
Ethereum has not been immune to the proceedings and has struggled to gain traction after the “cryptocurrency bloodbath” early in the year. There is a number of reasons for such plummeting, and we will address them in this article, as well as look objectively at how soon the ETH price could recover.
Ethereum is not Alone
Cryptocurrency in general has taken a tremendous dive off of the proverbial cliff. Values of all major crypto tokens have plunged considerably and the investor confidence in the entire market has dropped to an extremely low point.
The leading coin by market capitalization has dropped to a third of its value in just 9 months. This has had a knock-on effect across most other cryptocurrencies.
Initially, Ethereum gained a bit of traction as Bitcoin dropped and seasoned investors shifted money around to balance portfolios. With Bitcoin not attracting new investors as it once did, however, this slowdown reached Ethereum and it too began a downward trend.
Partly due to the Bitcoin crash and the market volatility as a whole, but largely for the token-specific reasons, XRP has taken a battering and perhaps lost the most of the top 5 currencies in recent times. With a solid protocol behind it, there could be a break-out, but currently, the XRP value is very low indeed.
The oddball of the current top 5, Bitcoin Cash largely has its fate tied to Bitcoin and has dropped as a result, but in the last few weeks, Bitcoin Cash has made some tidy improvements (although not anywhere near previous values) due to the coin-specific developments.
Depending on which tables you look at, the 5th spot is invariably EOS or Litecoin. Litecoin is very similar to Bitcoin in both mechanism and functionality and suffers badly when Bitcoin slumps. EOS, in contrast, is less dependent on Bitcoin’s fate but suffers from a general lack of media attention. This means it too has fallen along with the entire market.
Ethereum Does Have Teething Issues
It would be completely unfair to portion all of the blame on Bitcoin or general market trends when looking at the reason Ethereum is underperforming. After all, its development idea was to create a token that was not related to Bitcoin and could operate independently.
Initially, it was a two-horse race with Ethereum being the viable alternative to the might of Bitcoin. Investors, traders and users got on board, and there was a general atmosphere of positivity around Ethereum and its ability to one day surpass Bitcoin.
That was such a long time ago now, though.
In that timeframe, there were some truly impressive tokens launched that make the ETH token look a little outdated and the momentum has seemingly slowed in the crypto community with not many now really hoping that Ethereum will overtake Bitcoin.
Basically, Ethereum is/was a great token as an alternative to Bitcoin at the point of its inception. That was in a marketplace that really had little else in the way of competition. Now Ethereum always finds itself in a position of defence rather than attack, having to stay ahead of great competition from other altcoins that are all vying for the second-place spot.
Ethereum stagnated in value and has begun to tail off now with this lack of motivation, and this is largely a contributing factor to its woes of late.
Will the Price of ETH Recover Soon?
This is the million-dollar question and one that has far too many variables to consider in order to get an accurate gauge of recovery time.
With so much influencing ETH price, it is difficult to know whether Ethereum will recover at all, let alone soon. But there are a few things that could have positive outcomes for ETH in the short to mid-term.
These outcomes would all bolster ETH value.
If Bitcoin Breaks Out
Bitcoin is no stranger to market volatility, and if it breaks out and begins to rise healthily, there will be a lot of investor confidence restored. This will, in turn, generate more people venturing into the crypto markets and will by default mean more new users coming across Ethereum.
If Ethereum Gains Momentum from Its Own Community
In the cryptocurrency industry, a little bit of hype can go a long way, just look at Bitcoin Cash as an example of how a happy and productive community can buck a downward trend. If the motivation of the ETH community is to innovate and overtake Bitcoin rather than stave off lower competition, this could have a really positive impact on the ETH price.
If Other Tokens Run into Difficulties
Currently, XRP is the biggest contender to Ethereum, followed by Bitcoin Cash. XRP is in a position of uncertainty itself, and if it were to crash completely, then Ethereum would likely gain traction from those drawn away from XRP. This is because Ether is often seen among the altcoin communities as a better option to Bitcoin.
Bitcoin Cash likewise has a fork pending in November this year. With the potential to be a 3-way fork, this could spell the end of the entire token, relegating it into altcoin obscurity. This again would generate more ETH buyers.
With these outcomes purely conjecturing, it is very difficult to see what the future holds for Ethereum.
Most people really wonder what they can do with JMeter and why they should go it. Hence, here are some features of JMeter that shows what it can do and what users can do with it:
Easy installation step: JMeter comes with easy installation. To install JMeter on Windows, simply run the Just run the “JMeter.bat file” file, while in Linux/Unix, simply click on the JMeter shell script.
Easy, understandable test result: JMeter presents test result in a visual format that can be easily understood like log file, tree, table, and chart, etc.
Free, open-source application: JMeter is a free open-source application that enables its users, mostly developers, to use source code either for modification purpose or for other development.
JMeter offers a complete multi-threading framework: JMeter offers a complete multi-threading framework which allows simultaneous sampling by multiple threads as well as simultaneous sampling of different functions by different thread groups.
JMeter Supports several testing approaches: JMeter supports different testing approaches, which include Functional Testing, Distributed Testing, and Load Testing, etc.
Platform independent: JMeter is a complete Java-based desktop application. Hence, it can easily run on any platform. JMeter it is very extensible and is capable of loading the performance test in several types of server, such as Mail – POP3; Web – HTTP, HTTPS, SOAP; Database – JDBC, LDAP, JMS.
Script Test: JMeter is capable of performing automation testing using Bean Shell and Selenium.
Simulation: JMeter simulates different users with simultaneous threads, and generates heavy load against web applications under test.
Supports multi-protocol: JMeter can work on database server testing, web application testing. JMeter also supports multiple protocols like FTP, JMS, SOAP, LDAP, JDAP, and HTTP.
Test plans in XML format: JMeter allows users to create test plans and supplies in XML format because it stores its test plans in XML format. Therefore, using plugins, users can write their own test case to extend the testing process.
User– friendly GUI: JMeter has a natural Graphical User Interface (GUI). This makes it very easy and simple to use. More so, any users would quickly get familiar with the use of JMeter.
Other features of JMeter include: supports full heavyweight (Swing) and lightweight (awt) component; works with both simple GUI and command line operations, etc.
How It Works
JMeter works by simulating a group of users sending requests to a particular server or application. JMeter then returns statistics showing the performance and functionality of the particular server or application through graphs, tables, etc. here is a pictorial representation of how JMeter works
Being a framework for Java, JMeter requires Java environment (JDK) version 1.6 or higher installed in your computer. Once JAVA has been confirmed to be installed on your computer, the next step is to download JMeter from official source. After downloading copy and extract to C:\>JMeter folder. The directory should contain a similar structure like this:
Though you may change the name of the parent directory i.e. from JMeter folder to apache-JMeter-2.8 if you desire, you may not rename any of the sub-directory.
The next step is running JMeter, this can be done by going to the bin directory. Click on either of the following: jmeter.bat for Windows, jmeter.sh for either Linux or Mac. After a while, the JMeter GUI should come up which is a Swing application just as seen below:
Build Test Plan
A test plan can be said to be a container for running tests. A test plan describes what needs to be tested and how to go about the testing. A complete test plan normally contains one or more elements like configuration elements, assertions, timers, listeners, sample-generating controllers, logic controllers, and thread groups. Every test plan must consist of at least one thread group.
The first step is to write a test plan. To do that, open the JMeter window by clicking on the jmeter.bin or jmeter.sh as the case may be. The JMeter window should appear as shown below.
The screenshot above is that of a plain and blank JMeter window which does not contain any additional elements. The window contains two nodes, the Test Plan node, where the real test plan is kept and the Workbench node, which simply offers a place to temporarily store test elements that are not in use for copy and paste purposes. Whenever you save your test plan, items in the Workbench nodes are not saved with it.
The next step is either to add or remove elements to the test plan. Elements can be added by right clicking on the Test Plan node and selecting a new element from the “add” list. Another way of adding element is to load an element from a file and add it to the test plan by choosing the “merge” or “open” option. For instance, the screenshot below shows the addition of a Thread Group element to a test Plan.
To remove an element, ensure that you have selected the element, the right click on the element, and select the “remove” option just as shown in the screenshot below.
The next step is loading and saving the elements. To load an element from file, do the following: Right click on the existing tree element to which you want to add the loaded element, click on Merge, select the file where you saved the elements. JMeter will automatically merge the chosen elements into the tree. JMeter does not save any element by default, hence, you would have to explicitly save it.
To save the tree elements, right click on the element, select the Save Selection As … option. The element would be save by JMeter including all the child elements beneath it. Remember to explicitly save your elements.
The next step involves configuring the tree elements. You can configure any element in the test plan by making use of the controls present in the right-hand side frame of JMeter. These controls enable you to configure the behavior of that specific test element. For instance, the screenshot below shows how the Thread Group can be configured for a number of users, ramp up periods, etc.
The next step is saving the test plan. The entire test plan can be saved by using either Save or “Save Test Plan As …” from the File menu.
After saving the test plan, it is now time to run the test plan. This can be done by clicking on Run, then on Start. When JMeter starts running, it displays a small green box at the right hand corner of the section just under the menu bar.
The numbers that appears in the left side of the green box are the number of active threads (total number of threads). These numbers only contain threads from a locally run test and do not include any threads that started on remote systems when using client-server mode.
The final step is stopping the test plan. Stopping the test plan can be achieved in two ways: by either using Stop – this will stop the threads immediately if possible or by using Shutdown – this will request the threads to stop at the end of any current work.
Test Plan Elements
A JMeter test plan contains at least one thread group and within each thread group, there are a combination of one or more elements, such as Sampler, Logic Controller, Configuration Element, Listener, and Timer. Each Sampler is preceded by at least one Pre-processor element, and is followed by a post-processor element, or/and Assertion element. Here are the elements in detail:
Thread Group elements
These are the beginning points of the test plan. Just as their name suggests, they control the number of threads that the JMeter will use during the test. The thread group elements can be used to control the following: Setting the number of threads, Setting the ramp-up time, and Setting the number of test iterations. The screenshot below shows how the thread group control panel looks like.
The thread group panel holds the following components −
Action to be taken after a Sampler error: should in case there is an error during test execution, user may either let the test Continue to the next element in the test, Stop Thread to stop the current Thread, or Stop Test completely, this is important if the user wants to inspect the error before it continues running.
Number of Threads: this simulates the number of users/connections to your server application.
Ramp-Up Period: this defines how long it will take JMeter to get all threads running.
Loop Count: Defines the number of times to execute the test.
Scheduler checkbox: if this box is checked, the Scheduler Configuration section is displayed at the bottom of the control panel.
Scheduler Configuration: this enables the configuration of the start and end time of running the test.
There are two types of Controllers in JMeter, these are Samplers and Logic Controllers.
Samplers controller enable JMeter to send some certain types of requests to a server. The samplers controller simulate a user request for a page from the target server. For instance, the user can add a HTTP Request sampler if there is need to carry out a POST, GET, or DELETE on a HTTP service. Some useful samplers include:
The screenshot below shows the control panel of an HTTP Request Sampler.
These allows users to control the order of processing of Samplers in a Thread. They can change the order of a request that comes from any of their child elements. Examples of Logic controllers include: Run Once Controller, Throughput Controller, Interleave Controller, Run Time Controller, IF Controller, Loop Controller, While Controller, and ForEach Controller.
The screenshot below shows the control panel of a Loop Controller.
Here is a list containing all the Logic Controllers provided by JMeter:
Once Only Controller
Random Order Controller
A Test Fragment is a special type of element placed at the same level as the Thread Group element. It is distinguished from a Thread Group in that it is not executed unless it is referenced by either a Module Controller or an Include Controller. This element is purely for code re-use within Test Plans
Listeners let you view the results of Samplers in the form of tables, graphs, trees, or simple text in some log files. They provide visual access to the data gathered by JMeter about the test cases as a Sampler component of JMeter is executed.
Listeners can be added anywhere in the test, including directly under the test plan. They will collect data only from elements at or below their level. The following list consists of all the Listeners JMeter provides
Distribution Graph (alpha)
Graph Full Results
Sample Result Save Configuration
Simple Data Writer
View Results in Table
View Results Tree
By default, a JMeter thread sends requests without pausing between each sampler. This may not be what you want. You can add a timer element which allows you to define a period to wait between each request.
The following list shows all the timers that JMeter provides:
Constant Throughput Timer
Gaussian Random Timer
Poisson Random Time
Uniform Random Timer
The screenshot below shows the Control Panel of a Constant Timer:
Assertions allow you to include some validation test on the response of your request made using a Sampler. By making use of assertions, you can prove that your application is returning the correct data. JMeter highlights when an assertion fails.
Here are all the assertions that JMeter provides:
XML Schema Assertion
The screenshot below shows the Control Panel of a Response Assertion:
Configuration Elements allow you to create defaults and variables to be used by Samplers. They are used to add or modify requests made by Samplers. They are executed at the start of the scope of which they are part, before any Samplers that are located in the same scope. Therefore, a Configuration Element is accessed only from inside the branch where it is placed.
Here are all the Configuration Elements that JMeter provides:
User Defined Variables
TCP Sampler Config
Simple Config Element
Login Config Element
LDAP Request Defaults
LDAP Extended Request Defaults
JDBC Connection Configuration
Java Request Defaults
HTTP Request Defaults
HTTP Proxy Server
HTTP Header Manager
HTTP Cookie Manager
HTTP Cache Manager
HTTP Authorization Manager
FTP Request Defaults
CSV Data Set Config
A pre-processor element is something that runs just before a sampler executes. They are often used to modify the settings of a Sample Request just before it runs, or to update variables that are not extracted from response text.
Here are all the pre-processor elements that JMeter provides
HTML Link Parser
HTTP URL Re-writing Modifier
HTTP User Parameter Modifier
RegEx User Parameters
A post-processor executes after a sampler finishes its execution. This element is most often used to process the response data, for example, to retrieve a particular value for later use.
Here are all the Post-Processor elements that JMeter provides
Regular Expression Extractor
Result Status Action Handler
Execution Order of Test Elements
Here is the execution order of the test plan elements
Assertions (unless SampleResult is null)
Listeners (unless SampleResult is null)
Post-Processors (unless SampleResult is null)
How to Run Your First Test?
To run your first test, carry out the following:
Open the JMeter window by clicking on the apache-jmeter-2.9/bin/jmeter.bin. The JMeter window should appear as shown below:
Rename the Test Plan
The next step is to rename the test plan node to Sample Test in the Name text box. You may need to change the focus to workbench node and then back to the Test Plan node to see the name getting reflected.
Add Thread Group
The next thing to do is to add the first element in the window. You need to add one Thread Group, which is a placeholder for all other elements such as Samplers, Controllers, and Listeners. They are also useful for configuring the number of users to simulate.
In JMeter, all the node elements are added by using the context menu. All you need to do is right click the element where you want to add a child element node, select the appropriate option to add, right-click on the Sample Test (our Test Plan), Add, Threads (Users), Thread Group. With this, the Thread Group gets added under the Test Plan (Sample Test) node.
Name the Thread Group as Users.
We need to add one Sampler in our Thread Group (Users). As done earlier for adding Thread group, this time we will open the context menu of the Thread Group (Users) node by right clicking and we will add HTTP Request Sampler by choosing Add, Sampler, HTTP request option.
This will add one empty HTTP Request Sampler under the Thread Group (Users) node. The next thing to do is to configure this node element
Name: change the name to reflect the action that you want to achieve. In this case, it is Visit TutorialsPoint Home Page
Server Name or IP: type the web server name. In this case, www.tutorialspoint.com. You do not need to add the http://
Protocol: keep this blank, as we want HTTP as the protocol.
Path: type path as / (slash). It means we want the root page of the server.
The next action is to add listener. You can add View Results Tree Listener under the Thread Group (User) node. This will ensure that the results of the Sampler are displayed in this Listener node element. To add a listener: Open the context menu, right click the Thread Group (Users), select Add, Listener, View Results Tree option
Run the Test Plan
Now with all the setup, let us execute the test plan. With the configuration of the Thread Group (Users), we keep all the default values. It means JMeter will execute the sampler only once. It is similar to a single user, only once. This is similar to a user visiting a web page through browser, with JMeter sampler. To execute the test plan, Select Run from the menu and select Start option. Apache JMeter asks us to save the test plan in a disk file before actually starting the test. This is important if you want to run the test plan multiple times. You can opt for running it without saving too.
View the Output
We have kept the setting of the thread group as single thread (one user only) and loop for 1 time (run only one time), hence we will get the result of one single transaction in the View Result Tree Listener.
The green color against the name Visit TutorialsPoint Home Page means success. JMeter has stored all the headers and the responses sent by the web server and ready to show us the result in many ways. Sampler Results tab shows JMeter data as well as data returned by the web server. The Request tab shows all the data sent to the web server as part of the request.
In the Response data tab, the listener shows the data received from server in text format.
Database Test Plan
To create a simple test plan to test the database server, you would use the MYSQL database server. Hence, you must have installed and created table in MYSQL. Once MYSQL is installed, follow these steps to setup the database:
Copy the appropriate JDBC driver to apache-jmeter-2.9/lib.
Create JMeter Test Plan
Launch the JMeter from apache-jmeter-2.9/bin/jmeter.bin
The first step is to create a Thread group. This can be achieved by right clicking on Test Plan, select Add, Threads (Users), Thread Group. This adds the thread group to the Test Plan node. The Thread Group can be renamed as JDBC Users. But you may not change the default properties of the Thread Group.
Add JDBC Requests
After defining users, the next thing to do is to define the tasks that they will perform. Hence, we will specify the JDBC requests to perform. Right click on the JDBC Users element, Select Add, Config Element, JDBC Connection Configuration. Set up the following fields – remember we are using the “learning” MySQL database.
Variable name bound to pool: this needs to identify the configuration uniquely. It is used by the JDBC Sampler to identify the configuration to be used. We have named it as test.
The next step is to add a JDBC Request which refers to the JDBC Configuration pool defined above. Select JDBC Users element. Right click your mouse to get the Add menu, choose Add, Sampler, JDBC Request. Select this new element to view its Control Panel. Edit the properties as follows shown below −
Variable name bound to pool. This needs to uniquely identify the configuration. It is used by the JDBC Sampler to identify the configuration to be used. Named it as test.
Name − Learn.
Enter the Pool Name − test (same as in the configuration element).
Query Type − Select statement.
Enter the SQL Query String field.
Now add the Listener element. This element is responsible for storing all of the results of your JDBC requests in a file and presenting a visual model of the data.
Select the JDBC Users element
Add a View Results Tree listener (Add, Listener, View Results Tree).
Save and Execute Test Plan
Now save the above test plan as db_test.jmx. Execute this test plan using Run, Start option.
Verify the Output
In the last image, you can see that two records are selected.
FTP Test Plan
To create a Test Plan to test the FTP site. Do the following
People in the online gambling industry have been using Bitcoins, but some online gamblers have never used this type of currency. Either way, it’s important to know the advantages and disadvantages of using Bitcoins in the iGaming world. Maybe you’ll be interested in a new form of gambling after learning more about Bitcoin casinos.
The Benefits of Bitcoin Casinos
Let’s start by defining Bitcoin casinos. Bitcoin casinos refer to online casinos that allow players to use Bitcoins, the most common type of cryptocurrency used today. So, what are the advantages of playing online slot games at a Bitcoin casino?
One of the key benefits of playing at Bitcoin casinos is that these casinos offer higher payout rates than other casinos. Such rates are possible because Bitcoin casinos incur minimal costs compared to ordinary online casinos. Another significant advantage of Bitcoin casinos is that the cryptocurrency bypasses some laws, and we can’t say it’s illegal. In addition, people who play at Bitcoin casinos enjoy fast transactions.
The Drawbacks of Bitcoin Casinos
Everything has its drawback and casinos are not an exception. When it comes to Bitcoin casinos, it’s important to bear in mind that some businesses are not properly regulated. For this reason, it’ advisable to conduct adequate research on the casino in question before creating a casino account. Some Bitcoin casinos operate without a gambling license, so you need to read casino reviews to find out whether the casino you want to join has obtained third-party licenses or certificates. Basically, you should look for certified and trustworthy casinos.
Reputable Bitcoin Casinos
Where can you find a reliable Bitcoin casino if you are interested in joining one? Well, we’ll give you some good examples.
BitStarz Casino boasts 10 CasinoRank points and is one of the best-certified casinos.
Oshi Casino is also a certified casino with 9.13 CasinoRank points.
Loki Casino is a trustworthy casino with 9.47 CasinoRank points. The casino received the Certificate of Trust from AskGamblers.
TonyBet Casino has been licensed by the United Kingdom Gambling Commission.
All the Best!
Clearly, there are many trustworthy casinos that allow players to use Bitcoins. You only need to conduct thorough research on casino licenses and safety. Everything will be fine if you play at licensed Bitcoin casinos. We wish you good luck and fun moments when playing mobile or online slots of your choice at mobile and Bitcoin casinos.
Remember to let us know about your experiences.
If you haven’t been living under a rock, you’ve probably heard about this popular new form of currency being exchanged digitally called bitcoin. Classified as one of many cryptocurrencies now being traded in the market, it shot to fame after it soared to record values, bringing other altcoins into the spotlight. Because of this, digital currencies are now slowly but surely making their way into our legal financial system.
But you might ask, how safe is cryptocurrency? Thanks to blockchain technology, safety issues are continuously being addressed.
Blockchain is the only technology that makes it possible to transfer digital assets among users while addressing security and trust issues. It’s a decentralized database or digital ledger of transactions that anyone on the network can see through cryptography. It is the answer to the challenges posed by cyber attacks and data breaches, so setting up blockchain to facilitate secure trades with your chosen cryptocurrency is the norm, which can be done even through a mobile app.
To keep you up to speed with the technology, here are some essential facts that you need to know:
Blockchain is not merely virtual currency.
Bitcoin and blockchain may both be a part of the same discussion, but they are not the same thing. Blockchain technology is merely a tool that makes bitcoin and other altcoins viable. And while it may be the most popular use of the technology, it has more to it than trading cryptocurrency.
There are now many uses of blockchain technology. This may prove invaluable in voting for instance. Through blockchain, votes are going to be extremely tough to alter once made due to its transparent nature.
Blockchain records cannot be altered.
To put it simply, whenever a transaction is made, all the accounts on record are updated with the information. These transactions are then grouped together in blocks, which are linked to every block that comes before it. The result is a chronologically substantial record that nobody can tamper since each block gets a reference to the hash of the block before it. The system is built to make sure that the positioning of the blocks is static and cannot be changed.
Blockchain is transparent.
The mechanism of blockchain technology is designed to be transparent, so everyone involved in the transactions is accountable. It ensures that there are no errors or missed transactions, making everything traceable even if there is an activity without the consent of the parties involved. Each transaction is recorded in a connected system of registers which are also connected within a secure network.
All this is possible through the network that works in a state of consensus under a system that audits itself automatically every 10 minutes. And since the digital values are self-audited and updated with a transaction in short intervals, the whole network is hard to override. This makes all the information on the blockchain safe at all times.
Blockchain is decentralized technology.
There are abundant benefits we can glean from blockchain technology due to its decentralized nature. This enables businesses to monetize open source protocols for exchanges without the governance of a central authority. One of the most important benefits for businesses is rapid commerce.
There may be many who are still not accepting of what blockchain technology can offer since they are still quite uncertain and even skeptic of its applications on cryptocurrency and its effects on the financial sector. But once businesses across different industries start recognizing how this technology can benefit their operations, its integration is going to be widely accepted. This can help us move forward to more transparent and more reliable transactions.
Investing in cryptocurrency is a big gamble with many users constantly searching for the next big token. Despite the prominence of Ethereum and Bitcoin, many new challengers have stepped up as better alternatives.
The right choice can turn a modest investment into millions, which is why it is important to know who succeeded among the lesser-known startups.
All the following tokens and currencies were merely a blip on the radar last year. Now, they have become global competitors that would have been the biggest ICO investments you could have made just a year or two ago.
Take a look at some of the best ICO return on investments to date during 2018.
Stratis started the month before NEO, on the 21st of June 2016. The UK-based platform started as a blockchain-as-a-service before it launched its own cryptocurrency. Its wide reach has made it the biggest ICO ROI of 2018, rising from a measly $0.0073 by a whopping 23,629.35%.
2. NEO (NEO)
NEO was released back on the 8th of August 2016, with a decent ICO (ROI) thanks to a starting rate of $0.1590. It was the first ever decentralized cryptocurrency in China and had spread throughout the East before going worldwide. The ambitious project rose to great prominence, surpassing most of its competitors in a 14,177.50% rate rise.
3. QTUM (QTUM)
QTUM started earlier than many others on the list, back on 12th March 2017, with a rate of $0.1500. An open-source cryptocurrency, it focused on smart contracts and cross-currency reach. This hybrid of Bitcoin and Ethereum skyrocketed by 3,049.76%.
4. Populous (PPT)
Populous is aptly named for its focus on smaller enterprises, rather than worldwide conglomerates. Released in June 2017, it had potential with a value of $0.2522. By helping out the little guy, they’ve turned invoicing into a fast-paced system, and rose in value by 1,635.15% since their release date on the 24th June 2017.
5. 0X (ZRX)
ZRX had an ambitious goal back on August 15th of 2017. It wanted to make cross-currency exchanges simpler and faster, which is tough for a decentralized system. Its gamble is paying off since it has become one of the most profitable ICOs bringing a starting value of $0.0480 up by 1,546.49%.
6. OmiseGO (OMG)
OMG was released on 7th June 2017, with a promising rate of $0.2742 it practically took only seconds to reach hard cap. With a focus on decentralized exchange, the coins can be traded in the cheapest routes for fiat and cryptocurrency on mobile. This led to a rise in stock, going up by 1,533.70%.
7. Humaniq (HMQ)
Released on April 6th, 2017, Humaniq had a quiet start with a value of $0.0035. A couple of years later, it has shot up with an astounding 1,494.79% rise. This comes from its vast reach in the mobile data market, making it one of the best performing ICOs during 2018.
8. Tron (TRX)
Transitioning from Tronix on August 31st 2017, the tokens have risen in popularity from its initial $0.0019 rate. It has exploded as one of the biggest ICO competitors, shooting up in value by 1,221.29%. It’s no wonder thanks to a 2000 TPS speed and free transactions.
9. Ethbits (ETB)
Ethbits was released on April 15th, 2017 and was developed as a peer-to-peer transaction site. Users can directly transfer between both cryptocurrency and fiat currency. This has led to a substantial rise in its value from its $0.8800 start by 604.55%
10. DENT (DENT)
DENT was developed by DENT Wireless Ltd and was released on July 12th, 2017. Despite a starting rate of $0.0005, they have risen as one of the biggest ICO by 538.52%. This was probably due to its platform focusing primarily on mobile data transactions.
11. Tezos (XTZ)
Tezos was developed by parent company Block.one, and launched on the 1st July 2017. They started out with a $0.4000 price rate, before skyrocketing by 253.70%. This may be because Block.one handed the tech over to the community of users, even though that delayed the official release.
Is there anyone you feel should be on the list, share in the comment box below.
The online gambling world has become a huge business industry for gambling companies and gamblers alike. It is estimated that online gambling accounts for 25% of the annual industry turnover in USD. This represents potential billions of dollars in revenue every year in the industry.
The plethora of uncertainties and transparency issues surrounding the industry has been a drawback to achieving this height. A proper implementation of Blockchain to online gambling has the potential to greatly expand the industry. There are good signs across-the-board that the benefits of adopting the technology are immense to gamblers and companies alike.
The deepening of Blockchain technology would ensure a much-desired transparency in the gambling industry through the verifiable records the technology provides. Some of the potential benefits of Blockchain technology and Cryptocurrency for the gambling industry includes;
Minimizing fraudulent acts
Fraud considerably reduces the profits achievable in the online gambling industry for the stakeholders. Players have been known to defraud operators while making deposits and withdrawals on their accounts. Moreover, hackers can easily target online casinos in order to bend the game in their favor.
By using Blockchain, the online platforms are a lot more secure due to the distributed ledger technology which is accessible to all. It provides safe ways to do transactions by smartly calculating profits and losses with all transparency. As a result, losses from insecurity would be cut back and the gambling business can then attract the indifferent crowd.
Raising the trust level
Many online gambling platforms have been seen to defraud players through several shady means. Frequent cases of fraud and stealing by casino owners have discouraged many casino enthusiasts from using the online casinos altogether. From unfair game designs and house edge to fake platforms ready to cart away with players’ winnings, online casinos generally lack transparency.
Blockchain smart contract simply removes the loopholes present in transactions and gives the customers confidence in fairness. It is definitely a positive for legitimate casinos because the bad apples among them will be weeded out. The transparency in transactions for every party involved in the gambling world is enough to change public perception.
Anonymity and Simple Payment
Online casinos usually request a proof of identity from players who would by all indications prefer to remain anonymous. This lengthy identification process is at times a put-off for many players since they can’t withdraw their earnings otherwise. Blockchain will help reduce these identification procedures to a simple contract authentication process as seen in cryptocurrency exchanges platform.
The anonymity provided ensures users do not need to share too much personal information with casinos, hence reducing the risk of data breach. As already seen, players are only required to send their cryptocurrencies to designated accounts for them to participate in the games.
Lesser difficulty gives more time to spend to play the games. Payment restrictions plaguing the use of regulated bills are eliminated, as well as the excessive charges associated with online transactions using them.
At the mention of Blockchain, most people think of Cryptocurrency. It’s popular knowledge that Blockchain facilitates decentralized currencies which are now being used by reputable companies for transactions. In fact, some gambling sites have already adopted cryptocurrencies for deposits and payments to players.
Introducing the use of crypto will give players ease in making payments and withdrawing same as they please. Drawbacks such as transaction charges and withdrawal limits are very well eliminated.
Overcoming location restrictions
Gambling enthusiasts around the world suffer from one local regulation on gambling or the other. As a result, many fall victim to frauds and illegal operators trying to satisfy their urge. Blockchain will provide these set of gamers with unfettered access to any casino worldwide through its decentralized technology and the use of its digital bills.
Transactions can be made from any location in the world with a good internet connection. In addition, it will help eliminate the processing period for payments to winners with its fast and irreversible contract execution.
House edge reduction
Casino operators maintain their trade with the house edge, which is a percentage of users’ deposit. Blockchain reduces the running costs of online sites making use of cash transactions, hence significantly lowering the need to have the house edge.
This will attract more customers since they are now able to maximize their investment.
The decentralized nature of Blockchain has engendered a smooth operator-user relationship in the online gambling industry. Nowadays, any player can be a shareholder in online casinos through their earnings on the platforms.
Casinos now offer the opportunity for users to invest a percentage of their winnings in the company without excessive paperwork. For instance, vSlice, and Ethereum project has a system that enables token holders to receive payments as profit is being made.
The Need for Regulation
The blockchain is not exactly the utopia for the online gambling industry. Like every other revolutionary invention, it has some loopholes and weak points. It’s wide knowledge that there is a huge gap for improvements in the structure and implementation of Blockchain and cryptocurrencies.
A few years back, a thousand bitcoin units get a burger and now, a unit will buy the latest iPhone. The unstable value of Cryptocurrency within a short time interval could spell the end for casino operators and gamblers alike.
The decentralized currencies are highly susceptible to factors that could be controlled though minimal regulation. At the least, an innovative channel should be created to guide the currency flow without meddling with the distributed ledger and user data.
The huge impact of the Blockchain technology can only be fully realized if bystanders in the big tech world participate to exploit this potential. Some control measures must be in place to attract new players in technology and more specifically, in online gambling.
Lastly, online gambling has come to stay, but its profitability can be exponentially increased by the appropriate implementation of the Blockchain technology. Online gambling is one of the most promising beneficiaries of the blockchain age.
Tricksters are easy to spot, transparency is ensured, excess regulations and restrictions are bypassed with Blockchain. One can only imagine the scale to which Blockchain can revolutionize gambling and the internet in the days to come.