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Many cryptocurrency blog articles about Bitcoin news and crypto news which will cover Blockchain Technology, gambling news, the gambling industry and free online casino betting.
BITCOIN REDDIT AND THEIR APPROACH TO GAMBLING
One of the biggest places for Bitcoin chat in the Bitcoin community space is none other than /r/Bitcoin as a subreddit of the Reddit community itself. The Bitcoin Reddit community is often one of the first responders to news, views and gossip that goes around the Bitcoin news space on the web.
Bitcoin Reddit will talk about many different subjects since the sphere of influence of Bitcoin is extremely large. With large economies, the topics of discussion are quite large and nuanced. It's been no secret that one of Bitcoin's biggest success stories to date has been with the field of gambling due to the legally murky nature of international gambling and the laws that govern. The industry has difficulties with payment processing, fraud, compliance and many other issues. Bitcoin has been a savior to the community by providing a cross borders, low friction, fraud free payment mechanism for both consumers and providers. It has also opened up an entirely new industry of low house edge gambling that was formerly impossible with rates falling to 1-2% creating new competition with fiat industries.
SLOT MACHINES: THEN AND NOW
Slot machines have been around since 1894 when they were first invented. Back then, Slot games were more of a novelty item than they were a fixture of modern day gambling.
Today, the slot machine world is fairly diverse in offerings but not so diverse when it comes to the operators that provide the games themselves. There are a handful gaming licensors, around 10, that offer many different variants on today's more popular slot machine offerings.
The problem, as many astute gamblers realize, is that there is no way to verify whether or not any of these slot machines actually do what they say they are going to do. And more so, even if the outcomes have been third-party audited for fairness, there is little to nothing that prevents casino operators from essentially rigging the spins from the game that are otherwise supposedly fair by changing future outcomes.
There are few industries as tightly linked as blockchain and gaming, and through extension, gambling.
As a new technology, blockchain is quickly being applied to solve problems such as proving digital ownership, provably fair games, and liquidity. These problems were otherwise too complicated to solve and the inefficiencies were left to run rampant.
However, many entrepreneurs are exploring blockchain to take gaming (and gambling) to the next level – and for good reason; both are positioned to be incredibly lucrative markets. The video game industry hit about $135 billion in 2018 and has been growing rapidly, and the global online gambling market is currently estimated to be around $46 billion and anticipated to more than double to $94 billion in 2024.
News of venture capitalists jumping into these sectors is popping out left and right. Just in July 2019, Reddit Co-Founder Alexis Ohanian’s venture fund led a $3.75 million seed round for Horizon Blockchain Games, a blockchain-powered video game studio.
The following article explores a handful of ways that blockchain will usher a new future for the gaming and gambling industries.
From a bird’s eye view, cryptocurrency market commentary hubs like Twitter seem like squabble boxes of shilling, whirly-dirly technical analysis charts, and the occasional well-founded prediction.
Speculators are seemingly everywhere, and rapid account growth is rewarded to those able to correctly call some of cryptocurrency’s volatile movements.
Social sentiment analysis is a valuable tool to add to your understanding of cryptocurrency, however, it’s worth exploring the unique slice of history cryptocurrency has offered us in studying how people’s thoughts (and commentaries) affect market movements.
DOES SENTIMENT ANALYSIS YIELD DIVIDENDS?
One of the first things many savvy traders ended up doing is trying to build actionable correlations between social sentiment and certain digital assets.
For example, if an algorithm can predict that when tweets about keyword “TRON” hit a certain volume and display a generally positive sentiment, the price of TRON will increase, it would allow those traders to reap some serious profits.
There are even plenty of 3rd party Google Sheets plug-ins and add-ons that help users calculate their own correlation between social sentiment, social mentions, and the prices of particular digital assets
Is Bitcoin real money? This question is asked everywhere from political debates to bitcoin gambling forums, so let’s explore.
Before we dive into whether Bitcoin is real money, let’s talk about what real money is.
Most of us walk around with the definition that money is simply a commonly accepted medium of exchange. While accurate, this definition leaves a few gaps in our understanding that get wider as we dive into trickier concepts such as digital currency.
THE THREE TIERS OF MONEY
There are three generally accepted tiers of money in use today:
M1 – This is the type of money we generally think of. It’s what we use to buy things and make payments. This means all physical denominations of coins and currency; demand deposits such as checking accounts, and travelers' checks. This money is considered “active”, and represents the total value of coins and paper currency in circulation. This amount fluctuates as currency gets lost or the Federal Reserve Banks (U.S) print more.
M2 – This category includes all of M1, and broadens the criteria to include savings account deposits, all time-related deposits, and non-institutional money market funds. This type of money isn’t necessarily physical cash but can be transferred into cash with relative ease.
M3 – This category is the broadest of all definitions, enveloping M1 and M2, and adding all large time deposits, short-term repurchase agreements, institutional money market funds, and other larger liquid assets.
It’s also worth noting that M1 was preceded by an original category of “commodity money”, or money that bases its value on the actual commodity it is, such as gold coins, spices, seashells, etc.
Creating a cryptocurrency is a good way to put a unique spin on how things are generally done. For example, Bitcoin is changing how money is transferred from one place to another, Ripple is focusing on banks and Stellar is aimed at the unbanked. Other platforms like Ethereum and EOS are providing different options to host applications. Cryptocurrencies tackle existing problems and are created for different reasons.
Why would anyone want to make their own cryptocurrency? One way to look at it is by acknowledging that several digital currencies are heavily centralized. This means that to some degree, they are controlled by several parties and are intended to power certain products offered by these parties.
Although these currencies use blockchain technology, they are not structured to be as decentralized as Bitcoin. One good example is Ripple, which has faced several accusations of centralization in the past for maintaining control of the network.
As you can imagine, such products – from crypto games to payment platforms – stand to generate massive revenue if successful. Creating a digital currency is just like starting any other company and is no longer as complex as it was when Bitcoin emerged. Many people have done it and you can do it too.
This ensures that you can weigh the pros and cons effectively before investing resources into the project. You also learn how different types of cryptocurrencies function as well as what type will be best suited for your goals.
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Using Bitcoin Safely Is The Fun Way To Use Bitcoin
It's no secret that if you own Bitcoin that you get to be your own bank whenever you hold your own private keys. However, frequently to get the full use out of Bitcoin, or money in general, you need to have it held with various institutions. These institutions may be a bank where you can store your money for safe keeping or an investment portfolio to invest into domestic index funds. Outside of financial institutions they can be as simple as gift cards or other similar assets to be used at a future point in time.
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