The State of Cryptocurrencies: What’s good for online Gambling?

As I was reading an article on the state of Bitcoin report, 94% of the people who use Ethereum are positive about the outlook of this Cryptocurrency, a figure that’s thrice as much as those people using Bitcoin.

Blockchain and cryptocurrencies have been on people’s lips since they were introduced in 2009. Even though Bitcoin has been the most used form of Cryptocurrency, gaining popularity in both private and corporate use, other currencies are quickly emerging as favourites among other users.

To discover some of the currencies that are seated at the top, we’ve summed up the best performers in the public blockchain, including Ethereum, Monero, Dash, Litecoin and Bitcoin, and measured the emerging trends, their main use, and what makes each of these currencies unique in the different regions they are used.

Currencies Rivaling Bitcoin

To many, Bitcoin remains as the first major Cryptocurrency, perhaps because of the steady growth, it has been experiencing since it was first intercepted 9 years ago. Millions of BTC users globally have now accepted this Cryptocurrency as a payment for work, earned it through gambling, done online surveys in exchange for it and most importantly, continue mining Bitcoin as a source of living.

But those who are well versed with the cryptocurrencies know Bitcoin isn’t the only Cryptocurrency in the blockchain causing digitals waves.

The intense interest in the Cryptocurrency market has shed some light on other cryptocurrencies as a whole, prompting investors to pay a keen interest in them and as such, shifting in awareness to them and consequently delivering better gains.

The Growth of Ethereum

Earlier in 2017, Ethereum users seem to believe that Bitcoin would start declining – with 45% of those interviewed by Coindesk indicating a strong sense of dissatisfaction towards this cryptocurrency. Furthermore, some users of Bitcoin were also worried about the value of their currency – with some thinking that Ethereum would gain more as compared to Bitcoin.

Regardless, the steady growth of Ethereum has been shifting the value of other currencies. Below is a summary of how Ethereum has been performing in 2017.

  • January 2017 – Ethereum was trading under $8.00
  • 12 June 2017 – Ethereum surged to $407.10, gaining more than 5,000%
  • At the time of writing – The price of Ethereum is $447.34

There are a number of factors that have fuelled the recent surge in prices and demand for Ethereum, including the fact that it uses ‘smart contracts and enterprising applications’, which simply refers to a computer program which issues contractual agreements once the two parties involved meet the specific requirements.

The result is a noteworthy interest from financial organizations and other reputable institutions.

Further, the same State of Blockchain report also indicated that the increase in price in Ethereum could be from its use as an investment tool, making it very popular among start-ups, business owners and those who like making speculative investments, hoping to make a kill from their investment. This almost paid off when this cryptocurrency was listed as the most secure public blockchain in all existence and consequently overtaking Bitcoin in price.

So how are the other, less popular cryptocurrencies performing against Bitcoin? Below is a look at these currencies.

Currency Symbol Q4 2016 Market Cap Q1 2017 Market Cap Value Increase Percentage Increase
Bitcoin BTC $15,482,057,104 $ 17,250,083,356 $ 1,768,026,252 11.4%
Ethereum ETH $ 722,829,967 $ 4,334,905,654 $ 3,612,075,687 499.7%
Dash DASH $ 78,695,538 $ 500,978,259 $ 422,282,721 536.6%
Monero XMR $ 185,582,499 $ 298,249,563 $ 112,667,064 60.7%
Litecoin LTC $ 214,726,272 $ 297,013,302 $ 82,287,030 38.3%

 

*All figures indicated above have been collected as of July 2017.

Other Cryptocurrencies – Litecoin & Dash

Introduced into the market in 2011, Litecoin initially reached its all-time high in November 2013 when it attained a $53.15 value. However, in 2017, the value of this coin surged by more than 1,000%, a clear indication that more and more people were investing in it.

But as we know, it isn’t Litecoin that’s only experiencing a surge in value. Dash Coin, which used to go by the name XCoin or Darkcoin, is the 3rd largest cryptocurrency after BTC and ETH and has a market cap of $1,492,319,037. With a good number of businesses accepting it as a method of payment and key innovations such as the Darksend System, Dash will continue recording a steady growth.

Cryptocurrencies in the online casino industry

Cryptocurrencies now play a crucial role in the online casino industry as well, with a number of operators such as FortuneJack & mBit Casino becoming platforms that offer a fully inclusive cryptocurrency gambling experience. Their popularity in the online casino & gambling industry has been fanned by a number of factors that include but not limited to the following.

  • Freedom – Because some players live in regions where there are very stringent rules and restrictions placed on the online casino and gambling industry, cryptocurrencies are the only way for bettors to get around the limitations.
  • Very Low Fees – Currently, cryptocurrencies don’t either have any fees or there are very low fees while making deposits or withdrawals to or from the casino. However, you might include fees so that the transactions can be processed faster. The higher the fee, the faster the priority.
  • All the information is transparent – As for the block chain, all the transactions made have been made public for everyone to see, but still hiding your personal information. Only your public address is visible.

The Future of Cryptocurrencies & Gambling

Will cryptocurrencies be the new money after 2017? Perhaps it’s too soon to tell, but if there’s one fact that we know for sure, they seem to be having a wide appeal among their users and they are here to stay. More and more online casinos are incorporating them as a method of payment on their platforms and newer cryptocurrency based casino being launched globally!

Cryptocurrency Gambling | CasinoMobsters