How will popular cryptocurrencies develop further?
Blockchain has spread its wings and has now penetrated the gambling industry. And interestingly the Ethereum blockchain is one of the pioneers on this front.
In this article, I’ll be going through how the Ethereum network can be used in blockchain gambling.
The ICO (Initial Coin Offering), which is basically same as IPO but with cryptocurrencies is now prohibited in China. Unauthorized fundraising is a criminal offence since the Chinese ban put a block on trading and mining. However, Chinese authorities are quite enthusiastic about the blockchain technology, which lies in the basis of cryptocurrencies.
With each year, more and more online gamblers choose to gamble with bitcoins or other cryptocurrencies. It gives gamblers the anonymity, which is crucial for this kind of activity. Gambling in bitcoin casino is the least regulated kind of gambling because of its recent emergence on the horizon. Players only have to do their due diligence, i.e. make sure than gambling and cryptocurrency transactions are not restricted in their region.
People who want to solve the mystery of cryptocurrency but cannot fully get their minds around this occurrence, should start with studying blockchain. Everything connected to cryptocurrencies is as well connected to blockchain technology. But, what is it? Well, in simple words, blockchain can be viewed as a digital ledger where all transactions are stored.
People learn from history. Many leading economists and prominent figures in the financial world view bitcoin as the next economic bubble that can blow off any minute. Remembering the economic crisis of 1990s or that of 2008, modern preoccupation with cryptocurrency bears similar characteristics as the dot-com and the housing bubbles.
Cryptocurrency is digital money that has no physical representation. When people buy or sell cryptocurrency, they make electronic transfers on their online accounts. However, how do people know cryptocurrency is worth anything? What defines its value? When we talk about fiat money, we understand that it is supported by gold and currency reserves.