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How Can Blockchain and 5G Change Online Gambling

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How Can Blockchain and 5G Change Online Gambling

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Blockchain technology has changed the way many industries function, bringing improvements and advancements at a rapid pace. Sectors such as health, banking, online finance, supply chain, have all made use of blockchain, as well as online gaming and iGaming.

Blockchain and 5G: What Are they?

Blockchain is a distributed ledger that records unalterable and transparent data, in most cases crypto-asset transactions, by using decentralization and cryptographic hashing. The data of these transactions cannot be erased or modified once recorded on the ledger, and it can be viewed by anyone. Transactions are verified and confirmed by the blockchain, removing third-party assistance, thus making the confirmation process faster and at lower costs.

5G is a 5th generation mobile network technology, the successor of 4G technology, aimed at facilitating strong connectivity between individuals and to enable the Internet of Things (IoT) integration at a massive scale. 5G technology comes with improved features compared to its predecessors, such as higher speeds, negligible latency, greater reliability, and larger capacity. It also has a broader range, which allows for a more integrated platform.

Blockchain and 5G Use Cases Crypto Casinos

5G technology is the newest technology to make headlines this year, just like blockchain did when it first started entering the scene. And when these two technologies combine, which is inevitable, the Bitcoin casino market is for a surprise.

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Faster Crypto Payments

Crypto casino players have faced some difficulties when it comes to transaction speed with BTC in online casinos. Blockchains such as BTC, which have scalability issues and high traffic, tend to have slower transaction times. 5G can help these complex networks to effectively manage the strain of a bigger traffic load, as it has a higher capacity, speed, and reduced latency. However, blockchain can provide its technology to secure transactions made through mobile banking networks.

If payments are made through cryptos, both the unbanked and underbanked will be able to access and pay for services, including online casinos. 

Smart Contract Implementations

By using smart contracts, many decentralized casinos or dApps have already been launched in the gaming and gambling community. But there are still many things that can be improved, and here is where 5G can make a difference. 5G can improve smart contracts by transferring data from oracles much faster and in a much more reliable manner. This would allow blockchain casino games to deliver results faster and increase their accessibility to a larger global network.

The crypto casino sector can see a lot of improvements from the merger of these two emerging technologies – blockchain and 5G.

An online crypto casino that makes use of the benefits of blockchain in order to streamline the gambling and betting experience for its users is 1xBit.

1xBit is a fully anonymous crypto casino that has an impressive array of games, counting over 5000 slots from more than 100 of the most reputable game providers and over 200 live dealers for its dozens of live table games. By using only cryptos for its payments, 1xBit allows players to remain anonymous and fund their multi-currency accounts instantly with more than 20 different crypto assets.

After a simple one-click registration, new users will be able to claim one of the biggest bonuses on 1xBit, which is the 7 Bitcoin welcome bonus. The first four deposits will be rewarded with a percentage of the bonus, with bonuses ranging from 1 to 3 BTC. Recurrent users on the online crypto casino are able to take advantage of a VIP cashback that can go up to 11%, where you get more cashback from your bet the higher your VIP level is.

Discover more bonuses and promotions at the 1xBit crypto casino!


Disclosure/Disclaimer: This article is sponsored and provided by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers should do their own research before having anything to do with the company, goods, and/or services mentioned in the above article.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/how-can-blockchain-and-5g-change-online-gambling/

Blockchain

Bitcoin Dropped To $9,050 Following Stock Market Tumble: Friday Price Watch

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Bitcoin and most altcoins have retraced slightly in the past 24 hours, after a few days of gains. Interestingly, similar price fallbacks are visible in the traditional stock markets, as the Dow Jones is down by 1.4%.

Bitcoin’s False Breakout

After the unsuccessful attempt to conquer $9,500, Bitcoin hovered above the significant 50-MA level at $9,300. However, the primary cryptocurrency has since slipped below it as it went from $9,440 to its current position at $9,150 in a few hourly candles. On some exchanges, such as Bitstamp, BTC plunged as low as $9,050.

BTCUSD 5m. Source: TradingView
BTCUSD 5m. Source: TradingView

During the increase to nearly $9,500, speculations rose that BTC whales manipulated the price to create volume to place large sell orders and reduce slippage. The end goal is for retail traders to start placing buy orders after the asset reaches an area of high liquidity – in this case, above the $9,300 50-MA. Ultimately, such traders typically have their positions liquidated, and so far, it appears that the execution was successful.

At the time of this writing, Bitcoin is close to the major support line situated at $9,000. It’s also a psychological level that managed to hold the asset’s price above it on several occasions lately.

If BTC turns bullish again, it would have to conquer all over again the $9,300 resistance, followed by $9,500, and $9,800, in case of an especially decisive run.

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Following The Stock Markets

Whether it’s price manipulation or another example of an increased correlation with the stock markets, it’s unclear. Nevertheless, when Bitcoin dropped by 3%, somewhat similar happened to the Dow Jones index. DJI went down from its daily high of 26,100 to 25,545 at one point before recovering slightly to 25,700.

The S&P 500 index also went on a negative spiral yesterday from 3,180 to its daily low of 3,116 but managed to close at 3,152. Nasdaq, on the other hand, closed with slight gains of 0.5% despite also diving intraday.

These primarily adverse developments came after news from Florida, indicating an uptick of coronavirus deaths. It also impacted the EU-based stocks, as the composite Stoxx 600 declined by nearly 1%, while London’s FTSE 100 dropped by 1.7%.

Altcoins Retrace

The altcoin market had several consecutive positive days, marking some impressive double-digit increases. DeFi tokens, riding the latest trend in the cryptocurrency space, were particularly notable.

However, they couldn’t keep the momentum going, and most altcoins are in the red today. Ethereum and Ripple slip by approximately 3% to $238 and $0.197, respectively.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

Litecoin’s nosedive is similar, and LTC is below $44 now. Tezos’s price decrease is quite significant by nearly 5% to $2,44. After marking a new all-time high of $6,51 two days ago, Chainlink is now at $5,92. In other words, LINK has dropped by 9.3% since then.

Despite the tanking altcoins, Bitcoin couldn’t capitalize on the movement, and its dominance over the market remains below 63%.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-dropped-to-9050-following-stock-market-tumble-friday-price-watch/

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Bitfinex to Face New York Courts Over Missing $850 Million in Cryptocurrency Funds

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A New York state court ruled that the exchange, and companies connected to it, must face court claims according to Bloomberg. Last year, New York Attorney General Letitia James accused Bitfinex of hiding the loss of more than $850 million in client and corporate funds.

Panama Firm in The Spotlight

The firms in question have made claims that the funds were deposited in a company called Crypto Capital Corp, based in Panama. These were then seized by various governmental authorities and the exchange has been battling to recover them ever since. Last year, the New York Attorney General accused Bitfinex of hiding more than $800 in losses.

Bitfinex was founded in 2012, and became the largest international cryptocurrency exchange after Mt. Gox imploded in 2014. It has been embroiled in controversy surrounding its stablecoin, Tether, and whether it is actually backed by real dollars.

Tether market capitalization has surged this year as its treasury keeps minting more tokens to keep up with demand. So far in 2020, USDT has surged 125% in terms of market capitalization from $4.1 billion to $9.2 billion according to CoinMarketCap.com. It is currently the third-largest cryptocurrency in terms of market cap, and the provider of the majority of liquidity on exchanges around the world.

Crypto Capital Corp has been repeatedly accused of money laundering and spurious activities shuffling Tether around through a number of shell companies.

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The appeals court rejected the argument that Tether is not a security or commodity, and reaffirmed that the court has jurisdiction over its issuer.

Bloomberg added that the court also rejected the argument that since Bitfinex is not based in New York, it shouldn’t be answerable to or have to produce certain documents for New York authorities. It added that traders based in New York had been using Tether. The Attorney General added;

“Today’s decision validates our office’s ability to use its broad and comprehensive investigative powers to protect New Yorkers. Not even virtual currencies are above the law. We are pleased with the court’s decision, and will continue to protect the interest of investors in the marketplace.”

What is Backing Tether?

Bitfinex has been very cagey regarding the true backing behind Tether, changing its statement in 2018 to read;

“Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”)”

This rather vague declaration only deepens the doubt around the crypto exchange and the world’s largest stablecoin. It seems that the courts, in New York at least, also want some answers.

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Source: https://cryptopotato.com/bitfinex-to-face-new-york-courts-over-missing-850-million-in-cryptocurrency-funds/

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Accomplice in Alleged $722M Bitcoin Ponzi Scheme Pleads Guilty to Charges

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One of four men charged with defrauding investors of more than $722 million through a long-running cryptocurrency mining scheme has pleaded guilty to charges against him.

The man, a 35-year-old Romanian programmer called Silviu Catalin Bacali, was arrested in Germany in December 2019. He was charged with one count of a conspiracy to commit wire fraud as well as a conspiracy to offer and sell unregistered securities. He faces a maximum of five years in prison and a fine of $250,000.

Three others — Matthew Brent Goettsche, Russ Albert Medlin, Jobadiah Sinclair Weeks and Joseph Frank Abel — were charged in connection with the scheme in the United States that same month.

Prosecutors allege that the scheme — operational between April 2014 and December 2019 — solicited money from investors in exchange for shares in purported cryptocurrency mining pools. Investors were awarded bonuses for recruiting further investors into the network. 

The indictment cites correspondence between Goettsche and Balaci in which they allegedly discussed how to fake mining earnings and referred to their investors as “sheep.”  

While the other defendants allegedly offered investors the choice of investing in three separate Bitcoin (BTC) mining pools, Bacali admitted that he himself was unaware that the BitClub Network operated more than one pool.

Further correspondence between the programmer and Goettsche from 2015 apparently revealed that Bacali was asked to “bump up the daily mining earnings starting today by 60%,” which he objected to as being “not sustainable” and “ponzi teritori [sic.]”.

He is nonetheless charged with changing figures to mislead investors at his accomplice’s urging. Bacali has also confirmed prosecutors’ allegation that the scheme fleeced at least $722 million worth of BTC from investors.

Early warning signs

In March 2017, Cointelegraph reported on allegations that BitClub had launched a malleability attack on the Bitcoin network. The scheme had also been flagged as suspicious by crypto media news outlet 99Bitcoins as early as 2016.

Source: https://cointelegraph.com/news/accomplice-in-alleged-722m-bitcoin-ponzi-scheme-pleads-guilty-to-charges

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