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Gambling is one of the most valuable industries out there with a market capitalization that is expected to cross $520 billion by 2023.
Just like in any other major industry, new technologies infiltrate the gambling sector and provide future opportunities and open new markets. It does therefore not surprising that countries like Malta offer a legal framework for gambling companies to start working in the European territory.
Apart from cryptocurrencies, as means of payment, the blockchain technology itself can make significant transformations in the existing gambling industry. One prime example of how blockchain can be used to help revolutionize the gambling industry is betbox
Betbox is an online application which is designed to work as a high-tech betting platform powered by Ethereum Virtual Machine. Betbox app users can bet on events that are listed on the platform and also create individual events by themselves. Events can be private for a selected audience or shared in public so anyone can join.
Apart from betting events, betbox users can also list personal challenges within the platform so other users can bet on whether the challenge will be accomplished or not. Additionally to this, betbox aims to provide futuristic features to entertain its followers and give them a chance to secure earnings or win a life-changing jackpot.
By making use of the blockchain technology, betbox aims at storing all betting-related information and votes in decentralized locations thus providing transparent and secure data on each bet. (Try the MVP now on www.betbox.app).
Betbox also ensures secure payments within the platform by providing decentralized wallets which will be connected to the user accounts. The betbox coins, which are used to fuel the native OX-Chain will ensure smooth flow of payments within the betbox platform and also makes it convenient for users to place bets quickly. But not only the betbox coins can be used for taking part in events. The ecosystem is designed to enable betting with other currencies and also with FIAT in the future.
What Blockchain Means For Gambling Industry?
As we mentioned in the beginning, the gambling industry is among the most prosperous industries globally. With the introduction of blockchain in gambling, more people will be interested in trying their hands in gambling and betting, thanks to the transparency and security offered by blockchain.
Betbox is one of the best blockchain-backed betting and gambling apps out there and offers a completely legal, convenient and secure environment.
As blockchain becomes more prominent everywhere, we will surely be able to see more platforms like betbox that incorporate the features and efficiency of blockchain into the gambling industry. But will there be space next to this industry leader?
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Three Arrows Capital CEO, Su Zhu recently said that Binance, the world’s major crypto exchange is the most trusted exchange amongst investors in the crypto community.
Zhu responded to a poll ran by a small crypto exchange on Twitter and said that Binance a lightly regulated exchange has become the most trusted crypto exchange amongst the real users. He further added that one cannot build trust by obtaining government licenses or rubber stamps.
In most of the sectors, regulators impose some strict limitations on crypto trading to avert the use of crypto assets in money laundering and illicit acts. Even if the main platform of the world’s largest crypto exchange focuses on pure crypto-to-crypto trading, it also runs some strictly regulated fiat-to-crypto exchanges in Uganda. And it is soon going to operate one in Singapore with the support of local banks and Singaporean authorities.
Binance especially benefits from the crypto-friendly rules that Malta has imposed to facilitate the development of a local crypto market. Yet as a Europe country, Malta also has some determined financial rules and policies that the crypto exchange have to follow.
Key Focus on Security and Investor Protection
Ever since Binance was launched, it has always focused on security and investor protection. And even today, Binance remains to be in a reputable group of crypto exchanges besides Coinbase and a few other exchanges that have not suffered any sort of security breach and hacking attack since the launch.
Nevertheless, the trust that actual traders and investors have on Binance likely comes from the track record of the firm and the systematic communication betwixt the exchange’s officials and the community.
Binance CEO, Changpeng Zhao is well known for providing frequent updates about potential updates, announcements and changes related to the exchange. For instance, when previously Binance ran an important server and database updates, the CEO and the team of the exchange provided hourly updates, assuring that the investor’s funds remain safe on the platform.
And without any sort of regulatory pressure, the exchange voluntarily collaborated with a blockchain data analysis firm called Chainalysis that monitors transactions and wallets involved in criminal and fraudulent acts.
However, for major exchanges that take steps to prevent the use of crypto assets in illicit acts and which are well equipped with strong internal management systems, a self-regulatory status can be considered to offer regulatory clemency to the swiftly developing crypto market.
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With a few weeks still left in 2018, the total Bitcoin trading volume for the year has already crossed $2 trillion. Many countries have also seen record BTC trading volume at different points of the year with more everyday people seemingly adopting the popular cryptocurrency.
BITCOIN TRADING UP 61 PERCENT SINCE 2017
This volume of trade is especially profound given the tirade of criticism from vocal naysayers who continue to engage in Bitcoin bashing. According to Satoshi Capital Research, the notional value of BTC traded so far in 2018 stands at $2.2 trillion.
The figures posted so far represent a 61 percent increase from last years total volume of $870 billion. However, the growth recorded in 2017 – 96 percent still dwarfs that recorded in 2018 and will remain so unless a massive spike in BTC trading occurs between now and the end of the year.
To put things in perspective, Mastercard recently published its Q3 2018 financials which showed a total transaction volume of $4.4 trillion for the year. The world’s second largest payment card company also settles about $12 billion worth of transactions per day.
From these figures, Bitcoin $4151.76 -0.03% is already at half the transaction settling capacity of Mastercard despite losing close to 70 percent of its value during the year. BTC’s daily volume which is at $8 billion, isn’t a million miles away from Mastercard’s.
WHY DO THE NOCOINERS RAGE?
Some might argue that the analysis above is akin to comparing apples and oranges. This is because Mastercard’s figures only cover payments made to retail merchants on both online and offline platforms. The figures for Bitcoin come from merchants, futures trading, exchanges, and even international payments.
However, the fact that a cryptocurrency with a sub-$100 billion market cap is posting figures in the same ballpark as Mastercard is a glowing endorsement of BTC’s uptake. This assertion is especially true given the negative rhetoric espoused by critics such as Paul Donovan of UBS who recently said that the world’s most popular cryptocurrency Bitcoin is on the verge of falling apart.
Things may even get better for cryptocurrency trading as a whole. Earlier in the year, Bitcoinist reported that digital currency trading might grow by 50 percent in 2019 based on a study by Satis Group.
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Beginning with the founding of the Chicago Board of Trade (CBOT) in 1848, Chicago has a long and illustrious history as a trading town. The CBOT introduced standardized futures contracts, and more than a century later spun off the CBOE which pioneered standardized option contracts. The Chicago Mercantile Exchange launched in 1898 as an egg & butter exchange and in 1972 spun off the International Monetary Market, the first exchange to trade financial futures. For the past 45 years, the CBOT, CBOE, & CME have established Chicago as the derivatives capital of the world trading both options and futures on grains, meats, stocks, bonds, foreign currencies, and other financial products.
Fast forward to 2018 and Chicago is once again leading the charge as it has begun to trade derivatives on a revolutionary new product. In December 2017, both Cboe Global Markets and the CME Group began trading futures on bitcoin. The two derivative exchanges are the most prominent local enterprises to enter the cryptocurrency markets but an entire ecosystem has begun to emerge in Chicago and is rapidly gaining momentum.
Chicago is home to a number of spot exchanges which trade the cryptocurrencies that underlie the derivative contracts. Athena Bitcoin operates more than 70 crypto ATMs in 8 states across the USA and has entered Latin America. Digital Mint has over 70 crypto ATMs in Chicago alone and close to 200 nationwide. Bcause runs the largest mining operation in North America and is building the world’s first full-stack cryptocurrency ecosystem. Seed CX offers institutional trading and settlement for both spot and derivatives in cryptocurrencies. Beaxy aims to create an all-in-one cryptocurrency exchange. The Eris Exchange, which is backed by Cboe Global Markets, DRW, ED&F Man Capital Markets, NEX Opportunities, Susquehanna, TD Ameritrade, Valor Equity Partners and Virtu Financial, is launching a platform to trade both spot and futures which will settle with the physical delivery of cryptocurrency. Edge Financial Technologies is on target to launch a cryptocurrency platform for both retail and institutional traders in the first quarter of 2019. CFX launched the first platform in the U.S. to facilitate the trading of regulated security tokens. The Bitnomial Exchange is waiting for approval from the CFTC.
Exchanges from other cities are establishing a foothold in Chicago, too. Coinbase opened a permanent office in Chicago and announced plans to hire 90 software developers in the next three years. The San Juan Mercantile Exchange is launching the world’s first digital asset exchange for high frequency traders and plans to open offices in three cities including Chicago. Kraken is moving its headquarters from San Francisco to Chicago.
Why are Kraken, Coinbase, and the San Juan Mercantile Exchange coming to Chicago? The answer is that they want access to our trading community with its abundance of resources including traders, liquidity, technology, and developers. According to Paul Bauerschmidt, former CME executive and leader of Coinbase’s Chicago office: “Chicago is super valuable to us because of the talent that’s here. If you move to one of the coasts, you…will get access to talent, but it’s much harder to come by. And, in Chicago, we’ve got an incredible exchange and trading community.” And, according to Fred Grede, CEO of Bcause: “They’re starting to figure out that the real center of liquidity in these kinds of markets is right here in Chicago, and that it’s a tremendous pool of resources. I don’t mean to get into any disrespect for New York.”
DRW, founded by billionaire trader Don Wilson, was the first trading firm in Chicago to jump into the crypto space. In 2014, DRW spun off Cumberland Mining which runs the largest over-the-counter cryptocurrency trading desk in the world. In 2017, Akuna Capital, Blue Fire Capital, CMT Digital, DV Trading, and Consolidated Trading launched cryptocurrency trading desks. In January 2018, Trading Technologies announced a partnership with Coinbase to provide cryptocurrency trading in both spot and derivative markets. In April 2018, Hehmeyer Trading launched the first cryptocurrency index fund. Jump Trading, the largest trader of U.S. Treasuries in the world, ‘jumped’ into cryptocurrency trading in mid-2017 and, in June 2018, launched an over-the-counter cryptocurrency trading platform. XR Trading and TransMarket Group also began trading cryptocurrencies in 2018. Geneva Trading is in the process of forming a cryptocurrency trading team.
In summary, Chicago has all the ingredients to become the ‘Crypto Trading Capital of the World’ with its abundance of derivative exchanges, spot exchanges, traders, investors, developers, etc. One of the keys will be to bring together the major players in Chicago’s emerging crypto ecosystem to foster collaboration. There is competition to be sure among the various players but there is also such a thing as co-opetition. As the saying goes, a rising tide lifts all boats. For many years, the CBOT, CME & CBOE have competed against each other but find another city or region in the world which could boast three of the biggest and most successful exchanges on the planet.
Stay tuned as FinTank (FinTank.org), a local Fintech hub and accelerator specializing in crypto assets, is getting ready to facilitate collaboration by launching Chicago’s first online crypto community for traders, investors, miners, entrepreneurs, developers, consultants, senior-level executives, and other blockchain/digital currency players and enthusiasts. FinTank is partnering with two startups in its accelerator—Crypto Markets and Coinifide —to build a platform that offers in-depth content, experiential learning, and job leads to enhance the knowledge, skill set, and economic opportunities for participants in Chicago’s burgeoning crypto community.
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World’s second-largest stock exchange Nasdaq is preparing to launch its bitcoin futures contracts in the first quarter of 2019.
A couple of weeks ago, the cryptographic ecosystem suffered a sharp drop in its prices, when the Bitcoin’s value fell around 70% compared to the peak reached in the last quarter of last year.
Despite the recent collapse of the crypto market, the New York stock exchange has announced that it maintains its plans to launch bitcoin futures in the first quarter of 2019 in a joint initiative with the investment management firm VanEck.
In this regard, Gabor Gurbacs, director of digital asset strategy at VanEck, said the companies plan to launch a variety of bitcoin derivatives in the first few months of 2019, including the aforementioned regulated futures contracts. The announcement was made during the Consensus Invest conference held in New York, on Tuesday.
Gurbacs confirmed the information in his Twitter account, ensuring that Nasdaq and VanEck will present transparent, regulated and monitored products of digital assets, such as bitcoin futures contracts.
“@Nasdaq and VanEck’s @MVISIndices announces #index #partnership and intention to bring to market transparent, regulated and surveilled #DigitalAssets products, such as #Bitcoin futures contracts. More info to come,” the publication said.
Bitcoin Futures Contracts
In the last year, Nasdaq has openly shown interest in launching bitcoin futures, but they did not do so before because according to Adena Friedman, CEO of Nasdaq, they wanted their contracts to be different from those that already exist.
On the other hand, after the collapse of the market, several reports indicate that the second stock exchange in the world has taken into account the concerns of the Commodity Futures Trading Commission (CFTC) of the United States – a government independent agency which regulates futures markets – and Nasdaq has been working on it.
The CFTC, which regulates bitcoin as a commodity, has so far approved only two encryption futures products: one from the Chicago Mercantile Exchange (CME) and another from the Chicago Board Options Exchange (CBOE).
However, they are not the only ones who have shown interest in Bitcoin futures.
For its part, ICE (Intercontinental Exchange), Nasdaq’s main competitor, has announced their plans to launch a bitcoin futures product liquidated physically in the first quarter of 2019.
Similarly, the cryptocurrency exchange created by ICE, Bakkt, announced that it would launch bitcoin futures to the market on December 12, but later decided to postpone the launch for next year’s January 24.
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Is the price of Bitcoin down to zero?
No.
Bitcoin is trading above $4000 at the time of writing. Yes, that's far from the all time high of close to $20K, but people are still buying Bitcoin every day, every hour, every minute. Don't forget that only two years ago, one Bitcoin was worth $736, and in September of 2017 BTC was still trading below $4000.
Many people got hurt post-bull run, but zoom out and look at the bigger picture. Patience is the name of the game here.
Is this the worst Bitcoin bear market EVER?
Nope, we've been here before.
We've seen worse.
And we survived.
Be like the hodlers who got through the 2011 crash. Who dealt with the -83% retracement in 2013. Who were not afraid anymore during the 2013-2015 bear market because they knew that Bitcoin would come back stronger, eventually.
Hi CNBC Crypto Crew, can you please discuss about the gains after each of the last 4 major Bitcoin crashes (80% or more) in the past 9 years.
The 2014-2016 bear market resulted in a 13,100% gain from the bottom of $150.
Did Bitcoin stop working?
No.
Every 10 minutes or so, a new block is created on the Bitcoin network. Every 10 minutes, assets, sometimes worth millions of dollars, are being sent across the world, fast, for a low fee. Bitcoin dead? Miners are still mining, blocks are still being created, transactions are still being confirmed. The fact $BTC dropped in price didn't change anything to that.
Are institutional investors walking off because of the BTC price drop?
No.
What would institutional investors be more interested in? Buy at the all time high together with the retail investors, or wait for the inevitable correction and buy in 5 times cheaper?
And if they buy at those cheap prices, would they send out a tweet right away, stating 'I just bought 9000BTC on Bitfinex'? No. They accumulate quietly, knowing that, at some point, retail FOMO will push their ROI.
Some big players might be buying already, some institutional investors might be waiting on the sidelines for the price to drop even further, or for regulation to be implemented, or for the right products to be launched. But one thing that's certain is that when it comes to buying, institutional investors like blood on the streets more than hype.
As Michael Novogratz says, when the time is right, institutional FOMO will kick in too.
Did the fundamentals of Bitcoin change?
No.
Let's just steer away from the price action for now. Is transaction volume on the Bitcoin network still high? Are people actually using it? 'Pomp', take it away and explain to us why Bitcoin fundamentals haven't changed at all.
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Wirex is the cryptocurrency payment company that focuses on improving virtual currency adoption and liquidity. Recently, it has announced a strategic business partnership with payment processing platform, i2c. The two firms will join hands to launch the first multiple cryptocurrency-enabled prepaid cards in the United States. To be sure, this move will spur digital currency adoption and liquidity in the United States.
Highlights of the Agreement
The Wirex prepaid card will be the first of its kind in the United States.
It will bring to the US its European Wirex Visa Card program, which enables the cardholders to use it anywhere.
Just like their European counterparts, American consumers can now convert and spend their cryptocurrencies using the company’s prepaid card.
i2c will provide Wirex with their state-of-the-art payment processing technology.
American consumers can convert their BTC, ETH, XRP or LTC, and spend them in restaurants, bars, stores, and even withdraw through ATMs.
Wirex in the Cryptocurrency Market
Undoubtedly, cryptocurrency witnessed a rise in popularity from its infancy with a total market cap currently over $200B USD and once near $800B USD. While the market has burgeoned over the past decade, cryptocurrency adoption among merchants is still low with experts pegging it at 0.3%. The implication is that the possibility of spending cryptocurrency remains relatively limited. Accordingly, Wirex appears to take the bull by the horns by developing a payment technology that will enable cryptocurrency users to spend it.
Most importantly, this partnership will enable the payment firm to take American consumers to the Wirex Visa card program. Surprisingly, the company is currently the only business in Europe that issues fully functioning cards for a seamless spending of cryptocurrency.
To achieve seamless payment with cryptocurrency, Wirex leverages i2c’s platform that guarantees user security and reliability. Essentially, i2c supports advanced payment options such as multi-purse and multi-currency technology. In addition, i2c offers other exciting functionalities such as spend controls and advanced real-time alerts.
Official Remarks
The CEO of Wirex, Vroon Mogill, said that their mission is to bridge the gap between cryptocurrency and fiat currency. Mogill notes, when that is achieved, users can spend their virtual currencies for day-to-day settlements.
Concluding, the chief executive disclosed that cryptocurrency adoption is increasing in the retail sector, adding that McDonald’s is leading the pack among their retailers in Europe. Mogill pointed out that their strategic partnership with i2c will enable Wirex to offer crypto-friendly service in the US, making it the first.
Responding, EVP of Global Sales Marketing at i2c, Joe DeRosa, noted that i2c is proud to team up with Wirex. DeRosa assured that the unique card would offer users “convenience, security, and great user experience.”
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The top performing cryptocurrency of the day is Ravencoin. Ravencoin (RVN) traded up 21.54% against the US dollar during the twenty-four hour period ending at 06:00 AM Eastern Standard Time on October 25, 2018. The market cap for RVN is $117,631,732. Ravencoin traded $99,446,254 worth of on exchanges in the past 24 hour period. One Ravencoin token can currently be purchased for about $0.056088 or 0.000008662 BTC on major cryptocurrency exchanges. The amount of Ravencoin in circulation is 2,097,275,000 RVN.
Greatest Cryptocurrency Gainers From The Past 24 Hours:
VERI Icon Veritaseum (VERI) traded up 16.99% against the dollar. It now trades at $41.34 or 0.006384438 BTC on $744,741 in volume today.
MGO Icon MobileGo (MGO) traded 12.86% higher against the dollar. It now trades at $0.771335 or 0.000119123 BTC on $19,662,591 in volume today.
ETP Icon Metaverse ETP (ETP) traded a 11.83% increase against the dollar. It now trades at $3.07 or 0.000474122 BTC on $5,723,990 in volume today.
NEXO Icon Nexo (NEXO) traded up 11.06% against the dollar. It now trades at $0.157134 or 0.000024267 BTC on $2,654,064 in volume today.
STRAT Icon Stratis (STRAT) traded 11.00% higher against the dollar. It now trades at $1.73 or 0.000267177 BTC on $17,603,302 in volume today.
KMD Icon Komodo (KMD) traded a 6.93% increase against the dollar. It now trades at $1.42 or 0.000219301 BTC on $3,908,901 in volume today.
ARK Icon Ark (ARK) traded up 4.90% against the dollar. It now trades at $0.828465 or 0.000127946 BTC on $1,126,649 in volume today.
ZEC Icon Zcash (ZEC) traded 4.33% higher against the dollar. It now trades at $128 or 0.019767973 BTC on $101,750,570 in volume today.
WAN Icon Wanchain (WAN) traded a 2.86% increase against the dollar. It now trades at $1.02 or 0.000157526 BTC on $4,460,613 in volume today.
POLY Icon Polymath (POLY) traded up 2.20% against the dollar. It now trades at $0.251313 or 0.000038812 BTC on $4,498,747 in volume today.
More About Ravencoin (RVN)
Ravencoin (CRYPTO:RVN) is a coin that uses the X16R algorithm and was launched on 1/14/2018. The official website is ravencoin.org. The Reddit community is r/Ravencoin. The official message board is https://medium.com/@ravencoin. Its official Twitter account is @ravencoin. See Ravencoin’s official Facebook page. Check out Ravencoin’s Telegram. Check out their Discord group.
Buying and Selling Ravencoin
Ravencoin can be purchased or sold on the following cryptocurrency exchanges: Bittrex, QBTC, Upbit, CryptoBridge, Cryptopia, IDCM, Nanex, Graviex, TradeOgre and Cryptohub. It is not possible to buy most cryptocurrencies with U.S. dollars. Bitcoin, Bitcoin Cash, Ethereum and Litecoin can be purchased with U.S. dollars using Coinbase. Once you have purchased Bitcoin using Coinbase, you can then transfer your Bitcoin to an exchange such as Binance or Changelly to purchase other cryptocurrencies, including Ravencoin.
