Day: July 7, 2017

Use of bitcoin in online casinos is growing rapidly, and BTC casinos may be slowly taking over the iGaming industry in the UK. To be clear, this hasn’t happened yet, but statistics show that BTC casinos may become just as relevant, if not more relevant, than those that only accept fiat currency.

How many BTC casinos are there in the UK?

Before answering this question, it is important we clarify what we’re trying to establish. There are currently no BTC only casinos regulated by the UK Gambling Commission, which means that there are no licensed BTC only casinos in the UK. However, there are very few regulated BTC only casinos around the world anyway.

In the UK, it is possible to bet through a BTC online casino that is not regulated by the UKGC, probably one that is not even regulated at all. Optionally, more regulated iGaming companies are starting to accept bitcoin as a form of payment. Hence, many companies can offer BTC gambling for the people looking for the best UK online casino, even though such casinos are not strictly BTC only casinos.

Now to answer the question – there are probably a dozen iGaming companies in the UK that are regulated and licensed by the UKGC, which also accept bitcoin. On the other hand, UK residents can sign up and gamble through any iGaming company in the world that accepts bitcoin. You see with bitcoin, there is no restriction to borders, which allows gamblers to participate from wherever in the world.

Use of bitcoin also presents another problem, anonymity. Researchers and gambling regulators are able to tell how much market share a particular company has in the industry based on an analysis of cash flow. With bitcoin, this is nearly impossible to do since bitcoin strips transactions of the users’ identities. As such, it is impossible to tell exactly how much of a market share BTC casinos have in the UK.

However, we can use global trends established through surveys and financial statements to interpolate UK data. An example of how popular BTC casinos are can be seen through SatoshiDice, which only lasted 15 months before being sold for $11.5 million worth of bitcoin in June 2013. Between its inception in April to the end of 2012, the site had more than 2 million clients with a monthly growth rate of 78%. Revenues for the year 2012 reached ฿33,310.

Other similar BTC casinos like bitZino and Seals With Clubs, which were launched in the same year as SatoshiDice also recorded similar growth patterns, although they did not match the latter’s profits. Back then, BTC casinos were unique, but today they are more common, especially now when iGaming companies are accepting bitcoin. This means that there has been an even more robust growth of the market share for BTC casinos worldwide and, subsequently, in the UK.

Why are BTC casinos growing in market share?

Gamblers are always trying to get the best deals possible, and the BTC casinos have a lot more to offer than conventional iGaming companies. Furthermore, gamblers enjoy the anonymity and flexibility offered by bitcoin that makes it a more favourable mode of payment.

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Despite Bitcoin being around for multiple years now, many fail to see its usefulness. However, there are other goods and services outside of electronics and technology that you can buy with Bitcoin. US postage, for example, can also be bought with Bitcoin. We compare a few companies that sell US postage for Bitcoin in the article below. This is an example of how Bitcoin can be used for everyday purchases as well.

3. Stampnik

The layout of the Stampnik is basic and straightforward. Users are asked to fill in their information, the recipient’s details, and select which USPS service they would like to use. There is also a tool that determines whether to use box or envelope. This makes the whole process pleasant and simple. All things considered, Stampnik is a perfect Bitcoin postage service.

The platform has undergone some major changes over the past year. Since USPS rates change somewhat frequently, the service has to keep up with new developments. The service also allows users include a note together with their printed label, which can be helpful to the recipient. Bitcoin users who frequently send letters and packages may want to check out Stampnik, as it can provide an invaluable service.

2. VIPParcel

When VIPParcel started accepting Bitcoin payments in 2016, many were surprised. This is because at that time other USPS postage services which accepted Bitcoin as payments were third-party efforts, not well established platforms. What makes VIPParcel so appealing is how the service providers both domestic and international USPS shipping labels.

VIPParcel is a more professional service, with a proven track record of providing USPS shipping labels. They also offer an integrated eCommerce solution, which can be of great value to merchants working with Bitcoin payments already. It is definitely a postage solution worth checking out.

1. BitcoinPostage

Perhaps the most famous website providing postal services in exchange for Bitcoin is BitcoinPostage. The layout is simple to use, and they are the only service supporting other carriers than USPS. In fact, BitcoinPostage supports USPS, FedEx, DHL, and Canada Post, making it the most complete solution of the three. It also ensures Bitcoin enthusiasts from non-US countries can make use of the platform.

Another aspect that sets BitcoinPostage apart from the rest is how it allows users to ship items anonymously. The platform can be accessed over the Tor protocol, for additional anonymity and privacy. The reason for accepting Bitcoin payments is mainly due to privacy concerns as well. There is also an anonymous tracking tool on the website. The company wants to make users feel at ease and secure at every possible step along the way.

Most people are well aware of how cryptocurrency volatility is a big problem. Although there are periods during which volatility seemingly quiets down, this week has been filled with wild price fluctuations. As of right now, all currencies and assets in the top 10 are bleeding value once again. IOTA, NEM, and Ethereum are the biggest “losers” of the lot, by the look of things.

Another Day of Red Candles For Cryptocurrency Traders

People who speculate on the value of individual cryptocurrencies have hopefully opened a few short positions. All major currencies are going down in value as we speak, which is rather surprising. In fact, Bitcoin is the only currency holding its own, with “just” a 1.3% dip. Other currencies are not faring all that well, with IOTA recording the largest losses at -11.42%. NEM – at negative 6.18% – and Ethereum – at negative 5.51% – are not doing all that great either.

One could argue market volatility has returned in full swing ever since the total cryptocurrency market cap surpassed the US$100bn mark. Since that time, we have seen multiple sharp dips, followed by recovery, followed by another dip. It is evident this US$100bn mark is a psychological threshold for a lot of traders and speculators, albeit it is anybody’s guess what the real story is.

When Bitcoin drops in value, all major altcoins will do the same. However, they are not doing so in an equal manner, as Bitcoin is the one currency with the smallest losses over the past 24 hours. It is well worth noting how Dash is the only other currency keeping pace with Bitcoin, despite its 1.46% dip. No other currencies keep losses minimized to 2% or less as of right now, which is rather surprising. It is possible a lot of altcoins are being exchanged back to Bitcoin, yet the timing doesn’t make much sense.

One thing people should pay more attention to is how Ethereum Classic is declining far less in value compared to Ethereum. Granted, Ether is far more “valuable” in US Dollars compared to ETC right now, but one would expect both of them to go down in equal fashion. That is not the case, as ETC lost 2.04% in value, compared to Ether’s 5.51% loss. An interesting trend, although it doesn’t have to mean all that much right now.

What is rather disconcerting to see is how IOTA seems to be taking a lot of hits in the value department lately. The token started trading on major exchanges not too long ago and was instantly catapulted in the top ten. Maintaining that position is a big challenge, as its market cap has dipped well below US$1bn in quick succession. Depending on how the markets evolve, that market cap may very well drop out of the 10 in the weeks to come.

Last but not least, the overall cryptocurrency trading volume has also taken a nosedive. Right now, this volume sits at well below US$2.5bn in the past 24 hours. Such numbers are to be expected during a weekend, but not necessarily during the week. It is possible we see a small pullback before the next major bull run. However, it is also possible future corrections are coming thanks to some currencies being way overbought in recent weeks. Only two currencies have a market cap of over US$10bn right now, which is very peculiar.

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American economist and Nobel Prize winner in Economic Sciences Milton Friedman has aptly predicted the rise of digital currencies like the Bitcoin in 1999.

American economist and Nobel Prize winner in Economic Sciences Milton Friedman has aptly predicted the rise of digital currencies like the Bitcoin in 1999.