A digital innovation always revolutionizes all the fields related to it and for an innovation like Bitcoin, online casinos and gaming industry is no different. Simple, peer to peer, free of cost transactions – these features were sure to find their place in the online gaming/casino industry in the form of wagers, entry fee and flushing reward payments. This has been the scenario last couple of years with many Bitcoin online casinos popping up and diversifying the kind of experience they offer through varying wagers, games, joining bonuses and rewards. Let’s look into how the online casinos evolved through Bitcoin:
Initial Deposits and Play:
Casinos are investing to trap a sustained customer base by offering a joining bonus to give the participants a firsthand experience of the game. While this has been the trend, most casinos provide instant deposit and play facilities through Bitcoin or other sources of depositing. For instance Bitcoin Video Casino provides instant cashouts once all previous deposits have at least two confirmations. This is due to the nature of their zero confirmation play model. With instant payouts for bonuses or special attractive jackpots, Bitcoin Video Casino has gained popularity in the recent time.
Top payouts in Bitcoin Video Casino’s history:
Bitcoin Video Casino recently paid out $259.74 BTC jackpot on a 0.1 BTC on a slot machine to an anonymous player. According to the company’s website, this the largest payout of 2017 but marks the only the 19th biggest in the Casino’s history. The top payout ever registered was 765.65 BTC for a bet of 0.2 BTC in May 2014.Coincidentally all the top 20 payouts registered were all wagered for bets less than 0.2 BTC or below.
How Bitcoin changed bonus payments:
Bitcoin has indeed changed the way online casinos have catered to customers over the years. For most part, people had to go through well set up KYC process in the past. With the kind of anonymity Bitcoin offers, simple registration and transfer of the cryptocurrency to the respective wallets on payouts is all that is required to get the fun rolling. With Bitcoin prices picking up slowly, it has been easier to facilitate mass payouts and arrange for healthy gaming at low entry fee over the past couple of years. How this trajectory would be impacted with regulations is the only thing concerning the casino owners as of now.
When it comes to Fintech innovation and regulation, Japan has shown full perseverance over the last decade. It has placed innovation at the core of its developmental objectives and carefully maneuvered through the various challenges the country has faced in terms of calamities. Owing to the convenient technological topography, Bitcoin was able to thrive fluently in Japan. Proponents of the cryptocurrency would surely remember about Mt.Gox debacle and the drama that ensued which affected Bitcoin development for some time. Recently Japan’s Mizuho bank announced the development of Fintech payments platform for IoT devices. Let’s delve into the details of the announcement and the impact:
IoT Payments Overview:
The Internet of things is the internetworking of physical devices, vehicles (also referred to as “connected devices” and “smart devices”), buildings, and other items—embedded with electronics, software, sensors, actuators, and network connectivity that enable these objects to collect and exchange data. The idea of IoT powering payments is not new and has been under experimentation by various Tech giants. Smart watches, mobile phones and other gadgets have been piloted as simple payment devices by many companies.
Mizuho Bank’s plan:
Mizuho bank is planning to develop a secure Fintech payment platform to be used by connected IoT devices such as smart devices, home devices, phones, cars and wearables. In order to develop the platform for IoT devices, Mizuho will partner with SORACOM Inc., a Japanese IoT platform provider. Cellular SIM cards and circuit cards that are commonly found on all smartphones and communication devices will be used by the bank. This enabled connectivity will be jointly developed by the bank and the connectivity provider, with SORACOM’s IoT platform used as the core technology.
What this would mean for Bitcoin and digital currencies:
A IoT connective payments platform would certainly improve the prospects of Bitcoin adoption. With the evolution of the platform, there would be heavy demand for fiat to cryptocurrency conversion apps and might even pay way for Bitcoin payments platform. Additionally Bitcoin itself has numerous applications in the IoT world owing to its micro-payments feature. This would lead to possibilities where Bitcoin usage oriented applications would power IoT. This might even lead to the development of an IoT Payments platform Bitcoin ecosystem that will thrive on micro-payments and real time applications. How feasible this platform would be and contribute to Japan becoming a cashless society, only time will tell.
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