Over ten years have passed since the first cryptocurrency, Bitcoin, was introduced. Since then, there has been unprecedented growth in the adoption and use of cryptocurrencies and their associated technologies. When Bitcoin was introduced, many people hailed it as a decentralized system for use by anyone around the globe, without having to rely on governments and banks. At first, mainstream financial institutions were uncomfortable with this new revolution and considered it a threat to their existence. However, it was soon found that the blockchain technology being used was truly a godsend. This is because it had the potential of solving several payment issues in many industry sectors including online gambling.
Online gambling platforms have increasingly embraced blockchain technology and the growing number of cryptocurrencies as a means of payment. This is largely because of the privacy, convenience, safety and speed that cryptocurrencies offer when making online financial transactions. There is also no need for a payment processor or banking channel as all payments are facilitated and completed over the blockchain. This was quite a revolution for the financial industry. Early casino sites adopting cryptocurrencies as a payment method tended to be Bitcoin-only sites. They were often unlicensed, used their own proprietary software to run the gambling platform and hosted games from obscure software developers. As cryptocurrencies became more popular and more widely used, this has changed.
Today, online gambling websites offer a great variety of cryptocurrency options. They include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple and Dash often alongside “mainstream” payment methods. Unfortunately, making payments at online gambling sites is quite a hassle in some countries. In the US, for instance, players find it very hard to make deposits because of the strict legislation on gambling. Nevertheless, using cryptocurrencies has become popular as a way of working around these stiff laws. This is because they allow players to fund an online casino account just like using credit cards, bank transfers and e-wallets, but anonymously. So how exactly do these crypto gambling websites work? We will discuss this at length below.
How do cryptocurrency gambling websites work?
Software is the pillar of any gambling website and the same is true for cryptocurrency sites. Many popular crypto online casinos have developed and use their own gaming software. Others run rented or purchased versions, which can be personalized to the casino by adding some extra features. As mentioned earlier, there are two main kinds of cryptocurrency gambling websites. The first one is the crypto-only website and the second one is the established website that has integrated crypto as a payment method. Therefore, players will first need to ascertain which kind of site suits them. Their priorities and specific needs will dictate this, but it’s best to decide after learning what each kind entails.
Crypto-only gambling platforms don’t allow transactions using fiat currencies but use cryptocurrencies exclusively
Established websites with cryptocurrency options don’t incorporate a wide range of cryptocurrencies
Crypto-only gambling websites deal exclusively in cryptocurrency. They do not allow deposits using fiat currencies, and all payouts are made in cryptocurrencies. These sites are mostly new and unestablished without any history or evident track record. Therefore, players interested in joining such a site should be prepared to research and double-check to ensure its safety. Scam platforms that will swindle players out of their money are many, and differentiating between them and reputable sites is not always easy. Besides, crypto-only gambling sites are often seen as being straightforward by people who are knowledgeable in cryptocurrency gambling. This is because their specialized cryptocurrency approach leads to faster processing of deposits and withdrawals.
Then there are established gambling websites that have added cryptocurrency options. These platforms usually have a track record of stability, dependability and player satisfaction. However, they often don’t include such a wide variety of cryptocurrencies as is offered on crypto-only websites. Therefore, players making a first foray into cryptocurrency gambling would be wise to buy a small amount of a mainstream crypto to use here. Note that there’s no 100% assurance that a gambling website won’t experience an overload or crash. Nevertheless, with this kind of site, players can be more certain that the possibility of that is lower compared to a crypto-only platform. However, the question remains, what are the benefits of gambling using cryptocurrencies?
Benefits of gambling using cryptocurrency
One of the benefits of using cryptocurrencies when gambling online is that payments are fast and convenient. Getting winnings from online casinos can often be quite a hassle. Players have to be patient for several days before their winnings are received via methods such as bank transfers. Besides that, processing fees can be exorbitant and the transfer can be halted unexpectedly if a red flag is triggered. These issues mean that receiving winnings can not be guaranteed. However, when playing at reputable gambling platforms embracing cryptocurrencies, players can rest assured that the payments are faster. Moreover, there are usually no processing fees as transactions occur directly between the website and the player’s crypto wallet.
Another benefit of using cryptocurrency in online gambling is the fact that anonymity is guaranteed. Cryptocurrencies are naturally encrypted by the blockchain systems. Because of this, they can’t be copied as every stakeholder involved in the transaction needs to verify it. In addition to this, crypto-wallets are private as their particulars are only familiar to their owner. This has gone a long way to ensure the anonymity and security of payments. However, the perks associated with cryptocurrency aren’t enjoyed by players only. Online casinos too have benefited a lot from this new technological development. For example, advances brought about by blockchain technology have enabled crypto gambling websites to cut their operational expenses significantly.
So, to sum up, cryptocurrencies are a speedy payment method – deposits are usually instantaneous and withdrawals take a matter of minutes once processed. They also offer secure and anonymous payment processing for both deposits and withdrawals, making them an attractive option for online gambling. However, players are advised to remain cautious when using cryptocurrencies to play on any gambling website. It’s wise to remember that when gambling using cryptocurrencies, there is a major issue – the rapid fluctuation in the value of crypto coins. This occurs all the time and is an issue faced by both the player and the casino. Going forward, the use of cryptocurrencies as an online payment method continues to grow in popularity.
SHENZHEN, China (Reuters) – Chinese handset rivals of Huawei Technologies including Xiaomi, Oppo and Vivo are making aggressive moves to seize market share from their giant rival, after stepped-up U.S. sanctions hobbled Huawei’s supply chains, industry insiders say.
Last week Huawei said it had sold its budget brand smartphone unit Honor for an undisclosed sum in a bid to safeguard the latter’s supply chain from U.S. action, which has made it difficult to source essential components.
All the same, Huawei’s Chinese rivals smell blood in the mid- to high-end phone market. In August a Huawei executive said the company will not be able to produce its flagship processors that power its high-end smartphones.
“What we can see now, whether from Xiaomi, Oppo or Vivo, is that they’re raising their forecasts for next year,” said Derek Wang, an executive in charge of production at handset maker Realme, which shares a supply chain with Oppo.
“They believe the sanctions against Huawei will more or less hurt it in the international market, and they may want to take a share of the market from Huawei.”
Founded in 2018, Realme is on course to double its smartphone shipments to 50 million this year, Wang said. It has built a base with low price-offerings in Southeast Asia and India, and is looking to target Europe and China next year with a push into the high-end market, regardless of Huawei’s situation, Wang said.
In August, the U.S. Commerce Department further choked Huawei’s access to U.S. technology essential to its handset business, on the grounds that Huawei poses a security threat – a charge Huawei denies.[L4N2FK1NT]
Huawei briefly overtook Samsung as the world’s biggest handset maker in the first half of this year, before shipments fell 23% to 51.7 million units in the third quarter, according to research firm Canalys.
Huawei still commanded 41.2% of the market in the third quarter, followed by Vivo with 18.4%, Oppo with 16.8% and Xiaomi with 12.6%, Canalys said. Apple has a lower share in China with 6.2%, but is attracting strong demand for its 5G iPhone 12, Canalys said.
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(Graphic: China Smartphone Shipments, Q3 2020 (Millions) )
Industry watchers have confirmed a ramping up of orders from vendors. Xiaomi has been most bullish, placing enough orders for up to 100 million phones between the fourth quarter of 2020 and first quarter of 2021, up 50% on projections before the August restrictions, consultancy Isaiah Research says.
Oppo and Vivo’s production forecasts had also risen by around 8% each since August, with orders for up to 90 million and 70 million handsets respectively, Isaiah Research’s data showed.
Conversely, Huawei orders fell 55% to 42 million handsets in that time.
All four companies declined to comment on the numbers.
Xiaomi is also attempting to court Huawei’s distributors in Southeast Asia and Europe in the hopes of gaining exclusive deals, and is actively targeting Huawei’s high-end market share in China, said a source at Xiaomi familiar with the matter.
Five industry sources on the supply chain side confirmed they had a surge in orders from the three companies.
Some analysts believe the companies might be too optimistic about their targets, but Realme’s Wang said stockpiling of components have also been driven by disruption to production caused by COVID-19 lockdowns earlier in the year and because Huawei’s move to boost its inventories impacted rivals’ supply chains.
The rush to secure supplies has reverberated across the electronics chain, said Paul Weedman, a supply chain project manager. “Prices have been rocketing recently,” he said, noting that it has become much harder to source LCD screens even for tablets.
Analysts said Huawei’s sale of Honor may partly fend off competitors’ intrusion into the budget-end of the market, provided that Honor is able to resume sourcing U.S. technology.
“We still expect clear year-on-year growth from Huawei and Honor’s smartphone rivals in 2021, but likely at a lower ratio than their earliest expectation.” said Flora Tang, an analyst with research firm Counterpoint.
Reporting by David Kirton; Editing by Shri Navaratnam and Emelia Sithole-Matarise
The Espanola Express beat out the French River Rapids this weekend. File photo by Chad Clarke
The Blind River Beavers won back to back games this weekend.
Jacob Kelly notched a pair of impressive tallies to help propel the Blind River Beavers to a 6-3 victory over the Soo Thunderbirds in a Northern Ontario Junior Hockey League contest Saturday at the Blind River Community Centre.
A Nicholas Jameus second-period penalty shot goal proved to be the game-winner as the Beavers to double up the Thunderbirds 4-2 Friday night at John Rhodes Community Centre.
And, James Eng tallied twice and dished out an assist to help power the Espanola Express to a 5-4 triumph over the French River Rapids Friday at the Espanola Regional Recreation Centre.
The set-top box began to be openly sold and delivered on pre-orders in the UK on November 19 and in Russia. Soon after the launch, numerous complaints from disappointed buyers appeared on the network, who, instead of the coveted console they saw something completely foreign inside the package.
Instead of the PS5 ordered from Amazon, many received kitchen utensils, foot massagers, cat or dog food, or even an empty box.
According to the press service of Amazon, now the company is conducting a thorough investigation of the incident, contacts each affected customer, and asks everyone who has a problem to contact support.
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