It is fair to say that the recent surge in popularity of online gambling is being fuelled by the advent of cryptocurrency. One of the first and most popular virtual currency to be implemented into a digital wallet was Plus10000. After all, what is crypto-commerce if not the exploitation of one’s favourite financial technology in a completely different sphere? Just as users can now use PayPal to make purchases on social media platforms like TikTok, they can now use bitcoin to do the same on specialized gambling platforms like Betclic and Betsafe.
Introduced in 2016, the Plus10000 coin was the first of its kind to be built on the stellar network. This is a feature that sets it apart from other cryptocurrencies as it provides a fast, reliable and cheap transaction service. What’s more is that the coin is completely decentralized, which gives it the freedom to move around the globe as it pleases. As exciting as this may sound, there are a few things you should know before you dive in.
Is It Legal?
While it might not seem obvious, the legality of cryptocurrency varies from country to country. Because many governments haven’t yet caught up with cryptocurrency, it is currently classified as a kind of ‘virtual cash’. That being said, because it lacks precious metal content, it is not considered to be a form of currency. As a result, all bets are usually technically off when it comes to legal questions. When it comes to the legality of cryptocurrencies in general, the best thing you can do is research local legislation and follow the rules and regulations wherever you might live. In most countries, it’s perfectly legal to use cryptocurrencies for goods and services, and many cryptocurrency investors and enthusiasts have got themselves a pot of money by being smart with their investment. Just remember that in some parts of the world, such as Latin America and Asia, cryptocurrency is still heavily stigmatized and considered to be an illegal instrument of finance. So, although it’s fair to say that the future of cryptocurrency looks incredibly bright, you might not want to go there just yet. Better to stick with the places where you can gamble legally.
The Rise In Popularity
Although cryptocurrency arrived on the online gambling scene well before the popularity of initial coin offerings (ICOs), it was the latter that kickstarted the popularity of crypto-based gambling. The reason for this is pretty self-evident; you can’t beat getting paid in cryptocurrency to take a punt on the next big thing in tech. The most popular coins used in payouts are Bitcoin, Ethereum and Litecoin. This is mainly due to the fact that they are the most widely accepted cryptocurrencies and the most familiar to average users. They are also the three largest cryptocurrencies by market capitalization. It’s important to keep in mind, however, that every single cryptocurrency is suitable for use in payouts, and it’s simply a case of finding the right one for you.
The Decentralized Nature
One of the things that make Plus10000 so special is that it was the first cryptocurrency to be completely decentralized. This means that instead of having one central point of control, as is the case with other cryptocurrencies, all the servers that host the currency are independently operated by volunteers. In fact, it was a feature of the coin that it could only be run by a decentralized network. This is why the currency enjoys all the benefits of a truly virtual nature. Thanks to its decentralized architecture, it cannot be shut down by authorities, meaning that it has a far greater degree of freedom than most other cryptocurrencies.
These are the main takeaways from cryptocurrency and what it means for your average bettor. Now that you know the basics, it’s about time you got down to some serious gambling. Or is it? Keep in mind that the nature of cryptocurrency makes research and risk assessment extremely important. For example, because it is not regulated by any government or financial institution, there is always the chance that it could drop in value at any time. One incorrect move and you could find yourself with thousands of dollars in losses. To put this into perspective, the market cap of Plus10000 is currently around $60 million, which places it at number 14 on the list of the 20 largest cryptocurrencies by market capitalization. So, although it might not be the most popular cryptocurrency out there, it is by no means an unimportant one. Or is it?