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This Week’s Crypto Espresso – Biggest Crypto News Weekly

June 19, 2023

This Week’s Crypto Espresso – Biggest Crypto News Weekly

June 19, 2023

Blog » Posts tagged "Crypto"

Biggest Crypto News Stories Last Week:

Last week in the crypto world we saw BlackRock file for a Bitcoin ETF, Binance.US succeed in protecting its assets from being frozen, and a UK court date set which will decide the claims of a famous Satoshi Nakamoto candidate.


Satoshi Nakamoto ‘Identity’ to be Ruled on in 2024

Bitcoin founder identity to be decided in UK court.

The identity of Bitcoin founder Satoshi Nakamoto may or may not be decided in a UK court next January after a British judge ruled that a preliminary single-issue trial over the matter will take place following multiple lawsuits by pretender Craig Wright.

Wright currently has more than ten court cases going through various UK courts at the moment, all of which are predicted to some extent on whether he is Satoshi Nakamoto or not, and so the judge in charge of four of them has decided to settle the matter once and for all before they get to trial.

Wright has been claiming to be Bitcoin’s pseudonymous creator since 2014, with his claims made public in 2015. However, accusations of lies and forged documents have dogged his every attempt to convince the crypto world of his claim, to the point where he has resorted to suing critics, developers and cryptocurrency exchanges in the hopes that a UK judge will find in his favor. This would force institutions to adopt his Bitcoin fork, BSV, as the real Bitcoin, confirming his candidacy as Satoshi in the process.

In a London court last week, the judge in four of Wright’s cases called multiple parties together to discuss how the core issue, whether Wright is Satoshi or not, could be decided once rather than ten times. The result will be a mini-trial as part of the lawsuit filed against him by the Crypto Open Patent Alliance (COPA), which contends that he is not Satoshi and intends to prove it, which will take place in January 2014.

The result of this element of the case will, once decided, be binding for all his other UK lawsuits, setting the seal once and for Wright’s desire to be recognised, in a legal sense at least, as Bitcoin’s founder.


BlackRock Files for Bitcoin ETF

BlackRock files for Bitcoin ETF.

Investment giant BlackRock last week filed for a Bitcoin ETF in a move that raised many eyebrows given the treatment meted out to the cryptocurrency market by regulators in recent months. The world’s largest money manager, boasting $9.1 trillion of assets under management, filed a preliminary prospectus for the iShares Bitcoin Trust with the Securities and Exchange Commission (SEC) last Thursday, with Coinbase named as its custodian.

This, too, was a surprise, not because Coinbase had been chosen at all (Coinbase and BlackRock signed such a deal last year) but because the SEC is targeting Coinbase over alleged illegal sales of securities.

The SEC has rejected every Bitcoin ETF application to date, emphasizing concerns about the safety of Bitcoin for retail investors, although it has allowed Bitcoin futures ETFs. These rejections have even come the way of giants like the Chicago Board Options Exchange, with the SEC worried about fraudulent and manipulative practices and participant safety, which it attributes to the lack of transparency in the underlying spot Bitcoin market.

BlackRock is by far the biggest name to apply for a Bitcoin ETF, which it calls the iShares Bitcoin Trust, and it seems that it hopes its name and reputation will be enough to see it through. However, the SEC has been repeating the same concerns in recent rejections that it did when it rejected the first Bitcoin ETF from the Winklevoss twins in 2017, so unless BlackRock can address these core criticisms from the SEC, which has only grown more anti-Bitcoin during that time, its name alone may not be enough.


Binance.US Avoids Asset Freeze

Binance.US avoids asset freeze.

Binance.US, the US wing of the Binance empire, avoided the “death penalty” its lawyers warned against after a Washington judge stated that there was “absolutely no need” to freeze its assets. Instead, Binance, Binance.US and the SEC announced a deal on Friday which will ensure that only Binance.US employees can access customer funds in the short term, with the SEC’s main concern being that Binance would seek to move the assets outside of the US following the agency’s lawsuit last week.

The SEC had sought the freezing of all Binance.US assets following its lawsuit over the sale of unregistered securities, misappropriation of funds and AML/KYC violations, a move which Binance.US said was draconian in nature and would mean that it couldn’t pay its bills or staff salaries.

The judge agreed, suggesting that the two should work out a deal where the funds were kept out of Binance.US’s direct control but which still allowed the company access to pay for essentials. This has now been agreed.

While Binance.US may have saved itself from going under, it has nevertheless adopted some cost-saving measures, with staff reporting job cuts on social media as the entity prepares for a potentially long and costly battle with the SEC; some reports said as many as 50 staff have been laid off in preparation for the fight ahead.

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Trending stories:

  • North Korean hackers are posing as remote engineers in order to infiltrate crypto companies, according to the security analysts.
  • US Representative Warren Davidson last week formally tabled a bill calling for the removal of SEC Chair Gary Gensler.
  • Crypto investment firm a16z Crypto is to open a UK office after praising the approach taken by the UK government to web3 and crypto development.


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Crypto Espresso – The Top Crypto News Every Week

June 5, 2023

Crypto Espresso – The Top Crypto News Every Week

June 5, 2023

Blog » Posts tagged "Crypto"

Biggest Crypto News Last Week

Last week in the crypto world we saw the launch of the biggest stablecoin on the Bitcoin blockchain (but not the first), EA and Nike signed a groundbreaking NFT agreement, and concerns over the impact of a Grayscale victory over the SEC.

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US Stablecoin Launched on Bitcoin

The first stablecoin has been launched on the Bitcoin network.


The Bitcoin world celebrated the launch of the network’s first stablecoin last week thanks to crypto platform Stably, which has utilized the new BRC-20 format to bring a dollar-backed cryptocurrency to the network.

According to Stably, the USD token will be backed 1-to-1 with actual US dollars held by a US-regulated custodian and will require full KYC/AML verification. However, while Stably is certainly the only stablecoin on Bitcoin right now, its claim to have been the first is disputed.

Stably has been able to launch USD on Bitcoin thanks to an upgrade that took place on the Bitcoin network in 2021 called Taproot. Taproot allowed smart contracts to be deployed on Bitcoin, allowing Bitcoin to be used in the same way as Ethereum, which is used for everything from NFTs to DeFi lending platforms.

It has taken a while for developers to make use of Taproot but this year they have with ‘ordinal inscriptions’, a system which has opened the door for Ethereum-like projects on the ultra-secure Bitcoin blockchain.

The introduction of ordinal subscriptions means that we can expect a development boom on Bitcoin much as we have seen with Ethereum over the years, and stablecoins are a natural part of this.

However, Stably’s claims that its USD coin is the first stablecoin on the Bitcoin blockchain aren’t entirely true; when Tether first launched back in 2014 as Realcoin, it did so on Omni Layer protocol, a platform for creating and trading custom digital assets and currencies on the Bitcoin blockchain. Stably can claim, therefore, to be the first stablecoin to run on the ‘pure’ Bitcoin blockchain, which is an impressive enough accolade in itself.


EA and Nike Sign Groundbreaking Partnership

Nike and EA Sports have signed an NFT agreement.

Sportswear giant Nike and videogame maker Electronic Arts last week announced a groundbreaking deal that will see NFTs from Nike’s .Swoosh collection make their way into future EA Sports releases.

EA said that the partnership will “look to build new immersive experiences and unlock brand new levels of customization” within its ecosystem, with exclusive .Swoosh “virtual creations” made available to players to allow “unique new opportunities for self-expression and creativity through sport and style.” While this deal isn’t the first between videogame makers and NFT creators it is by far the biggest yet and could mark a turning point in the relationship between gamers and NFT fans.

Nike’s exposure to the crypto/blockchain world dates back to April 2019 when it filed a trademark for Cryptokicks, which it turned into a popular NFT collection three years later. This launch presaged a deep dive into the NFT world, with the launch of Nike Virtual Studios coming in 2022 following its acquisition of NFT studio RTFKT in late 2021.

Nike Virtual Studios developed its in-house platform, .Swoosh, throughout 2022 and launched it in November, with its first collection earning the company $1 million in sales last month.

While Nike, EA and NFT fans might be looking forward to the prospect of in-game NFTs, one group that isn’t is gamers themselves. Gamers have threatened boycotts of gaming studios that add NFTs to games ever since the idea was first mooted in 2021, and last week’s announcement was a continuation of the theme, with many criticizing EA for prioritizing profits over customers. However, if the collaboration can prove a success it could end up being the moment when the tensions finally ease.


Grayscale Victory Would Not Guarantee Bitcoin ETF

The Securities and Exchange Commission (SEC) could still reject Grayscale's Bitcoin ETF proposal even if it loses its legal battle with the fund operator.

The Securities and Exchange Commission (SEC) could still reject Grayscale’s Bitcoin ETF proposal even if it loses its legal battle with the fund operator, according to Bloomberg analyst James Seyffart.

Seyffart expressed his concerns during an interview last week where he emphasized that the SEC would search for other grounds on which to deny the conversion from the Grayscale Bitcoin Trust to a fully operational Bitcoin spot ETF were it to lose, thereby nullifying any potential victory on Grayscale’s part.

Grayscale initiated legal proceedings against the SEC in June of last year after the agency rejected its application to convert the Grayscale Bitcoin Fund into a Bitcoin ETF. This conversion is crucial for Grayscale’s customers to access their investments, which currently total some $17 billion worth of bitcoin, although GBTC shares are trading at a 43% discount to this value.

Bloomberg analysts were initially skeptical of Grayscale’s chances of success, but the situation changed in March of this year when oral arguments were presented. Following the hearing, Bloomberg changed its stance and now predicts a 70% probability of a favorable outcome for Grayscale.

Despite the optimistic outlook, Bloomberg analyst Elliott Stein cautioned that the court’s decision might not be conclusive and binding. Stein suggested that the judge could potentially allow room for the SEC to continue opposing a Bitcoin ETF rather than making a definitive ruling, a view Seyffart reiterated, emphasizing that a victory in the legal battle would not guarantee the establishment of a Bitcoin ETF because the SEC could still deny the conversion for other reasons.

Such an outcome would be the worst possible outcome for the struggling GBTC shareholders, as it would eliminate their best opportunity in years to liquidate their investments.

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Trending stories:

  • Hong Kong opened its doors to regulated crypto trading with more than a dozen platforms registered.
  • Crypto exchange Bybit has followed Binance out of Canada after new regulations on crypto platforms.
  • Stablecoin Tether has announced that it will fund a Bitcoin mining operation in Uruguay, the first in the country.


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Crypto Espresso: Get the Latest Crypto News Today

May 29, 2023

Crypto Espresso: Get the Latest Crypto News Today

May 29, 2023

Blog » Posts tagged "Crypto"

Top Crypto News Last Week

Last week in the crypto world we learned that regulations are having a positive effect on crypto hacks, Ledger has delayed the launch of its Ledger Recover service following massive backlash, and a reboot of FTX could arrive sooner than anticipated.

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Crypto Hacks Drop Massively

Crypto hacks dropped 70% in the first quarter of 2023 compared to the same time last year, with hackers frequently opting to collect post-hack bounties due to the increased difficulty in cashing out stolen funds.

The level of blockchain surveillance and the rules imposed on exchanges by regulators have ensured that criminals are finding it harder than ever to swap stolen crypto for cash, leading to hackers accepting lesser rewards from victims rather than trying to run off with more.

News of this change in trend was unearthed by blockchain intel firm TRM Labs, who published a report which found that hackers stole around $400 million from crypto projects in 40 attacks in the first three months of 2023, a 70% decline from the same period last year. 

TRM also found that the average hack size in the first quarter of this year dropped to $10.5 million from $30 million during Q1 of 2022, of which half was returned by the perpetrators.  Such examples include:

  • TenderFi hacker, returned $850,000 of $1.6 million stolen
  • Euler hacker, returned entire $200 million stolen
  • Safemoon hacker, returned $7.1 million of $9 million stolen

The group also cited the experience of Mango Markets manipulator Avraham Eisenberg who carried out a staggering $116 million price manipulation attack against the DeFi platform last year. Many don’t consider what Eisenberg did a crime, and yet he was still identified and charged, and faces decades in prison as a result.

TRM Labs says that incidents such as this, plus the difficulty in converting huge amounts of crypto into cash without giving up their identity, is putting hackers off attacking crypto platforms in the first place, but those that do will happily settle for a smaller payday.


FTX Reboot Underway


A reboot of bankrupt exchange FTX is well underway just six months after it caused catastrophe in the crypto world when it collapsed. Notes from CEO John Ray III show that the subject of a relaunch of FTX is much further along than many had suspected, with Ray referring to an “FTX restart” and the publication of material relating to an “FTX reboot” as far back as April.

In the notes, Ray also refers to the “2.0 bidder list”, a list that may include a $250 million investment from American venture capital firm Tribe Capital, whose interest was revealed by Bloomberg around the time when Ray would have been having discussions over financing FTX 2.0.

Ray has been positive about the future of FTX ever since the “pure hell” of the collapse and its aftermath were behind him, noting that the technical infrastructure behind the exchange was worth salvaging or selling to a third party. Indeed, whatever was going on behind the scenes at the time, FTX almost always operated flawlessly, even in times of stress on the market, something that other exchanges still struggle to cope with.

Ledger Pushes Back Ledger Recover Launch Date


Ledger last week pushed back the launch of its controversial Ledger Recover service following backlash from the crypto community, with even its founder noting how much of a disaster the launch had been. Ledger said the delay will allow it to push ahead with its existing plans to open-source all its code, a move that it says will increase trust through transparency following years of simply asking users to have faith in the company’s methods.

The rollout of Ledger’s Recover service was a PR disaster class, with the company alienating both existing and new customers by not properly explaining the method by which users’ seed phrases would be used. The launch was criticized by Ledger co-founder and former CEO Éric Larchevêque who labeled the launch a “horrible mess” and said that he was brought “to the verge of tears” by seeing the company be built being verbally abused in such a way.

When questioned about one specific aspect of Ledger Recover, Larchevêque said that it was his understanding that governments would be able to subpoena the companies storing the encrypted slices of a user’s wallet seed in order to seize their funds, something that tipped many over the edge and causing further outrage in the community.

The following day, Ledger announced that it was delaying the launch of Ledger Recover until its code was publicly audible so that users could see exactly what was involved. Current CEO Pascal Gauthier acknowledged that the company had made a “communication mistake” over Ledger Recover, and promised that the company had learned from its mistakes, something that was also promised in the wake of the 2020 data breach scandals.

Gauthier said that Ledger’s missteps “took everyone by surprise and affected our customer’s ability to accurately understand Ledger Recover”, although he insisted that the product would launch and that it was needed in the crypto sector.

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Trending stories:

  • Hong Kong will allow retail users to start trading cryptocurrencies on regulated platforms in a major step forward for the crypto sector in Asia.
  • Crypto exchange Hotbit abruptly closed its doors last week, citing a police investigation dating back to 2022 and regulatory uncertainty for the move.
  • Digital Currency Group missed an agreed $630 million payment to its child company Genesis, leading to potential action from Genesis and crypto exchange Gemini.

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Crypto Espresso – The Biggest Crypto News (24/04/23)

April 24, 2023

Crypto Espresso – The Biggest Crypto News (24/04/23)

April 24, 2023

Blog » Posts tagged "Crypto"

Bhutan, Gensler, Silk Road – We’ve Covered it All

Last week in the crypto world we saw Bhutan emerge as the world’s first nation to hold crypto on behalf of the country, a multi-billion dollar Silk Road hacker gets a year in prison, and Gary Gensler get grilled by angry politicians over his running of the Securities and Exchange Commission.

Bhutan Crypto Experiment is World’s First


The country of Bhutan may have been the first in the world to own cryptocurrencies through a sovereign fund, legal filings have revealed. Bhutan’s Druk Holding & Investments, which was established in 2007 by King Jigme Khesar Namgyel Wangchuck to protect the country’s wealth for “the long-term benefit of its shareholders, the people of Bhutan,” was a customer of both Celsius and BlockFi, borrowing and trading tens of millions of dollars worth of crypto assets in 2022. However, its activities have ended in legal issues with both platforms.

According to Celsius, Druk Holding & Investments made numerous transactions between April and June 2022, depositing, withdrawing, and borrowing a combined $83 million during the three-month period. As part of its bankruptcy process, Celsius’ lawyers intend to seek “clawbacks” of any deposits made within 90 days of its bankruptcy, into which Druk’s holdings fall, although the fund has failed to acknowledge any of Celsius’ claims.

Druk is also in trouble with BlockFi, which lent the fund $30 million in the stablecoin USDC in February 2022. However, Druk defaulted on the loan, racking up debts of $76.5 million in the process, with Blockfi saying that Druk “failed and refused” to pay the loan back in full, resulting in an outstanding balance of $820,000.

While this may not be the most auspicious debut for crypto on the sovereign fund stage, it nevertheless represents another important domino that has fallen.

Gary Gensler Savaged Over Performance

Securities and Exchange Commission (SEC) Chair Gary Gensler endured a torrid few hours last week before the House Financial Services Committee, where everything from the agency’s Blitzkrieg approach to enforcement to low staff morale was laid at his door.

Things have gotten so bad under the Gensler regime that one committee member even tabled a bill to remove the position of SEC Chair altogether and replace it with an executive director reporting to a board, a clear example of the anger at the perceived damage that Gensler is causing to the U.S. market.

Gensler started by claiming that the regulations around securities are very clear, but this was quickly pulled apart by Committee head Patrick McHenry who demanded that Gensler clarify whether Ethereum, which has been used as a medium by which the SEC has sued exchanges over unlicensed securities sales, is a security or not. Gensler tried to deflect and say that he couldn’t comment on certain coins, before McHenry reminded him that he had recently singled out Bitcoin as the only cryptocurrency that could be considered a commodity. Still, Gensler demured, even when comments from his own staff in legal filings were read out.

Texas representative Pete Sessions was the next to criticize Gensler, this time over the SEC’s refusal to engage entities over alleged securities breaches and then suing them. This issue was particularly prescient, given that the Bittrex exchange had been sued by the SEC 48 hours before the hearing over the sale of unlicensed securities, with the exchange saying that the agency had refused to tell them which coins it considered securities so it could remove them.

Oklahoma representative Frank Lucas was next up, criticizing the SEC’s rulemaking and enforcement bonanza, which he said risked bleeding into other asset classes and having unforeseen complications. He also criticized the reduced public comment time on proposed rule changes allowed under the present SEC operations and noted the low staff morale within the SEC and the high turnover, especially among senior figures.

If Gensler thought the worst was over, he was wrong. Majority Whip of the United States House of Representatives, Tom Emmer, demanded yes and no answers from Gensler on a range of topics, cutting Gensler off when he tried to embark on long-winded answers to simple questions that implicated him. Emmer took Gensler to task over his failure to protect FTX customers, especially given his meetings with former CEO Sam Bankman-Fried, and even led Gensler to disagree with the sentiment behind a quote on the SEC’s own website.

The coup de grace was carried out by Ohio representative Warren Davidson, who seethed at the fact that the SEC asked crypto companies to talk to them but then didn’t listen or respond, that the agency claimed to offer clarity in the market but sent out mixed signals, and that this approach was driving blockchain adoption to China. He then produced a bill demanding the removal of the position of SEC chair and replacing it with a board and executive director that would report to it.

The approach taken by these committee members shows just how wrongheaded the SEC’s approach to tackling crypto regulations has been, and the sector can now at least be satisfied that it has strong and growing support in important places.

Billion-dollar Silk Road Hacker Sentenced

Last week saw the conclusion of an extraordinary story involving the multi-billion dollar proceeds from a hack on the Silk Road website in 2012. James Zhong, who tricked the exchange into giving him 50,000 bitcoin more than a decade ago, was this week sentenced to one year in prison and forced to hand over $1.5 billion worth of assets discovered in his house at the time of his arrest.

In September 2012, when online illicit marketplace Silk Road was in its heyday, Zhong managed to trick the website’s servers into transferring approximately 50,000 bitcoin into the multiple accounts he had created solely for the purpose. Zhong subsequently transferred the bitcoin out of the site and into various addresses under his control, where they lay untouched for years.

By mid-2017 the value of Zhong’s Silk Road haul had ballooned from $500,000 to around $110 million, giving Zhong a headache; the only way he could realize the value of the bitcoin was to sell it, but selling even a fraction of his vast holdings would attract unwanted attention. The situation became more complicated when, in July 2017, Bitcoin forked into Bitcoin and Bitcoin Cash, whereupon every bitcoin holder was automatically awarded one BCH coin for every bitcoin they held. Suddenly, Zhong was sitting on an additional 50,000 BCH tokens, which quickly became worth north of $1,000 each.

Thinking that it was finally time to cash in, Zhong sent these BCH tokens (which shared the same address as the stolen bitcoin) to an overseas exchange and swapped them for 3,500 more bitcoin, thinking that he couldn’t be traced. This, however, proved to be his undoing. The Inland Revenue Service, in tandem with blockchain forensics firm Chainalysis, managed to trace the BCH sale to the Bitcoin wallet and, using Zhong’s credentials and IP address logs from the exchange, tracked him down to an address in Gainesville, Georgia.

On November 9, 2021, law enforcement agents carried out a raid on Zhong’s house, where they discovered approximately 50,500 bitcoin in an underground floor safe and on a single-board computer submerged under blankets in a popcorn tin stored in a bathroom closet. Police also recovered $662,000 in cash, 25 Casascius coins (physical coins with a dedicated bitcoin holding) with an approximate value of 174 bitcoin, a further 11 bitcoin, and a selection of silver and gold coins and bars. The value of the haul at the time of Zhong’s arrest was a staggering $3.36 billion.

Zhong pleaded guilty to one count of wire fraud a year after his arrest, and was sentenced to a year and a day in prison last week, as well as the formal confiscation of all his seized assets. While Zhong may be cursing the fact that he never made the most of his loot, the likelihood is that once Silk Road was shuttered by the FBI in 2013, any attempt he made to sell the coins would likely have ended the same way eventually, so at least he was able to enjoy billionaire status for a few years, at least theoretically.

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Trending stories

  • Coinbase has been granted a license to operate in Bermuda, days after its CEO Brian Armstrong warned that crypto exchanges might move offshore if regulations don’t become clearer
  • Do Kwon has been charged with using a fake passport by prosecutors in Montenegro and faces up to five years in prison
  • The EU is set to implement the sweeping MiCA crypto regulations, the biggest of its kind yet imposed anywhere in the world

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Crypto Espresso – Get Your Weekly Crypto News Fix Right Here

April 11, 2023

Crypto Espresso – Get Your Weekly Crypto News Fix Right Here

April 11, 2023

Blog » Posts tagged "Crypto"

Top Crypto News Stories Last Week

Last week in the crypto world we saw Elon Musk undermining his defense in his Dogecoin manipulation lawsuit by manipulating the price of Dogecoin, a crypto scammer trying to pretend he had paid a $44 million penalty to the SEC, and the Bitcoin whitepaper that lurks in millions of Apple Macs.


Elon Musk Antics Cause DOGE to Pump and Dump

Elon Musk has once again manipulated the price of Dogecoin with his antics.

Elon Musk’s love of Dogecoin is well documented, as is his love of manipulating the price of the coin, and others. Musk figured out in 2021 that with a simple tweet he could pump or dump the price of Bitcoin, Dogecoin, and in fact any cryptocurrency in the space, and he used his powers to do just that during the 2020/21 bull market. 

It seems that, after a gap of two years, the urge to mess with the market has gotten the better of him, as last week his antics over Dogecoin once again had a dramatic impact on the price.


Musk is at it again

Last week’s incident may have had its roots in the ongoing lawsuit filed against Musk in June 2022…over Dogecoin price manipulation. A group of DOGE buyers clubbed together to sue Musk for an astonishing $258 billion after accusing Musk, Tesla, and SpaceX of being “engaged in a crypto pyramid scheme by way of dogecoin cryptocurrency.” 

These investors bought DOGE in the hopes that Musk would be good to his word and would put it at the center of the Musk universe, but nothing has since emerged in terms of large-scale adoption, and the group, having lost out financially, is blaming Musk.

How to start using cryptocurrencies.

Musk’s legal team filed a defense to this lawsuit on Friday, March 31, arguing that Musk’s tweets didn’t manipulate the market and that the plaintiffs were responsible for what they bought. True to form, Musk duly changed the Twitter logo to that of the Dogecoin icon the following Monday, sending the price shooting up 30%.

Many expected an announcement of some kind of use case for DOGE to follow, but nothing came, and when the Twitter CEO reinstated the blue bird on Thursday the price quickly dumped back to just 6% higher than where it had been on Sunday night – a nice, totally unmanipulated round trip.

Musk has since offered no explanation as to what the purpose of this experiment was, but if it was an attempt to cash out some DOGE bought back in December in order to break even, it was a success. However, in doing so he has also bolstered the case manipulation against him by a factor simply impossible to calculate.


Crypto Scammer Tries to Fake $44 Million Court Settlement

A crypto scammer has been fined a $22.6 million penalty by the SEC.

A scammer has tried to get out of a $22.6 million penalty levied by the Securities and Exchange Commission (SEC) by pretending that he had paid the judge with a $44 million surety bond when no such agreement had been reached.

Robert Dunlap, Executive Trustee of the Meta 1 project, has spent three years solidly ignoring the SEC’s attempts to bring him to book after he was adjudged to have pulled off a $13.4 million scam in Meta 1, with his first and to date only contribution coming earlier this month when he tried to claim that he had come to a private arrangement with the judge to pay off the penalty, with $21.4 million on top.

Meta 1 claimed to be a “coin for humanity” which was backed by billions of dollars in holdings of gold and fine art, when in fact it was an empty shell. Dunlap and his team promised returns of up to 225,000% for early investors, siphoning the $13.4 million that eventually came their way into various bank accounts belonging to the team and other associates. 

This money went on paying off personal debts and buying luxury cars before the SEC filed an emergency halt in March 2020, since when the agency has been met with complete silence from Dunlap and his team while pushing ahead with its case.

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Meta 1 and its directors were slapped with a $27 million penalty by the SEC last September, having failed to respond to any communications. The penalty was approved by Judge Mark Lane in February and sent for final approval to District Judge Robert Pitman. 

In the interim, Dunlap last week filed a document purporting to be a ‘settlement of litigation and demand for closure’ of the case, which was supposedly an agreement between himself, on behalf of Meta 1, and Judge Lane, settling the case with a $44 million ‘bond package’.

The amount was peculiar, given that it was 63% higher than the penalty agreed upon for all parties involved, but it closely resembled the $44.44 at which the Meta 1 token was initially sold.

The SEC filed a response just a day later, stating that no one from Meta 1 had settled the matter and that no settlement discussions have ever occurred. It then eviscerated Dunlap’s filing, calling it a “nonsensical document” that followed Dunlap’s pattern of deception in his “illegal, on-going Ponzi scheme” conducted to try and prove to his followers that he had paid up.

The filing only increased the SEC’s desire to stop Dunlap, with Judge Pitman signing off the penalty the same day. 


Bitcoin Whitepaper Hidden in Every MacOS Since 2018

The Bitcoin Whitepaper has been hidden on all Apple MacOS operating systems since 2015.


One of the more surprising stories of the week involved the Bitcoin whitepaper and its five-year residence inside every MacOS installed in the past five years. 

Tech blogger Andy Baio discovered a PDF of the 2008 whitepaper embedded within the files of his operating system while trying to fix his printer, and subsequently discovered that it is present in every Mac using an operating system past 2018. 

The news was met with shock and no little confusion by the Bitcoin world, although the news has repercussions for one man in particular – Craig Wright.

Baio found the Bitcoin whitepaper PDF masquerading under the filename ‘simpledoc’ hidden inside the MacOS filesystem, and his investigations revealed multiple Macs with recent OS’s also had the same document.

This led him to surmise that someone at Apple hid the whitepaper in the operating system in time for the 2018 Mojave release and it has never been discovered. In fact, as he was soon informed, the issue of its inclusion was raised in 2020 with Apple but nothing was ever done.

The fact that the file was named in order to hide it from simple discovery means it’s likely that a Bitcoin-loving engineer slipped the PDF in undetected and has been waiting for this moment ever since as a subtle way of promoting the cryptocurrency. Now that the issue has been flagged on a wider scale, it will almost certainly be removed from future operating systems.

The whitepaper is also embedded in the Bitcoin blockchain, which is a much more reasonable location for it to be planted, but this fact has led to a lawsuit from would-be Bitcoin creator Craig Wright, which has a knock-on effect with the Apple discovery.

Wright has sued 26 entities and individuals, from individual Bitcoin developers to the exchange Coinbase, arguing that by encouraging and facilitating the downloading of Bitcoin nodes (which includes a copy of the full blockchain, and therefore the Bitcoin whitepaper), they are infringing his copyright as Satoshi Nakamoto, author of the Bitcoin whitepaper.

When it was discovered that Apple has also been distributing copies of the whitepaper, Wright was asked if it, too, was breaching his copyright. Wright replied on Twitter that, yes, Apple was indeed in breach of copyright law, setting up an intriguing test of his resolve – if he’s serious about his copyright being infringed and being Satoshi Nakamoto, then he will have no choice but to take on Apple in order to maintain his claim. Not doing so would weaken his position in the existing court case and would open him up to more accusations of being a fraud.

His financial backer Calvin Ayre has already funded dozens of lawsuits to date, but whether he would countenance once against the mighty Apple remains to be seen.


Trending Crypto News:

  • Coinbase has backed an appeal to overturn the sanctioning of mixing service Tornado Cash, saying it falls under free speech.
  • The head of New York State’s Department of Financial Services, Adrienne Harris, has labeled suggestions that Signature Bank was closed because of an anti-crypto bias “really ludicrous”.
  • The Bank of England has said that Bitcoin and a British Central Bank Digital Currency can coexist and have differing roles.

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Crypto Espresso - The Top Crypto News Weekly at Punt Casino!

Crypto Espresso – The Top Crypto News Weekly at Punt Casino!

March 20, 2023

Crypto Espresso – The Top Crypto News Weekly at Punt Casino!

March 20, 2023

Blog » Posts tagged "Crypto"

Top Crypto News Stories Last Week – Get the Full Scoop Now!

Last week’s top crypto news stories saw the U.S. judge in the Voyager Digital bankruptcy case publicly side with the crypto space over the lack of effective regulations. 

Also, the Bitcoin mixing service, ChipMixer (which was rumored to be a CIA honeypot), was shuttered and $46.5 million in bitcoin seized, while the closure of Signature Bank led to a claim of anti-crypto bias from a well-known board member.

Continue reading for the full scoop on the biggest news for crypto last week.

Crypto News Headline: Voyager Bankruptcy Judge Calls for Proper Crypto Regulation

Voyager Bankruptcy Judge Calls for Proper Crypto Regulation

Despite all the talk surrounding the need for regulation in the crypto news space, the entities responsible in the U.S. don’t seem too inclined to actually create any, preferring to prosecute transgressors after the fact rather than informing crypto companies upfront whether their products fall foul of securities laws. 

But now, support for crypto companies has come from an unlikely source – the judge in the Voyager Digital bankruptcy case, citing the lack of regulatory efforts made by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) through his comments in a filing regarding a reorganization and distribution plan for Voyager.


Judge makes his case

Wiles prefaced his comments by saying that the antipathy towards yet lack of action regarding cryptocurrencies offered an “unusual backdrop to this bankruptcy case”, with his opening remarks on the matter bringing the point home succinctly in the latest crypto news:

“There are firms that operate as cryptocurrency brokers or exchanges, and have done so for several years, without being subject to clear and well-defined regulatory requirements. Regulators themselves cannot seem to agree as to whether cryptocurrencies are commodities that may be subject to regulation by the CFTC, or whether they are securities that are subject to securities laws, or neither, or even on what criteria should be applied in making the decision.”

How to start using cryptocurrencies.

This sentiment echoes that of cryptocurrency organizations, many of which have expressed that they want to work within the law but simply don’t know how to do so. Judge Wiles noted that this uncertainty has persisted “despite the fact that cryptocurrency exchanges have been around for a number of years”, and then laid out the source of the frustration for many:

“There have been differing proposals in Congress to adopt different types of regulatory regimes for cryptocurrency trading. Meanwhile, the SEC has filed some actions against particular firms with regard to particular cryptocurrencies, and those actions suggest that a wider regulatory assault may be forthcoming.”

“The CFTC seems to have taken some positions that are at odds with the SEC’s views. Just how this will all sort itself out, how the pending actions relating to cryptocurrencies will be decided, and just what issues might be raised in future regulatory actions, and how they will affect individual firms or the industry as a whole, is unknown.”


What does it mean?

While these comments from the judge in this top crypto news article aren’t likely to spur the SEC or the CFTC into action, they highlight the fact that even someone who has come to the crypto space with little to no knowledge of it has swiftly realized that regulators simply aren’t holding up their end of the bargain.

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Headline 2: ChipMixer Service Shut Down After CIA “Honeypot” Rumors

ChipMixer Service Shut Down After CIA “Honeypot” Rumors

The Bitcoin mixing service, ChipMixer, has been shuttered, and $46.5 million in assets seized by an international law enforcement coalition. This comes months after a crypto news theory emerged that it had been taken over by the CIA and was being used as a ‘honeypot’. 

American and German authorities, aided by Europol and agencies from other countries, shut down the service last week, taking almost 2,000 bitcoins and 7 TB of data after an investigation into potential money laundering through the site – four months after rumors emerged that a ChipMixer was established by the CIA to attract and catch criminals.


About ChipMixer

ChipMixer was established in 2017 and offered a unique take on the transaction masking process: funds were transformed into “chips,” which were mixed together to anonymize the origin of the initial funds. 

This made ChipMixer a very attractive option for cyber criminals. Many used the service to launder illegal proceeds obtained from criminal activities such as drug and weapons trafficking, ransomware attacks, and payment card fraud. And a lot of these stories made top crypto news headlines across the world.


ChipMixer CIA “honeypot”?

When Twitter user “FatMan” (@fatmanterra) took a look into ChipMixer, he smelt a rat. In November 2022, he released a tweet thread laying out his reasons for ChipMixer being a CIA honeypot from the start. FatMan pointed to the fact that ChipMixer was established right at a time when the agency had “a number of different projects focused on cryptocurrency” going. 

This became fairly big crypto news after FatMan also pointed out that high-profile hackers such as the Twitter hacker who laundered money through the site were swiftly arrested. He also revealed that ChipMixer had, until then, survived a Bitcoin mixing clampdown, possibly in an attempt to drive users to the service.

Whether or not the CIA was in on ChipMixer from the start, it will certainly be taking an interest now, with various U.S. authorities eagerly wading through the 7 TB of data recovered. The investigation into ChipMixer suggests that the platform may have facilitated the laundering of over 150,000 bitcoins in total.

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Crypto News Headline 3: Signature Bank Closure Leads to “Anti-Crypto Bias” Claim

Signature Bank Closure Leads to “Anti-Crypto Bias” Claim

One of the latest crypto news talking points coming out of the closure of Signature Bank has been the role that crypto has played. Former U.S. representative and Signature Bank board member, Barney Frank, co-author of the 2010 Dodd-Frank regulations, claimed that the closure of the bank was an attempt by the U.S. government to send a “very strong anti-crypto message”. 

While Signature Bank didn’t involve itself with crypto directly, it did safeguard U.S. dollar deposits of crypto companies and their customers. Frank believes that a potential bank run was the perfect excuse for the U.S. government to shut it down and paint crypto as the bad guy.

The New York Department of Financial Services, which conducted the closure, argued last week that the decision to shut down Signature Bank was “nothing to do with crypto”. It also said that the issue had been getting data from the bank and the evasiveness of directors regarding obtaining it. Frank, however, wasn’t buying this, telling the Intelligencer:

Now, the question is, why did they react so harshly to what they said was our inability to give them the sufficient data? I believe it was probably to send the message that even though we were doing crypto stuff responsibly, they don’t want banks doing crypto. They denied that in their statement, but I don’t fully believe that.

Other crypto news outlets and financial news platforms such as the Wall Street Journal have since come out and said that there is certainly evidence to back Frank’s theory. This will have other crypto-connected banks looking over their shoulders for sure.

How to buy crypto with Changelly at Punt Casino.


Trending Crypto News Stories:

  • The FBI is said to be investigating the collapse of the Terra USD/LUNA ecosystem last year, putting more pressure on its founder, Do Kwon.
  • A security company has identified a series of vulnerabilities that it says threaten over 280 blockchains, with some already having been patched.
  • A $1 billion class action lawsuit against multiple social media influencers who promoted FTX has been filed in Florida.

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How to Buy and Deposit Crypto at Punt With Changelly

March 16, 2023

How to Buy and Deposit Crypto at Punt With Changelly

March 16, 2023

Blog » Posts tagged "Crypto"

Changelly – The New Onboard Crypto Exchange for Seamless Deposits at Punt

We’ve changed the game yet again, and this time, with an onboard crypto exchange where you can buy crypto with a credit card, deposit, and play instantly at Punt Casino.

Say hello to Changelly – your ticket to instant deposits with no hassle, no fuss, just a quick exchange between you, and us (and Changelly ?).


What is Changelly?

Changelly is the future of crypto casino banking. It is a non-custodial cryptocurrency exchange that acts as an intermediary between top crypto exchanges and the user. Changelly allows you to buy crypto online using a credit card, with over 500+ cryptocurrencies available at some of the best rates the market has to offer.

Changelly crypto exchange to buy crypto online.

Changelly aims to create a seamless and effortless way for users to purchase crypto online – cutting out the need to register with various crypto exchanges and putting all you need in 1 place. And now, this exciting crypto casino exchange can help YOU take advantage of all the benefits of bitcoin gambling at Punt, and it’s super easy to use.


How to buy crypto using Changelly at Punt Casino

If you don’t want to use the regular crypto deposit option at Punt, then using Changelly to buy cryptocurrency with a credit card is the answer. The option is located in the Cashier menu when making your deposit. All you need to do is select your deposit amount and choose Changelly as your deposit method before proceeding.

Using Chnagelly crypto exchange as a deposit method for online gambling at Punt Casino.

Deposit Now

Once you’ve selected Changely as your deposit option and chosen your preferred deposit amount, a new window will pop up to confirm your crypto purchase amount in your native currency, along with the BTC value you will receive in your Punt Casino account. 

You can also view the terms and conditions as well as the privacy policy before agreeing to them by ticking the box provided. Click “Exchange” to proceed with buying crypto for gambling online with Changelly.

Depositing crypto using Changelly at Punt Casino.

A crypto deposit address linked to your Punt Casino account will then automatically be generated. DO NOT change this address in any way. Simply click “Continue” to proceed to the next step.

Example of a bitcoin deposit address.


Check out with MoonPay

A window will then pop up with a message to redirect to the MoonPay site (linked to Changelly) or to start a new transaction. If you have entered all your details to buy crypto using Changelly correctly, click on the redirect button and you’ll be taken straight to MoonPay to complete your card-to-crypto transaction.

Here, you will be required to provide your email address for verification before clicking ‘Continue”.

Using MoonPay to buy crypto online.

Now it’s time to check your inbox for a verification code sent from MoonPay. Copy the code and paste it into the field provided to continue to buy crypto casino credit using Changelly.

MoonPay verification code for buying crypto online.

Once your code is inserted and you’ve agreed to the terms and conditions for MoonPay, click “Continue”. You’ll need to choose whether you want to use a debit card to buy cryptocurrency for online gambling or link your bank account to your MoonPay profile.

Buying crypto using MoonPay allows you to use a credit card or link your bank account.

After selecting “Debit card” as your payment method, you’ll be required to enter a few basic details. This is to protect you and your funds from fraudulent activity when buying your coins. These details will be saved so you won’t have to add them every time you use this crypto exchange casino feature at Punt. Plus, there is very little info required – bonus!

Verifying details to set up an account with MoonPay.

Deposit Now

After entering a few of your basic details, you’ll be asked to insert your credit or debit card details to proceed. Once that’s done, follow the few remaining prompts and you can start playing casino games within minutes as you’ll have a topped-up Punt Casino account – voila!


What are the benefits of using Changelly to buy crypto?

If you’re looking to streamline your deposits with the easiest way to buy crypto using a credit card, then look no further than Changelly at Punt. This will cut out the need to register with various crypto exchanges and look for the best exchange rates on the web, as Changelly does this for you.

All you need to do is follow the steps above and you can benefit in various ways, including:


Benefits of Changelly:

  • A choice from a wide range of cryptocurrencies (over 500+)
  • Low card-to-crypto and crypto-to-crypto exchange fees
  • The service integrates with various wallets (including your Punt Casino account)
  • Very little personal info required
  • No need to register with various crypto exchanges to find the best rates
  • It’s easy to use and can have you gambling with crypto in minutes!

On top of this, you still get UP TO 15% CASHBACK ON ALL DAILY DEPOSITS at Punt.

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Choose Changelly for easy card-to-crypto deposits today!

As you can see, buying crypto using a credit card with Changelly for online gambling is very simple at Punt. Not only will you benefit from some of the best exchange rates you will find, but you’ll also have your deposits added to your account much faster.

And don’t forget, you can still claim Punt Casino bonuses and promotions when using Changelly to make your deposit. Just claim the relevant bonus code in the Cashier menu under Coupons and make sure you buy crypto in the required amount for claiming the bonus.

Bonuses and promotions at Punt Casino.

That’s it for now. Enjoy this stylish new feature at Punt. And remember to look out for more exciting features and crypto casino news – we’ll keep changing the game for the better as long as you’re playing it!

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Private key vs Public Key crypto.

How to Secure Cryptocurrency and Protect Your Digital Assets

February 26, 2023

How to Secure Cryptocurrency and Protect Your Digital Assets

February 26, 2023

Blog » Posts tagged "Crypto"

How to Store and Secure Cryptocurrency

One of the biggest benefits of cryptocurrency is also one of its slippery banana peels – when it comes to crypto storage, the buck stops with you. This means you need to take extra care when deciding how to store and secure cryptocurrency safely, which isn’t as simple as buying a nice leather wallet and popping them in there for safekeeping.

For this reason, it is important you have a crypto security checklist. There are many different ways to store cryptocurrency – each with varying pros and cons. So, in this article, we’ll examine the various ways you can store your coins so you can work out which is the best cryptocurrency storage method for you, and avoid cryptocurrency security issues.


Let’s Talk About Secure Cryptocurrency

The first thing to know when discussing cryptocurrency storage is to know what exactly you are storing. To understand this, we can compare a blockchain to a railway network. Imagine the trains on the network being the coins themselves, constantly moving around it.

Bitcoin train.

All coins share the same network and must remain on it at all times. This means you can’t simply lift your coins off the rails and hide them somewhere or store cryptocurrency in your sock drawer. 

Since you can’t physically remove your coins from the tracks, you need a secure place where you can lock them away until you need them. Of course, you’ll also need to know what and what not to do when using a crypto exchange.

When creating a cryptocurrency wallet of any kind, you are given a ‘digital address’ for each blockchain you want to use (e.g. Bitcoin, Ethereum, XRP). These addresses act as the depot on the network, keeping your coins in a separate track away from the main line.

So, if the address is where your coins are kept, what does the wallet do? The wallet protects the addresses from intruders, preventing cryptocurrency security issues or someone else from accessing the depot and removing the coins.

It also allows the legitimate owner to move their coins in and out, or interact with various crypto platforms, with different wallet types offering different levels of security and practicality to secure cryptocurrency safely.

With that understood, let’s get into the key aspects of cryptocurrency storage for the next point in this crypto security checklist.


Public Keys vs Private Keys

When you create a new crypto wallet to store cryptocurrency, there will be a few things to note down during the setup process. One of these will be the various public keys, while another will be the single private key. This is very important to prevent cryptocurrency security issues.

The public key is simply the address for each coin you want to add, so you won’t need to record this, but the private key is another thing entirely. The private key is the master password to your entire wallet, which is about as important as it sounds. Anyone who has your private key can import it into their own wallet and simply ship your coins out.

It’s for this reason that you should be 100% clear on who holds the private key to your wallet when you create one, which we’ll cover next.


Custodial vs Non-Custodial Wallets

When we talk about ‘custody’ in this manner, we’re not talking about custody of your coins, but rather of your private key. Custodial wallets are those that you typically find in an app store, including all secure cryptocurrency exchange apps, and are wallets over which you have limited or no control when you store cryptocurrency in these wallets. 

The private key is stored on a server belonging to the company running the service, which means you must put your faith (and funds) in the security of the company in question. You will also have to hand over personal information to comply with local regulations when setting the wallet up.

Custodial vs non-custodial crypto wallets.

Non-custodial wallets on the other hand are those that allow you to retain the private key, putting you in full control of your funds. Many non-custodial wallets will not require you to hand over personal information during setup, another reason why they are favored by the cryptocurrency community, which is something to consider for your crypto security checklist.


Hot Wallets vs Cold Wallets

Something else to factor into your decision-making when it comes to cryptocurrency storage is whether you want a hot wallet (software wallet) or a cold wallet (hardware wallet). This essentially refers to whether the wallet is connected to the internet or not, which can impact how you store cryptocurrency, and how secure cryptocurrency really is.

Hot wallets vs cold wallets for crypto.

As you would expect, wallets kept on mobile devices and computers are considered to be hot wallets because they are almost always connected to the internet when the device is turned on. 

This goes for all custodial wallets too. These are connected to the internet through the servers of the operator at all times. Hot wallets are usually used by people who want quick and easy access to their cryptocurrencies, for example, if they want to spend them in a shop or gamble with bitcoin online.

But hot wallets usually come with more security concerns – anything connected to the internet is at risk of being compromised. This means that these wallets are only as secure as the device on which they are installed.

Cold wallets, on the other hand, are wallets that are kept offline at all times. This makes them ideal for a long-term means to secure cryptocurrency. However, they are not the most convenient way to store cryptocurrency if you want to access your funds instantly.


Different Types of Cryptocurrency Wallet

Now we know the key terminology, let’s take a look at the different types of cryptocurrency wallets out there, and who they are suitable for.


Mobile Wallet

As we’ve already discussed, mobile wallets come in the form of apps and are usually custodial, although non-custodial mobile wallets are out there, and all are considered hot wallets. Here is a look at the Coinbase custodial mobile wallet.

coinbase mobile crypto wallet.

Mobile wallets are great for keeping small amounts of cryptocurrency as a backup form of payment. They’re also perfect for crypto gambling and other forms of online entertainment as you can seamlessly make deposits and withdrawals on mobile-friendly sites. Even though the technology has improved to make them more secure than ever, they are not suitable to store cryptocurrency in large amounts.


Desktop Wallet

Similar to a mobile wallet, desktop wallets are considered hot wallets, although there is a bigger choice of non-custodial desktop wallets to choose from to secure cryptocurrency.

These include the core client of a blockchain (for example the Bitcoin Core client), which allows the computer in question to act as a node, helping to confirm transactions and secure the network as well as send, receive, and store coins.

As with mobile wallets, a desktop wallet is only as secure as the device on which it is installed and should not be considered suitable for high-value or long-term storage – an important point for your crypto security checklist.


Decentralized Web Wallet

A decentralized web wallet is a hot wallet that allows the user to engage with the Web 3.0 world while storing cryptocurrencies and digital assets. These wallets are typically non-custodial and can be accessed through a browser plugin or mobile app, which puts the onus on the user to download the correct software in each instance.

Decentralized web wallets have become extremely popular with the growth of Web 3.0 and are much safer and help to prevent cryptocurrency security issues far better than the original type of web wallet, which is now largely defunct.


Hardware Wallet

A hardware wallet is the safest way of storing cryptocurrencies that exists today. Rather than being wallets themselves, these are physical devices that are needed to confirm every single cryptocurrency transaction the user wants to make.

Hardware crypto wallets from Trezor and Ledger.

The wallet part is typically a non-custodial mobile app that acts as the front end, with the hardware device used to confirm any transaction requested by the wallet. Put simply, no one can get funds out of the mobile wallet without confirming it on the hardware wallet first. Think of it as dedicated two-factor authentication for your crypto wallet to store cryptocurrency safely.

Hardware wallets are stored offline – ideally in a secure environment, such as a home safe (not your sock drawer) when not being used. This means they cannot be remotely compromised. Some are also ‘air gapped’, meaning they simply don’t have the functionality to connect to the internet in the first place.


Which Crypto Wallet Is the Best?

There’s no simple answer to the question of which crypto wallet is best to secure cryptocurrency, because all wallets fulfill different functions. The ideal solution is to have the bulk of your cryptocurrency protected by a hardware wallet, and have a small amount on a mobile app for trading or spending. 

This way, you have the practicality and flexibility of the mobile app and the long-term security of offline storage.

Oh, and never, ever, give your private key out to anyone. ?

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The Future of Bitcoin Casinos and Online Gambling

The Future of Bitcoin Casinos and Online Gambling

February 18, 2023

The Future of Bitcoin Casinos and Online Gambling

February 18, 2023

Blog » Posts tagged "Crypto"

Is Bitcoin the Future of Online Gambling?

The relation between bitcoin and online gambling, and what the future of bitcoin casinos may look like, is a trending topic due to the fast-growing adoption of cryptocurrencies in the online gambling sector.

Since as early as 2013, online casinos have been making the move toward accepting cryptocurrencies as payment, not only for player deposits but also player withdrawals. This brought about an entirely new breed of online casinos, and with them, a revolution that has changed online gambling forever.

Bitcoin slot reel.

But will this fast-growing trend last? Does bitcoin have a future in online gambling – or is bitcoin the future of online gambling? And if not, will other cryptos or forms of digital currency emerge as the go-to choices for crypto gambling?

Well, we have a few theories – backed by crypto market research and valuable information that may give you some insight into what the bitcoin casino future might look like. But first, let’s look at what bitcoin gambling is doing in today’s world.


The Current State of Bitcoin Gambling

Straight off the bat – recent events in the crypto space have only proven that crypto gambling is here to stay and that the future of bitcoins casinos is a healthy one. Markets have been on the brink of crashing, massive crypto exchanges have been shut down due to unlawful practices, and the crypto community finds itself in uncertain times as a result. 

Don’t get us wrong, crypto is not failing – not by a long shot. But of course, growing pains do apply, as with any emerging market. 

BUT! Even though cryptocurrencies have been facing these challenges of late, crypto gambling, specifically, has been on the rise. But why? Well, according to research, the industry shows a considerable growth rate of just under 11.5% a year.

This is said to continue throughout 2023 all the way to 2030, with predictions pointing at even larger growth beyond.

Global blockchain gaming market.

The latest bitcoin gambling statistics released by in early 2023 state that since the inception of crypto gambling, around 4% of all gambling activity is crypto-related, and players have wagered over $4.5 billion in bitcoin since – that’s only bitcoin, and the majority of this is only in the last few years.

So what does this positive growth for crypto gambling, in specific, mean when comparing it to the not-so-positive growth that crypto markets have experienced lately? Yes, investing in crypto is a volatile game and not for the faint-hearted, but it seems crypto gamblers, in general, are not too phased by current or past events. Let’s find out why.


Why Players Are Choosing Bitcoin Casinos Over Regular Online Casinos

Bitcoin gambling and crypto gambling in general offer various benefits for the player. Yes, the crypto casino also enjoys a few perks, which is another reason why crypto adoption among online casinos is growing at this rate.

But to understand why crypto casino players still prefer using bitcoin and other cryptos for online gambling in such unpredictable times in the crypto market, we should look at the benefits these players enjoy.


Benefits of Bitcoin Gambling

  • Instant deposits and much faster withdrawals than fiat currencies
  • Cheaper transaction costs than fiat currencies (sometimes only a fraction)
  • Improved security when transacting online
  • Convenience of payment methods and integrated payment technologies
  • Higher levels of anonymity

What this essentially comes down to, is that crypto players know that they can take advantage of these gambling benefits without needing to ‘invest’ in crypto. They are simply using it as a rejection-free, low-cost, safer, and instant payment method, rather than getting stuck in the red tape around centralized currencies issued by central banks and governments.

A player can simply deposit and withdraw using crypto with very few KYC requirements (if any) or restrictions from third-party payment providers. And the best part of all of this is that the gaming experience at crypto casinos is just as good as in traditional online casinos, if not better.

Which bitcoin casino games do players enjoy most? Here’s a look at the most popular bitcoin casino games in the US:

Popular bitcoin casino games in the US.

So now that we know why players prefer bitcoin gambling, which games they’re playing, and that crypto gambling is indeed on the rise, let’s take a look at what the future of bitcoin casinos might look like.


The Future of Bitcoin Gambling

Due to the nature of the business, online casinos have always been ahead of the game when it comes to technological advances and online security, finding innovative ways not only to entertain players but also to create a safe and user-friendly environment to do so.

But as the internet and online entertainment world evolved, online casinos needed to keep improving and find new ways to entertain players and ensure that their experience is as unique and seamless as possible, which is a never-ending cycle.

Now, you can imagine this is a very competitive market with new online casinos sprouting up left, right, and center, almost every single day. So if they want to last, they’ve got to get with the program.

And the new program is without a doubt, crypto. Blockchain and cryptocurrencies are almost certainly the future of online gambling – if not playing a very big part in it. The world is going digital, especially when it comes to finance, and in a digital world, digital currencies reign supreme – hell, even governments are looking into creating their own forms of digital currency.

Central banks around the world looking into the creation of their own digital currencies.

With the benefits that the technology offers, including security, transparency, cost-effectiveness, and decentralization, it’s easy to see why both players and online casinos are steering in the direction of crypto.

In the US, for example, reported that research conducted by Newzoo shows “around 73.9 million US residents are active users of online and bitcoin casinos. Among them, 52% gamble for real money, and 2.6% are high rollers.”

Now this includes both fiat and crypto casinos, but the ratio will most likely fall in crypto’s favor in coming years, and here’s why we believe why.


Crypto Gambling Trends Shaping the Future of Online Gambling

Blockchain technology and cryptocurrencies are not only becoming prevalent among online casinos but the entire e-commerce sector as well. Putting the current volatile markets aside – the benefits of blockchain tech are starting to creep into every corner of the internet, from gaming to buying goods and services online, and even building decentralized apps and entire Metaverses.

An image depicting the metaverse.

This is good news for crypto gambling and further proves that the bitcoin casino future looks promising. As blockchain technology improves, so do the use cases, which have resulted in numerous trends that will shape the future of online gambling.

Online casino trends in 2023 are one thing, but crypto gambling in particular has its own, unique trends thanks to the nature of the technology behind them. Let’s take a look at a few of the really interesting ones that will most definitely play a big part in the future of bitcoin casinos.


Metaverse Casinos

You may have heard of Decentraland and The Sandbox, which are probably the 2 most popular Ethereum-based metaverse and gaming ecosystems that allow users to share, create, and monetize digital assets and gaming experiences.

In short, they are basically digital worlds that players can access online and interact with each other, buy and create NFTs, purchase digital real estate for advertising, and play games. What if we told you that these digital metaverses also offer casinos? Well, they do.

Inside a metaverse casino. Metaverse casinos are the future of bitcoin casinos.

This is still fairly new in the online gambling world, but you can imagine what a big part metaverse casinos will play in the future of bitcoin casinos. They offer an immersive and interactive casino gaming experience that simulates a real-world casino environment (apart from the frog dealing a poker game, of course).

The key factor to consider here is that all goods, services, and activities in these metaverses are paid for using the in-world digital currency, such as the digital assets token for Dentraland called MANA, or SAND in The Sandbox.


Decentralized Gambling

With the creation of decentralized applications, casinos can offer games on a downloadable platform that can be played using cryptos and can even calculate the outcomes of the games using blockchain technology, which we’ll get to soon.

Decentralized gambling can also be defined as crypto gambling, as you’re using decentralized currencies to wager in casino games. As mentioned, crypto gambling offers many advantages, including safety, anonymity, and cost-effectiveness, and we can certainly see how this would appeal to players, and play a big part in the future of online gambling.


Seamless Payment Methods

Crypto technology has also improved the ways in which players deposit and withdraw from a casino. By using a mobile crypto wallet, players can seamlessly deposit their funds straight to their casino account, without delay, and without extra costs incurred by third-party payment providers.

Crypto wallets also offer a few unique features that can be integrated into payment methods using the blockchain. In Deccentraland, for example, you can connect your crypto wallet to your player profile by scanning a QR code via your crypto wallet, allowing you to easily pay for goods and services without lengthy deposit and withdrawal processes.

Punt Casino also offers a similar approach – no more credit card details and deposit forms here, buddy. You can simply scan a QR code via your crypto wallet to make a deposit, and insert your wallet receiving address when making withdrawals with very little identification and none of your personal banking details required.

The QR code crypto payment method at Punt Casino.

Of course, user-friendliness is very important to players, and technology such as this is really changing the game and continues to improve. With seamless payments and improved security (not to mention it’s cheaper), crypto payment methods are going to play a big part in the future of online gambling, which means the future of bitcoin casinos looks promising.


Provably Fair Games

What if we told you that players can now prove the fairness of the outcome in casino games using blockchain technology? The days of hoping that you are playing with a fair online casino are over because now, you can prove it.

“Provably fair” refers to an algorithm based on technology that offers a higher level of fairness and transparency in online casino games. The algorithm uses blockchain tech to produce random outcomes when the game is played, for example, shuffling the decks of cards in a blackjack game or generating random reel-stops in a slot to produce an outcome.

The provably fair algorithm generates an encrypted key, which looks similar to a crypto deposit or receiving address with the results of the outcome. The player can access this key along with a secondary key that allows them to verify the fairness of the outcome at the end of each round.

Games on our menu from the provider Spribe, for example, are all provably fair games and will allow you to verify the outcomes of each round when playing.

Spribe casino games are provably fair at Punt Casino.

Provably fair casino games will most probably have a big impact on the future of bitcoin casinos and that of the online gambling industry as a whole, especially with this technology improving and with casinos finding new ways to use it.


Bitcoin Casinos: The Future of Online Gambling

Bitcoin price prediction plays a crucial role in shaping the future of online casinos. As the world increasingly embraces cryptocurrency, Bitcoin’s value is expected to soar, opening up new possibilities for the online gambling industry. With the decentralized nature of Bitcoin and its potential for secure and anonymous transactions, online casinos can provide players like you with enhanced privacy and convenience. Moreover, as Bitcoin’s price rises, the value of winnings and payouts at casinos such as Punt increases. 

With all the technological advancements in the crypto space, the bitcoin casino future looks more than promising. Bitcoin and other cryptos will most likely shape the future of online gambling with massive breakthroughs in user-friendliness, payment methods, security, and even the games themselves and how we play them.

What the future of bitcoin casinos holds exactly, we can not say. But if you want to start experiencing the many benefits of crypto gambling, the Punt Casino is the place to do it. 

With over 1,00 crypto-friendly casino games, massive crypto bonuses and promotions, and a state-of-the-art crypto casino platform, you can take a peek at the future of bitcoin casinos, right here.


Bitcoin Casino FAQs


What are Bitcoin casinos?

Bitcoin casinos are online gambling platforms that use the cryptocurrency, Bitcoin, for transactions. They offer the same types of games as traditional online casinos but with the added benefit of using a decentralized currency.


Are Bitcoin casinos legal?

The legality of Bitcoin casinos varies by jurisdiction. Some countries have fully embraced the concept while others have placed restrictions or banned it entirely. It is important to research the laws in your specific country before engaging in any form of online gambling.


Are Bitcoin casinos safe and secure?

Bitcoin casinos can be safe and secure if they follow proper security protocols and have a good reputation in the industry. However, it is important to do your own research and only play at reputable and trustworthy casinos.


Can you win real money at a Bitcoin casino?

Yes, you can win real money at a Bitcoin casino. The games offered are similar to those at traditional online casinos and are designed to be fair and provide a random outcome.


How do you deposit and withdraw money at a Bitcoin casino?

To deposit money at a Bitcoin casino, you will need to have a Bitcoin wallet and sufficient funds in it. You can then send the funds to the casino’s Bitcoin address. To withdraw, you will follow a similar process in reverse, sending the funds from the casino to your personal Bitcoin wallet.


What types of games are offered at a Bitcoin casino?

Bitcoin casinos offer a wide variety of games, including slots, table games, and live dealer games. The specific selection of games offered can vary between casinos, so it is important to check before signing up.


What are the advantages of playing at a Bitcoin casino?

The advantages of playing at a Bitcoin casino include the use of a decentralized currency, faster and cheaper transactions, increased privacy, and access to a wider range of games.

Casino games catalog at Punt Casino.

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