The number of online gambling sites accepting cryptocurrencies is increasing rapidly. And we all know that this is happening only because more and more people are investing in crypto and therefore also use it as any other currency to buy groceries or placing bets at an online casino. Bitcoin is available on almost all crypto casinos, surprisingly, but other cryptocurrencies are also added to most of the modern crypto casinos’ portfolios of accepted currencies.
Ripple’s XRP and Cardados’ ADA coins are one of the most common currencies to spin the reels at online casinos these days. Before you go and exchange EUR or USD to crypto and start wagering, It’s probably better to read the basics about these two cryptocurrencies.
Ripple (XRP)
So, Ripple is a company that made a digital currency called XRP. They wanted people to use XRP to buy and sell things, kind of like using money. But, the United States Securities and Exchange Commission (SEC) thinks that XRP is more like a stock, which means it should follow certain rules that stocks have to follow.
Ripple and the SEC are having a big fight in court to decide whether XRP is a currency or a stock. Ripple says it’s a currency and the SEC says it’s a stock.
If the court decides that XRP is a currency, then Ripple can keep doing what it’s doing and people can still use XRP like money. But, if the court decides that XRP is a stock, then Ripple might have to follow different rules, and it might be harder for people to use XRP to buy and sell things.
So, it’s kind of like two people arguing over whether something is a toy or a tool. One person thinks it’s a toy and the other person thinks it’s a tool. The court will decide who’s right and what rules they have to follow.
Cardano (ADA)
Cardano is a cryptocurrency that was started by Charles Hoskinson. Hoskinson was actually one of the co-founders of another well-known cryptocurrency, Ethereum, but he left that project and started Cardano in 2015.
The idea behind Cardano is to create a more advanced blockchain technology than what currently exists. Blockchain is basically a way to keep track of digital transactions, and it’s what allows cryptocurrencies like Cardano to work. But, Hoskinson thought that the current blockchain technology had a lot of limitations, and he wanted to create something better.
So, Cardano was designed to be more scalable, more secure, and more sustainable than other cryptocurrencies out there. It’s also built to be more transparent and accountable, which means that people can see how the system is working and make sure it’s fair.
Now, as for why the value of the ADA (the Cardano cryptocurrency) has dropped so much from its peak, there are a few factors at play. One of the biggest reasons is simply that the entire cryptocurrency market has been pretty volatile lately. The value of most cryptocurrencies has gone up and down a lot over the past year or so, and Cardano is no exception.
Another factor is that there has been some criticism of Cardano’s technology from other people in the cryptocurrency world. Some have accused Hoskinson of overpromising and under delivering, meaning that he’s made a lot of big claims about what Cardano can do, but hasn’t necessarily followed through on all of them yet.
There’s also been some concern that Cardano is too centralized, meaning that there are a few key players who have a lot of control over how the system works. This goes against the ethos of decentralization that is central to many cryptocurrencies.
All of these factors have contributed to the drop in ADA’s value, but it’s worth noting that the cryptocurrency is still worth a lot more than it was when it first launched. And, as with all cryptocurrencies, the value could go up or down dramatically in the future.
Overall, Cardano is an interesting project that has some ambitious goals for improving blockchain technology. Whether it will ultimately succeed in those goals remains to be seen, but it’s definitely worth keeping an eye on for anyone interested in the world of cryptocurrencies.
Extra thrill for your casino session?
While gambling in general is not advisable, it can be so exciting and thrilling. Gambling using cryptocurrencies gives an extra adrenaline kick as the actual currency you’re using can increase its value drastically while you’re enjoying the slot games.
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Source: https://www.thecoinrepublic.com/2023/03/12/increasing-interest-of-betting-with-cryptocurrencies/