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Ripple is moving into the Cryptocurrency Betting Space

Posted on January 10, 2019 | 10:25 pm

Ripple, also known as XRP thanks to its tradable token, is an odd-one-out candidate among other major cryptocurrencies. Unlike practically any other big private digital currency, XRP is privately owned. Also, unlike the decentralized bitcoin and other big cryptocurrencies, XRP is centralized and controlled by its owners and operators. This means that ripple cannot be mined and procured in this manner. Yet, in spite of these numerous factors that make many crypto enthusiasts shun it completely, ripple has been steadily gaining in popularity. This is seen on the digital exchange platforms, but more than anything, it is seen in social media.

Here, hashtags like #ripplearmy show a dedicated following of users and evangelist who are quickly becoming one of the bedrocks of a successful blockchain-based digital currency project, regardless of its particular fintech mechanics. Because of all of that, it might sound strange to think that so far, XRP has not been that present in the domain of cryptocurrency betting or as a supported means of payment on online casinos. Now, it looks like the casino industry has picked up on the clues and that ripple is edging closer to a big jump in the casino operator acquisition of the same token.

Recent Adoption

The wave of ripple adoption already began. The online cryptocurrency website 1xBet is the latest relevant casino to start accepting XRP. Interestingly, the same venture has already been accepting 19 other cryptocurrencies, including ethereum and the biggest one of them all, bitcoin. Currently, all point towards the certainty that 1xBit will not be the last casino in the near future to start using XRP.

Instead, it is likely that many others will embrace it, especially thanks to the development from a few weeks ago that saw ripple overtake ethereum as the second biggest cryptocurrency based on market capitalization. ETH has since then regained its silver crown, but the potential of XRP was shown very clearly. At the same time, XRP has some interesting advantages when it comes to its use in this context.

Using XRP for Online Betting

Similar to bitcoin cash, many have so far argued that using XRP in online casinos makes a lot of sense – even more than almost any other big cryptocurrencies. Naturally, there is the factor that allows XRP, like most other digital currencies, to beat fiat transactions that are costly and prolonged. Aside from that, this cryptocurrency offers full anonymity and will not store any personal data on an XRP wallet. The casinos that employ the same cryptocurrency payments will also avoid asking any private data, making the connection completely anonymous.

Furthermore, XRP is fast and an average transaction confirmation lasts about four seconds, easily bet ethereum with is 120 seconds. The network can handle in excess of 1,500 transactions every second, meaning that XRP can be easily integrated into any form of live betting services, which rely on speed. Additionally, XRP comes with insanely low transaction fees, which currently stand at about 0.00001 XRP. A single XRP token at the time of this writing costs just $0.32.

Lastly, XRP is an outlying candidate in the crypto domain, which is often a double-edged sword but in the case of sheer survivability, this is a big bonus. What does that mean? In the crypto domain, where cryptocurrencies are competing between each other in regards to their features and characteristics, XRP as a centralized and non-mineable entity is slightly out of the competition. This is due to the fact that there are no other cryptocurrencies like it. The result is that its chances of surviving years or even decades from this perspective seem very solid.

The Future of Ripple

As previously stated, ripple seems like an independent island in the crypto market, which is not swaying and moving along with the rest of the herd. This includes a smaller chance of a price breakout, but also a higher level of stability and less unforeseen volatility. The benefits that XRP provides will make it an interesting addition to any casino payment option, so the industry is bound to see more of the same in the coming period.

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