Category: Bitcoin

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Bitcoin Bitcoin Cash Bitcoin.com Games Crypto News

Free Spin Mondays – Claim & Win Bitcoin on Bitcoin.com Games

Bitcoin Games Free Spins Mondays
Bitcoin Games Free Spins Mondays

Bitcoin Games, a popular online casino, are running a special promotion every Monday offering 50 free spins on their online pokies games. Eligible players can claim their free spins and try to win BTC.

How To Claim Your Free Spins

The ‘Free Spins Mondays’ promotion is available for all Bitcoin.com Games. To claim the reward:

  1. Go to the Bitcoin Games website
  2. Click Sign Up
  3. Verify your email address
  4. Deposit $50 AUD
  5. Wager $50 AUD on games
  6. You will then receive your 50 free spins

The minimum deposit to be eligible for the bonus is $50 AUD in currency equivalent Bitcoin (BTC) or Bitcoin Cash (BCH). The maximum amount a player can win from the Free Spins is $100, rewarded in Bonus Money. Free Spins rewards will expire after 3 days if unused. For more details, read the terms and conditions of the promotion directly on Bitcoin Games website.

About Bitcoin.com Games

Bitcoin.com Games logo

Bitcoin.com Games is an online casino where you can play popular games using Bitcoin (BTC & BCH). Players from Australians and worldwide can play over 110 games which include Slots (Pokies), Table games, Live casino, Jackpots. Features include playing anonymous without KYC or creating an account, instant deposit & withdrawals – no waiting to cashout, and 24/7 support.

Gambling Addiction Support

Gambling addiction is a real problem for some people – if you need help please call the Australian Gambling Hotline 1800 858 858 or visit gamblinghelponline.org.au for support.

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Bitcoin Crypto News

Quantum Computers Are Not a Threat To Bitcoin (Yet), Expert Explains

Quantum Computers Are Not a Threat To Bitcoin (Yet), Expert Explains

Andreas Antonopoulos, a Bitcoin advocate, and expert Bitcoin technologist said in the recent interview that a quantum computer would not pose any threat to the Bitcoin (BTC) network, provided that technical updates and developments don’t stagnate.

A Question on Bitcoin’s Security

Bitcoin is the first successful decentralized digital currency for transferring value, and it currently has a market capitalization of $929 billion USD during press time. Presently, it’s believed that BTC transactions or networks cannot be compromised by an adversary, thanks to blockchain, which is the technology behind every cryptocurrency, including Bitcoin. 

In the future, however, some claimed that Bitcoin security could be cracked using a more complex and powerful system, like quantum computers. Such a computer is capable of breaking the mathematical difficulty and key cryptographic protocols used in securing Bitcoin and other cryptocurrencies.

Antonopoulos spoke on this, saying that a quantum computer would possibly break into the BTC network only if quantum-resistant updates weren’t made to the Bitcoin network. 

Are Quantum Computers a Threat to Bitcoin Security?

I don’t think so. Not in the short term simply because we don’t have a quantum computer capable of breaking Bitcoin’s key size. In the medium to long term, possibly, but only if Bitcoin development stagnated, and there weren’t upgrades to quantum-resistant signature algorithms.

Antonopoulos answered.

Quantum computers can only impact Bitcoin’s key signature algorithms, not the hashing. This is because BTC ASIC mining machines are extremely fast compared to the estimated clock speed of near-term quantum computers, meaning that hashing is more robust compared to quantum computers. So, upgrades are needed for the BTC key signature algorithm, “if/when quantum computers get fast enough,” Antonopoulos added. 

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Australia Bitcoin Scams

Financial Analyst Warns Of Crypto Scams, Advises Aussies To Be Cautious About Dazzling Deals

Speaking to ABC News, financial analyst Martin North warned crypto enthusiasts across Australia about the pitfalls associated with new crypto websites – whether they are exchanges or something else, such as shady individuals posing as investment advisors.

We have seen these actors pose as famous Australian people such as Dick Smith and Hugh Jackman to name but a few who have been targeted in these crypto scams.

Financial Analyst Martin North – source

Banks Cannot Help You

Mr. North stated that as crypto increases in value, the number of bad actors scouring the net to find naïve investors will also increase. Furthermore, Australian banks, if willing to help, often can’t do much themselves – as long as a transaction was done willingly, banks have a hard time recovering funds sent to fraudsters.

“A lot of it is actually through social media like Facebook groups or other online forums and in some cases this unfortunately points you not to necessarily very legitimate operators. And so it is quite feasible to get caught with somebody offering what looks like a great deal with regard to investing in crypto but it might not actually be a real company, it might be a scam company, a lot of those are offshore. And the problem of course if it’s offshore is that it’s not caught or protected with any legislation that protects Australian companies.”

For instance, Sylvia Chau – a Sydney resident who lost $2.6 million to an unlicensed crypto broker named Blue Lexus – was unable to get her money back. She later filed a case with the AFCA, who stated that although a few errors had been made by the bank in the handling of the case, they were not liable.

How to Spot Crypto Scams

However, situations like these can generally be avoided with a little sleuthing. For instance, dubious companies may often claim to be active in the crypto domain for years. Using services like the Internet Archive, we can easily check if this claim is true or not. Other platforms like Web Of Trust also allow you to check what others have to say about the website you plan to visit.  

Although banks will not always be willing to help in case of a mishap, a little bit of caution can help you avoid crypto scams – and the headaches.

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Bitcoin Cryptocurrencies Trading

JPMorgan Strategists Reportedly Anxious About Bitcoin Taking A Little Tumble

Although in the past when resistance levels looked less than auspicious, bulls returned and kept the price of Bitcoin flying high. Now, JPMorgan Chase & Co. strategist Nikolaos Panigirtzoglou seems worried about the future of Bitcoin, according to a note published by him and fellow strategists.

Price Must Go Back Above The 60K Level

According to Panigirtzoglou, Bitcoin futures markets have largely been liquidated in the past few days, similar to the middle of previous months – and he foresees momentum stalling, if not quite fizzling out.

“Over the past few days, Bitcoin futures markets experienced a steep liquidation in a similar fashion to the middle of last February, middle of last January or the end of last November. Momentum signals will naturally decay from here for several months, given their still elevated level. Whether we see a repeat of those previous episodes in the current conjuncture remains to be seen.”

Although the price of Bitcoin soared to around AUD 83,700 around the time Coinbase was listed by NASDAQ, 1 BTC is currently worth around AUD 71,200 (at the time this article was written).

Some bearish traders allegedly predict that the lack of momentum may push the price even further back down to around AUD 64,500.

However, even if this scenario plays out – and it’s quite possible that it will – Bitcoin’s overall growth throughout 2020 and 2021 so far has been spectacular – and small nosedives happen all the time, after which prices tend to continue steadily climbing.

The note is not completely gloomy, however: it also notes that the hash rate seems to have recovered, and that going forward the amount of BTC liquidity should increase – and remain high.

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Australia Bitcoin Crypto News Cryptocurrencies

All Australians Can Now Get Wages Paid In Bitcoin

Australian fintech company Living Room Of Satoshi released a service allowing its users to automatically set aside a portion of their salary as Bitcoin savings.

In order to use the service, the customer must switch the bank account where their salary is received to the one provided by Living Room Of Satoshi. The company will then automatically deduct the indicated amount from the user’s wage, converting it to Bitcoin and placing it in their wallet. The remainder will be sent to the bank account indicated by the user.

Set Up Savings in BTC

Living Room Of Satoshi is not a new player in this space. The company has been involved in cryptos since 2014. Their focus seems to be on allowing anyone to pay their bills, expenses and credits directly with cryptocurrencies, without having to convert them to cash first.

According to Daniel Alexiuc – chief executive of Living Room Of Satoshi – the company was founded when he spotted the opportunity to build a service addressing those who would like to hold cryptocurrencies, but don’t want to spend time managing a balance in cryptos. Instead, the process works more like a “route to savings account” option, similar to what is often offered by many banks.

Bitcoin has seen its price rise astronomically in the last 6 months, which has triggered an unprecedented buy-in from institutional investors. We wanted to provide an option for regular folks in Australia to also join this burgeoning ecosystem — and the simplest and most pain-free way is to have a small percentage of your wage converted and sent to you when you get paid.

Daniel Alexiuc, CEO of Living Room Of Satoshi

The name of the company came from the idea that at the end of the day, Satoshi Nakamoto might be sitting down in his living room paying his bills using the vast amounts he mined shortly after inventing Bitcoin.

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Australia Bitcoin Investing

Crypto Piggy Bank Launches To Help Kids Save Bitcoin

Strive, a UK-based company focused on teaching young kids the basic tenets of finance, has built crypto piggy banks that allow crypto-savvy parents to give kids a time-honoured way of helping kids learn about the value of cryptocurrency.

The piggy banks connect directly to any external wallet to display the BTC balance. This is designed to help parents introduce their children to cryptocurrencies in an innovative way.

Penny the piggy bank – source

While a child may not care much about hash rates and mining difficulties, they may very well care about the increasing sum displayed on the gadget’s digital display counter. It can display in USD, EURO and AUD and 30 other currencies. Other versions may be available as shown on the original Kickstarter.

The Future Of Money

According to Andrew Birt – the co-founder and CEO of Strive – the gadget priced at $149 USD aims to fill the niche left open by the skyrocketing adoption of cryptocurrencies. While there are a myriad of children’s books breaking down the advantages of delayed gratification, cryptocurrency has jumped onto the scene recently enough that even the majority of adults are still confused about it.

“Without a doubt, the crypto market is here to stay. With $2T now stored in crypto across 68M crypto wallets around the globe, there’s still a surprisingly visible lack of resources to teach kids about digital currency. This is why we’ve built Penny the Pig – to give everyone a simple, safe and responsible way to explore the space of cryptocurrencies and learn about the future of money.”

Andrew Birt gives his son pocket money in Bitcoin himself – and says his son used to ask him constantly to check the price of Bitcoin on his phone. Now, he no longer has to.

Example of a kid receiving payment for making her bed – source

Penny the pig and the kids can:

  • Pay allowances (set as regular payments or one-off payments)
  • Set goals to help kids learn how to save
  • Make chores fun with set tasks and rewards
  • Send the kids encouraging video messages
  • Get others to add to the bank for birthday presents

With a bit of luck, the next generation of children will be better prepared – and if Australia is any indicator, the signs are promising.

If you want to buy a piggy bank there is an initial limit of 1000 units so you’ll need to be quick. They also accept BTC or ETH as payment. Currently only Coinbase wallets are supported with more to follow.

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Bitcoin Blockchain Crypto Exchange Crypto News

Lightning Network Goes Live on OKEx Exchange for Faster BTC Deposits and Withdrawals

Crypto exchange OKEx has announced the integration of the Lightning Network into its platform, allowing faster and cheaper BTC withdrawals and deposits.

The Lightning Network is a layer 2 protocol with a bi-directional payment channel, designed to provide scalability and higher throughput.

By integrating layer 2 solutions like the Lightning Network, OKEx is able to offer an improved trading experience to its users — with lower costs and faster transactions — alongside supporting the Bitcoin ecosystem by increasing the number of participating nodes.

OKEx

Number of Nodes Doubling as BTC Grows

The number of nodes in the Lightning Network has doubled as corporations have started adopting BTC and Blockchain. According to data from Bitcoin Visuals, the number of active nodes reached 10,000 this month, with $69 million in locked value.

Before OKEx, Bitfinex was one of the first exchanges to adopt the Lightning Network, followed by Kraken, CoinCorner and OKCoin. The number of companies embracing BTC has doubled in the last five months and it looks like it keeps growing.

Bitcoin is trading at $73,225 AUD, slowly recovering from the market crash that happened this weekend. Its price tumbled below $67,300 AUD following the massive liquidation of high leveraged traders on Binance and other exchanges, causing a market crash that dragged most altcoins with it.

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Bitcoin Crypto News Sports

English Football Team Southampton FC Can Now Pay Players in Bitcoin

English Football Team Southampton FC Can Now Pay Players in Bitcoin

Southampton FC, an English professional football club, has secured a new sponsorship deal with Coingaming Group, the leading operator of Sportsbet.io, which will enable the club to distribute performance bonus to players in Bitcoin (BTC).

The Saints Players to Receive Bonus in Bitcoin

According to the announcement, the football club, which is nicknamed “The Saints”, signed a three-year sponsorship deal with Coingaming Group last week. The new offer comes as an extension of a one-year sponsorship agreement between Coingaming Group and Southampton FC at the start of the season for the 2020/21 campaign.

This means Coingaming Group’s Sportsnet.io will continue to be the shirt sponsor for The Saints until 2024.

This is the biggest sponsorship deal ever secured by the English football club, according to the announcement. The interesting part of the renewed sponsorship deal is that Southampton players can choose to receive bonuses in Bitcoin. So, for the stated period of the sponsorship, Southampton FC will distribute performance bonuses to players in Bitcoin at the end of every season.

Our first season as Southampton FC’s main club partner has already exceeded all expectations. We’ve been inspired by the passion of the club and its fans, and it was an easy decision for us to extend our partnership with the Saints for another three years. [..] We can’t wait to continue this journey with the Saints, and we’ll be doing everything we can to support the team and its community into the future.

Maarja Pärt, CEO of the Coingaming Group

Soccer Teams Are Embracing Crypto

The development today is one of the things that drive more attention and adoption of Bitcoin and other cryptocurrencies among football players and clubs. Moreover, some professional football teams, including Manchester City, have launched fan tokens as a medium to strengthen engagement with their supporters.

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Bitcoin China Crypto News

China Sees Bitcoin as an “Investment Alternative” Say High-rank Officials

After almost five years of harsh regulations regarding the issuance of cryptocurrencies, it appears that China has shifted the tone on Bitcoin, calling it an “investment alternative”.

China’s former Central Bank governor, Zhou Xiaochuan, and Li Bo, current deputy governor, shared their thoughts about the future role of cryptocurrencies in the financial system.

We regard Bitcoin and stablecoin as crypto assets… These are investment alternatives. […] They are not currency per se. And so the main role we see for crypto assets going forward, the main role is investment alternative.

Li Bo at the Boao Forum for Asia

Crypto Could Play a Major Role in the Future

China has been known for having a harsh stance against crypto assets. In 2017, local authorities closed several crypto exchanges and banned initial coin offerings, causing immediate price drops.

It seems their stance has softened, as the country is currently studying Bitcoin and other assets — while maintaining current regulations.

We believe that crypto assets should play a major role in the future, either as an investment tool or as an alternative investment. Many countries, including China, are also studying it as an investment tool.

Li Bo

China Is Studying a New Regulatory Environment

The two officials said the authorities would maintain the current legislations for crypto assets. Due to the market’s inherent volatility, China is studying what kind of regulatory body there should be to avoid financial risks.

If it is used as an investment tool, many countries, including China, are also studying what kind of regulatory environment should there be for such an investment method. Although this regulatory  rule is the minimum regulatory rule, there are still regulatory rules.

Li Bo

On the other hand, Xiaochuan said people don’t need to know the technology behind digital assets or whether they are decentralised because they don’t understand it. He added that whatever the use case for cryptocurrencies, they should not be used for illicit activities such as tax evasion or money laundering.

The Market Slowly Recovers

These comments were well received by the community after the crypto market crashed on the weekend. As reported, Bitcoin and most altcoins suddenly tumbled, wiping $310 billion USD from the market, liquidating over 1,300,000 traders.

The market is currently recovering. Bitcoin managed to stay above $55,000 USD, while other currencies like Binance’s BNB and ETH recovered 20% and 10%, respectively.

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Bitcoin Bitcoin Mining Crypto News Markets

939,185 Leveraged Traders Lose Big In The $10 Billion Liquidations Caused By The Latest Bitcoin Dip

On 18 April 2021 Bitcoin experienced one of the greatest dips in its history, bringing much of the crypto market down with it. Nearly one million traders’ accounts were liquidated in about an hour due to the downward spike.

According to the data on CoinMarketCap, the total market capitalization of cryptocurrencies around the world went down by about $310 billion in less than 24 hours, shrinking the market from more than $2.2 trillion to less than $1.9 trillion.

Xinjiang Grid Blackouts to blame?

A coal mine explosion in Xinjiang on April 10, caused blackouts and took days to tank bitcoin’s hash rate. The hashrate plummeted from an all-time high above 215 exahash per second on Wednesday to about 120 exahash per second early Sunday.

Since April 15, the Bitcoin network hashrate has dropped more than 49% after touching an all-time high at 218 exahash per second. Regional reports noted that in China the Xinjiang grid is having blackouts and “safety inspections.”

Popular market analyst Willy Woo shares that the Bitcoin hashrate and its price have always been correlated. And thus, following the blackout in Xinjiang, yesterday’s price action followed the collapse in the BTC hashrate.

China Mining Dominance

Following these events, some have even questioned if there isn’t an over-reliance on mining efforts from China. Since about 50% of the hashrate comes from China, if something more serious had to happen it could have serious effects on the global Bitcoin network.

An increase in global Bitcoin mining efforts will reduce the odds of such a hashrate collapse. In the U.S., mining firms are one of the targets of the new bill released in Kentucky. Lawmakers have approved a bill that proposed tax breaks for mining operations set up in the state. One of the proposals in the bill was the removal of the tax duty of electricity for Bitcoin mining.