MintDice, the World’s Top Bitcoin Casino, Introduces New Levels of Trust and Security

Cryptocurrency casino company MintDice is an online Bitcoin casino that … These include Bitcoin, Litecoin, Ethereum, Ripple, Dogecoin, Blocknet, …

Cryptocurrency casino company MintDice is an online Bitcoin casino that offers players the option of playing and investing with several different cryptocurrencies. Powered by trustless betting algorithms based on blockchain technology, it provides a new level of security and trust.

Internet gambling is an increasingly growing trend across the globe. In the world of digital currencies, cryptocurrency casino popularity is rising: it is the new and improved way to gamble, with frictionless transactions as well as provably fair algorithms the chief factors driving uptake.

MintDice is the leader of this major virtual gaming shift. The online Bitcoin casino offers multiple cryptocurrencies. These include Bitcoin, Litecoin, Ethereum, Ripple, Dogecoin, Blocknet, NEO, Decred, ZCoin and more. MintDice’s core mission is to maintain a gambling service that is fun and social – involving everyone in its community.

Bitcoin and other cryptocurrencies have merged themselves into the gaming world, innovating the way people game online. Online gambling is now becoming more popular, allowing wider access to grow the multi-billion dollar industry. The combination of two of the technology industry’s largest sectors (games and cryptocurrency) ensures greater interest and usership from around the world.

The MintDice edge

Despite it being relatively new on the scene MintDice has already gained a reputation as one of the world’s leading Bitcoin Casino for Bitcoin Dice, Slots, Plinko and other games, mainly down to its ability to access a new level of trust between gamers and virtual casinos.

True to the concept of community, it also offers new investment opportunities, masternode/staking revenue, unique site features, and multiple classic casino games to enjoy and wager on. MintDice is aiming to continuously add new and improved features rather than remaining static and this potentially includes introducing new games and markets.

CEO of MintDice, Bryce stated the following:

“We are relatively new to the scene in what seems like a somewhat sleepy market but we are slowly gaining interest that is fairly apparent on our backend sheets and trust in the community.”

MintDice prides itself on being a reliable platform with a low house edge. Utilizing its fairer, more trustworthy and overall better algorithm, MintDice allows players to review their bets which consequently confirms their random outcome and security, proving independently they aren’t being taken advantage of by the house.

A trustworthy ecosystem isn’t the only goal MintDice is hoping to achieve and maintain. It has been designed with a user-interface boot that prioritizes speed and functionality.

It also offers investments for even more opportunities to win and profit, free from risk. One opportunity is the Masternode/Staking investment where users can invest at a cheap rate in shared Masternode pools and receive payouts from the Bitcoin casino’s profits (dependant on the investment capacity).

The other is MintDice’s “Be The Bank” offer. Here, users receive a portion of profits from a pool that takes 15% of each bet placed at the site, depending on how much the users holds. MintDice is confident that all user funds are at no risk and that its goal is to always provide complete transparency to its users, as members of a safe, social and accessible community.

To get the details of MintDice investment opportunities, read up the investment guide.

Already a new global leader in cryptocurrency casinos, MintDice knows there is still always room for improvement. Its main mission continues to be that of constant development, with more and more ideas are coming into play, including a versatile rewards program, further additions to its current social games and two new “first to market” games (expected to be released by the end of this year).

Find out what the future of crypto gaming looks like by visiting the MintDice platform now.

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Ajeet Khurana explains how Bitcoin is a social marvel, and what makes people wary of it at …

MediaNama conducted a boot camp on understanding cryptocurrencies, supported by Zebpay, in New Delhi on August 23. Khurana gave a lowdown …

Home » #NAMA events, #NAMAbootcamp, Ajeet Khurana, bitcoin, Blockchain, Cryptocurrencies, Cryptocurrency

By Aditi Agrawal ( @aditi_muses aditi@medianama.com ) September 9, 2019

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“Unlike other technologies such as AI, machine learning, etc., blockchain is a social and human behaviour marvel,” Ajeet Khurana, the CEO of Zebpay, said to highlight how blockchain and Bitcoin should be understood.

MediaNama conducted a boot camp on understanding cryptocurrencies, supported by Zebpay, in New Delhi on August 23. Khurana gave a lowdown on the different aspects of Bitcoin — the token, the network, and the software.

The term ‘bitcoin’ has multiple meanings

Bitcoin has three meanings:

  1. Token: as the cryptocurrency token
  2. Network: the physical network, such as the internet. It is the network where people run computers/phones and includes every one of us who runs such a node.
  3. Software: A program called the Bitcoin that can even be downloaded on a mobile.

Lightning Network for micropayments

Bitcoin costs about ₹7.3 lakh today. However, it is possible to buy a very small fraction of it — one hundred millionth of it. “That means, you can buy a part of Bitcoin for less than 1 rupee,” Khurana said, “though in reality, your transaction fee will be greater than the money you are putting.”

As a result, there is a layer-2 technology, built on top of a blockchain-based cryptocurrency, called Lightning Network that allows you to break a Bitcoin into a 100 million parts. “Just as you have a rupee and a paisa, you have a Bitcoin and a Satoshi,” Kharana said.

1 rupee = 100 paise

1 Bitcoin = 100,000,000 Satoshi

A Satoshi “can be broken further upto 3 decimal places, and eventually more, on the Lightning Network when it has to be used for [micro]payments,” Khurana said.

Mining is a misnomer, Bitcoin (token) is like the Happy Meal gift

“Mining is a very bad term because it means the Bitcoin is gold, that’s why it has to be mined. But, it is basically a software activity that involves solving a complex cryptographic problem.” — Ajeet Khurana

As a result, “we have started giving an extremely high incentive to the token”, just as children covet the free gift with a McDonald’s Happy Meal more than the meal itself, Khurana explained with an analogy. “Because this extraordinary influence has been attributed to that token, we are not looking at the fact that there’s a food industry, there’s a restaurant industry, there’s a specific restaurant called McDonald’s, there’s a whole menu, we are only focusing on that [free gift/token],” Khurana said.

Ajet Khurana

“Bitcoin, the software, is unhackable,” Khurana said.

Why is Bitcoin, the software, unhackable?

  1. Simple, unhackable language: The cryptographic challenges to earn Bitcoin are written in a simple programming language, called the Script, which was developed by the elusive Satoshi Makamoto especially for Bitcoin. “If it was C, Python, etc., we would have all the vulnerabilities. … [Script] is an extremely weak language, and thereby unhackable. … It uses something called stacks which [because of which] there are no two ways of achieving the same thing in that language,” Khurana said.
  2. No economic incentive for miners to carry out a 51% attack: Zebpay conducted a study along with Prof. Saravanan Vijayakumaran of IIT Bombay, and released a white paper, “The Security of the Bitcoin Protocol”. In that, he wrote, “The Bitcoin protocol does not provide any cryptographic protection against a 51% attacker”, which, as Khurana explained, meant that “if all people who are running the Bitcoin network, if greater than half of them decide to hack it, it can be done, but there is no incentive for miners to do that” as a such a directed hack, would undermine the Bitcoin as a payment system, and reduce the value of Bitcoin token.
  3. Bitcoin network invulnerable to brute hacking: Khurana explained that even “if you take the 500 most powerful supercomputers in the world today, the ones that operate using optics, not semi-conductors, and that operate at 0 degrees, in super cool environments”, the Bitcoin network could not be hacked.

Application of Bitcoin: Notarisation

Khurana gave the example of the site, Proof of Existence, which uses Bitcoin “at the point of issuance of a digital asset, such as a song or a movie or a degree certificate or a land record or any of those” to explain how Bitcoin can be used to create official, tamper-proof, public records: “I can write the digital representation of this degree certificate on the Bitcoin blockchain. Unlike exchanges and people’s digital wallets, Bitcoin has never been hacked. Now tomorrow, if the university or any other issuer of digital asset to me dies, … If I had written it on the Bitcoin blockchain, the verifying authority can say say, ‘Show me your degree certificate. I can take its digital representation, go back to that date and every transaction on the Blockchain is timestamped.’ I can go to the exact second at which this transaction was made 30 years ago and check if this digital representation was issued and if it this certificate is genuine — even if the issuer says I didn’t issue it, even if the issuer is not to be found, even if you don’t know whether such assets existed at that point of time. So, this is Proof of Existence. This can be done on the Bitcoin network.”

5 things you need to consider about blockchain

Khurana raised five questions around blockchain and cryptocurrency that most affect the regulatory and perceptual landscape:

1. What if blockchain is not allowed to flourish?

2. What if blockchain is okayed, but cryptocurrency is not?

  1. Blockchain allows decentralisation: Blockchain marks a “paradigm shift” as it allows decentralisation.
    • Node: In blockchain, this money is put in by “people who run computers”, and each such computer is called a “node”.
    • Phones can also be nodes: This Bitcoin software can be downloaded to your phone, so that your phone becomes a node, “effectively contributing your power there and the ₹3,000 crore that we wanted to account for will come as a sum total of all of this so there is no central banker”.
    • Just as banks run an ERP (enterprise resource planning software) software, blockchain runs on a software called Bitcoin.
    • Costs are decentralised: In traditional banking, an ICICI bank, an HDFC bank, and the intermediate payment clearance system spend ₹100 crore each every year to run their computers.

“It costs ₹300 crore to get your NEFT payment to me because these banks, all three players are paying 100, 100 crore rupees, Blockchain will cost at least ₹3,000 crore.” — Ajeet Khurana

  1. No central banker: In traditional systems, setting the interest rates, devaluing currency, etc. are activities done by representatives of people such as the RBI. “Even in a dictatorial setup, there is some sort of group of experts who are authorised to this,” Khurana said, but with cryptocurrencies, all of these elements are pre- and collectively determined as these are algorithmic money.
  2. Bitcoin is democratic: Khurana said that except Artificial Intelligence, all technologies are democratic . “Everybody has a mobile phone, everybody has internet access, everybody can do cloud, everybody can do e-commerce. Same with blockchain, now everybody can do money. The roles of the RBI, the banks, the tertiary financial institutions, other intermediaries, and the final customer — all of these have been coded into the Bitcoin algorithm, in their own way, it is… it’s an analogy, right?
  3. Bitcoin is algorithmic money: “Money as we know today is political money” but “Bitcoin has a parallel system, which is called the Bitcoin programme, so whether there are 21 million coins, how many minutes” are determined by the algorithm, Khurana said.
    • Advantages of algorithmic money:
      1. Accessible to all: “All of you can read the algorithm.”
      2. No central banker, no biases: “No central banker, there won’t be a group of experts using their wisdom positive biases, and/or negative biases, one way or the other, to make these decisions for you.”
      3. Pre-made decisions that are changed collectively: “These decisions are pre-made and, if sufficiently, required can be changed if everybody agrees. Everybody usually means greater than 50%.”
      4. No market-driven surprises: “You will not be surprised by inflationary or deflationary pressures or liquidity increasing in the market or decreasing because it is all pre-told. … We know that upto 2140, how many Bitcoins will be released in what number of minutes every day.”
  4. Blockchain is similar to the cloud, both need to be public to be fully realised: Just as you can create a public and private cloud for companies and individuals, as well as hybrid clouds, you can also set up a private blockchain ”which can run without a cryptocurrency or token”. But just as a private cloud “defeats the purpose of cloud computing”, a private “blockchain has the same mechanism”.

3. Why does this whole ecosystem make people wary?

ONE: Everybody can create their own cryptocurrency. “Today, I could say, ‘You know what, this is my currency. This is called Ajeet’s coin. This is worth 1 lakh rupees’.”

but … For the currency to have any value, a certain number of people have to adopt it. Thus, the problem is not that people can print their own notes.

TWO: Tulip mania driven by greed and fear. People start behaving irrationally as they are too afraid to miss the bus. In that scenario, it is easy to dupe people and tell them, as Khurana explained, “You know what? Bitcoin costs like ₹7 lakh, what nonsense are you saying? You will buy it for ₹7 lakh? Instead, you know, I have this coin, let’s call it Shitcoin, right? This costs only ₹7 and this is exactly the same. Same blockchain, everything is the same.”

Power of Bitcoin: “The only thing intrinsically true about Bitcoin which [makes it] a magnet for scam is that it is such a powerful thing that these leeches and parasites around it come and start selling their own versions of it which are obviously nonsensical and people, [for the fear of missing out on a lucrative deal, fall prey to it]”. — Ajeet Khurana

4. What is the value of Bitcoin? Value ≠ Price of cryptocurrency

“Value, mining, value and using that word value to mean price. They are totally unrelated … not totally unrelated, but they are two very separate things. Market price and the value of Bitcoin such as you know how much money does it take to mine the Bitcoin and those kind of things. These are fairly different things, price is a function of market, whether you make a profit or loss is your problem. Value is societal at an economic level and you know affects us,” Khurana said.

5. Blockchain is different from all other technologies

  • Blockchain is a social and human behavioural marvel: Unlike fancy technologies such as AI, machine learning, etc., which are technological marvels, “blockchain is a social and human behaviour marvel”.
  • Inefficient database: Blockchain has existed since the 1960s as a technology. It is “actually a very inefficient database”.
Ajeet Khurana

“Blockchain is a social and human behaviour marvel,” Khurana said.

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If You Think Bitcoin is Complicated, Try Sending an Email in the 90’s

Critics of the No. 1 cryptocurrency always harp about the degree of difficulty in using bitcoin. For instance, user imteaz of Bitcointalk believes that the …
bitcoin, aol

Using the internet and sending email in the 1990’s was complicated. It’s easier to send bitcoin even though we’re still in early stages of development. | Credit: (i) Reuters; (ii) AFP; Edited by CCN

Critics of the No. 1 cryptocurrency always harp about the degree of difficulty in using bitcoin. For instance, user imteaz of Bitcointalk believes that the cryptocurrency is too complicated for the average Joe. The user mentions the need to purchase the digital asset from various websites. On top of that, the person finds the desktop wallet hard to use. Even though the post is dated, not much has changed.

It’s true that at its current iteration, an average person may find it challenging to buy and use bitcoin for daily transactions. However, purchasing and storing bitcoin today is definitely easier than sending an email in the early days of the internet.

One of the biggest flaws of crypto is that it is so difficult to explain quickly to a lay person. When people ask me to explain Bitcoin to them I know it’s going to take at least an hour before they really understand it.

— Ran NeuNer (@cryptomanran) September 8, 2019

‘Good Things Take Time,’ Says Popular Bitcoin Trader

Back in the day, people used to send letters and other documents via snail mail. As we all know, recipients had to wait for days or sometimes even weeks to receive their mail. Eventually, the email was introduced to the general public and it became an instant sensation.

However, people had to learn how to use the computer, the modem, and the internet to send an email in the early 1990s. There was a learning curve involved to go from writing letters by hand to using an electronic machine to send an email. If you don’t believe me, the widely followed Rhythm account shared an image of an article illustrating a step by step instruction on how to send an email.

If you think using bitcoin is too difficult to catch on, here are instructions on how to send letters with a computer.

Good things take time. pic.twitter.com/eio1Rxq1XH

— Rhythm (@Rhythmtrader) September 5, 2019

Even if you’re adept at using computers already, the process looks so complicated. It looks much more complicated than sending bitcoin to another user.

Sending bitcoin process
A step-by-step guide to sending bitcoin | Source: WikiHow

Critics Thought the Internet Was Just a Fad

Many people spend a significant part of their day online, whether it is for work or pleasure. Back in the 1990s, some did not believe in the potential of the internet.

For instance, Clifford Stoll wrote a Newsweek article in 1995 blasting the hype behind the internet. He wrote that the possibility of telecommuting, online shopping, and multimedia classrooms was a bunch of baloney.

Also in 1995, the inventor of Ethernet, Robert Metcalf, predicted that the internet will “catastrophically collapse” in 1996.

In 1998, writer Paul Krugman stated that by

“…2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.”

Today, these predictions were proven wrong. It is very likely that similar to the internet, the use of bitcoin is likely to catch on in the near future.

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Dr. Craig Wright: Bitcoin is anything but anonymous

In Section 9 of the Bitcoin white paper, Dr. Wright, then going by Satoshi Nakamoto, defined the notion of a new privacy model that would be a great …

In the past decade, as Bitcoin has established itself as the most efficient financial system in the world, there has been a lot of false representations that have been propagated about it. One of the most common ones is that Bitcoin is anonymous. Well, it’s not and what some people falsely label as anonymity is in fact, privacy. In his most recent blog post, Dr. Craig Wright delved into the privacy model of Bitcoin, explaining why anonymity was never an option.

In Section 9 of the Bitcoin white paper, Dr. Wright, then going by Satoshi Nakamoto, defined the notion of a new privacy model that would be a great improvement on the traditional model. In the traditional banking model, transacting parties have to share personally identifiable information with third parties. However, with Bitcoin, the parties can keep the public keys anonymous outside of those who require knowledge of the transaction.

This has come to be falsely identified as anonymity, but it’s not. This is privacy. “It is keeping details away from the public; not those who were involved in the exchange and certainly not those who are required by law to monitor exchanges.”

The traditional banking model is notoriously closed off from the public, and rightly so. Revealing the details of a transaction would put the personal information of the transacting parties at risk. In an era where identity theft has become quite prevalent, the effects would be devastating. However, it also makes it impossible to view the transactional flows in any exchange, even when it’s of public interest. It leaves the public reliant on information released by the trusted intermediaries.

Bitcoin introduced a new privacy model in which transactions are no longer completely private. Dr. Wright explained:

In order to stop the main problem with digital currencies, double spending, it has been necessary to create a system that announces all transactions publicly and which can be viewed and analysed at will. Privacy can be maintained, but it is no longer associated with the transaction.

In this privacy model, identities are firewalled from the transactions and the public, but they are not removed.

While Bitcoin introduced the world to a decentralized financial system, many have perceived this to mean that perfect decentralization is possible, wrongly so. Perfect decentralization results in chaotic resource allocations. Ironically, a completely decentralized system results in an extremely centralized one as those who are most efficient at a point in time gather more resources and use them to take further resources from the competitors.

Dr. Wright further elaborated:

The model used to allocate identity and privacy within Bitcoin is one that maximises informational efficiency. Identity both has value and comes with its cost. Parties involved in transactional exchanges where identity is involved have to act to secure the information associated with the exchange. The cost, liability, and risk associated with its disclosure, theft, and fraud increase the cost to intermediaries, and lower the efficiency of trade and exchange.

Bitcoin’s privacy model doesn’t remove identity. Instead, it eliminates the need to use identity in a manner that lowers the security of the participants. This new privacy model allows participants to engage in a peer exchange whilst only having to store the minimal identity required to complete the transaction. Dr. Wright concludes:

Well-constructed systems for the private association of keys that are hierarchically determined from an identity key that is never used within the blockchain itself will allow individuals and corporations to interact using new key pairs for every transaction whilst simultaneously being able to provably exchange identity with other people in Bitcoin’s new privacy model.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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BSV Does Not Have A Robust Crypto Community: Analysis

Litecoin (LTC) has 104 groups with 37,483 members and Bitcoin Cash (BCH) … Litecoin and Bitcoin Cash rank #5 and #4 respectively in terms of total …

The social media platform Meetup is widely popular as a community tool and can be a useful metric in measuring the robustness of a community.

A recent analysis of the level of engagement various cryptocurrencies face on Meetup had telling results. Founder and editor of ‘On-The-Chain’, a blockchain and cryptocurrency-based newsletter, Cole Kennedy conducted the analysis to measure the robustness of crypto communities.

Bitcoin (BTC) is the most popular cryptocurrency, leading the charts in terms of market capitalisation by a landslide. Predictably, it had the greatest level of engagement, with 4,708 Bitcoin-related groups on Meetup. These groups had a total of 1,695,193 members. Ethereum (ETH) is the second-largest cryptocurrency in the market and had 3,298 groups with 1,229,309 members. Litecoin (LTC) has 104 groups with 37,483 members and Bitcoin Cash (BCH) has 82 groups with 8,786 members.

Litecoin and Bitcoin Cash rank #5 and #4 respectively in terms of total market capitalisation. It can thus be said that the level of community engagement is a good indicator of a cryptocurrency’s trading volume and value. These cryptocurrencies exist due to transactions conducted by community members. Less networking groups and online interactions mean that the currency’s network will be used less. While investor speculation can support a coin, a low number of transactions and users can lead to its closure.

BSV Ranks Low

It is thus troubling for Bitcoin Satoshi Vision (BSV) fans to observe BSV’s low metrics in terms of Meetup dominance. BSV only has 11 groups with a total of 1,427 members. Twitter users seemed to believe that this metric indicates that BSV has low network effects and will die soon.

Others dismissed this claim. One Twitter user claimed that network effects do not indicate anything. The main issue with the top cryptocurrencies, especially Bitcoin, is that they cant scale on-chain. Bitcoin’s price is only being held afloat through investor speculation. In this user’s opinion, it will soon die because it is outdated and ‘handicapped’. He used the example of Facebook and Myspace, with Myspace having the first-mover advantage like Bitcoin. However, it was quickly overtaken by Facebook, which is BSV in this example.

It is hard to tell BSV’s future, but currently, it doesn’t seem to be doing so bad. BSV is ranked at #9, with 1 BSV equal to $140.58

About Post Author

Tulika Jain

Bibliophile, crazy cat lady and passionate about financial and economic journalism. I don’t trade in cryptocurrency but am fascinated by the market.

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