Crypto gambling enthusiasts expect a high degree of flexibility from leading online gambling platforms such as BC Game. The versatility ranges from the gaming options to the type of coin on offer. The idea of a coin accuracy limit in cryptocurrency also counts.
Cryptocurrencies like Bitcoin and Ethereum are at critical stages of their development trajectory. This year has been massive for crypto overall despite the stagnation of the past couple of months.
Nonetheless, the online gambling scene is gathering more steam. This growth is an extension of the gains that came during the height of the Covid shutdowns. The sustained popularity is impressive and will only soar as the crypto scene gets more prominent.
Divisibility Of Cryptocurrencies
Understanding crypto is not an overnight process. It is a technical subject. Therefore, certain concepts may take longer to appreciate. The shiny aspect of crypto is undoubtedly the prices. Every armchair Twitter analyst has an eye on this aspect.
The coding parts of crypto don’t get as much traction for obvious reasons. People generally don’t get too involved in complex subjects. This schism is not to deny the mass following that crypto development has on forums like Reddit or Github. The point is that more people should keep tabs on these developments because they are exciting and fundamental to the future of money.
Coins like Bitcoin are divisible into lower units. For instance, BTC is divisible into 8 decimals. These units are called Satoshis and inject a great deal of dynamism into the Bitcoin scene. Picture this; you have only 21 million Bitcoins in existence. If those were the only Bitcoins, it would seriously hamper transfers as they got more valuable and popular.
The divisibility of valuable coins allows transfers of tiny units of the coin. Bitcoin has a value north of $30k. Not everyone has $30k in their pocket to dish out at will. However, many people have a few hundred dollars to buy smaller units of Bitcoin. The story is similar for many leading cryptocurrencies.
Why Coin Accuracy Limit?
Crypto gambling platforms recognize the need for this divisibility. After all, the allowance of small crypto holders to wager on the gambling sites is good for business. That said, there have to be practical considerations in allowing divisibility.
Online gambling platforms like BC Game have a coin accuracy limit. The minimum accuracy of leading cryptocurrencies is consistent with the accuracy of the blockchain. This limit is because of data storage accuracy on the blockchain. Below a certain amount, changes will not take effect. For instance, the minimum unit of SATS is 1. For BTC, it is 0.00000001, and ETH has a coin accuracy limit of 0.000000001. A crypto user would rarely need to transact below these amounts, but they are there just in case.
Setting such a low coin accuracy limit allows as many users as possible on crypto gambling sites. Small-scale gamblers have a high motivation to take chances and are vital to the industry.
The Goal Is to Lower the Threshold of Participation
In the past twelve months, institutional investors have made their mark in crypto. This development may cloud the view of some people who didn’t document the early history of crypto. The industry rose almost exclusively on the work of small-scale users.
As the industry got more popular, transaction fees rose, and transactions for leading coins became more difficult. Bitcoin, for instance, developed severe scalability problems. The ability of small traders and gamblers to transact seamlessly came under serious challenge.
This industry has shown that it can innovate its way out of anything. Solutions for scalability problems came from all angles. Notably, there were some hiccups along the way with disagreements and forks along the way. Nonetheless, this space is in a better place today than ever.
The Lightning Network (LN), of which BC.Game runs a node, is an innovative addition to cryptocurrency. It is a simple yet useful concept. Accordingly, the network adds a layer on top of a cryptocurrency channel. It takes off some of the load on the mother blockchain. Blockchains like the Bitcoin and Ethereum chain find a lifeline in the Lightning Network and other Layer 2 solutions.
The increased speed and scale of transactions are massive for the future of crypto. Indeed, Bitcoin and Ethereum are morphing into the store of value assets. That said, the ability of users to transact them freely must not come under enormous strain.
Notably, the Ethereum transaction fee has gone down significantly. The figures went from as high as $60 two months ago to less than $5 towards the end of June. This decline has coincided with heavier use of Layer 2 solutions like the MATIC network.
High gas fees had become a problem. Ethereum has a high network usage with interest in sectors like DeFi soaring in recent months. ETH is also a valuable platform cryptocurrency. It also facilitates thousands of smart contract platforms.
Getting the transaction fees to manageable levels and increasing transaction fees make the network more efficient. DeFi users reap the primary benefit as they can make more transactions for less.
The Big Picture: Many Stakeholders Playing Their Role
Crypto stakeholders have a vested interest in ensuring the industry succeeds. Platform owners could use a more efficient financial system that operates without the bottlenecks of centralized finance. Users want a fairer system and lower transaction fees. Developers are also looking at ways to make crypto networks better.
Gradually, standards like the coin accuracy limit have emerged to guide this process. This limit is relatively low to reach out to all kinds of users. The possibility of a crypto gambler wager in decimal units of Bitcoin opens up this industry that would otherwise be out of reach. In the future, these limits may change, especially if crypto gets significantly more valuable. The future of crypto will be fascinating.