Say hello to Cubits, a new “all-encompassing payment platform” that is helping to pave the way towards an easy and instant money exchange between traditional currencies and cryptocurrencies.
Bitcoin gambling is making waves recently as one of the most secure ways of playing online—not only because it offers low stakes, instant deposits and withdrawals, but also because it offers players security and anonymity. Now that the Bitcoin casinos are trying to create a clear cut method for payment and currency exchange online, Cubits has come forward with an innovative way to ensure that players can deposit in traditional currency, gamble with Bitcoin, and withdraw their winnings via Bitcoin or a currency of their choosing (such as Euros, in BetChain Casino’s case).
This lack of a clear cut payment method has been somewhat muddy to walk through as a player of online Bitcoin casinos, but the technology is here to start organizing a better way. There are a wide variety of wallets and exchanges where online casino players can convert their money into digital currency, but it’s only recently that a platform—one that can be completely integrated into the framework of a casino—has been developed.
This is called Cubits.
Cubits is a London-based start-up company, who has came out with what it described as an “all-encompassing payment platform,” which allows both merchants and customers to make and receive payments.
This platform was recently integrated by European bitcoin casino BetChain (of BetChain.com), which now allows players to make deposits in Euros, play in Bitcoin, and then withdraw their winnings in Euros if they want.
BetChain is also known for its Provably Fair systems. Based on cryptographic hash functions, this technology used in bitcoin gambling makes it impossible for a player or casino to cheat. Suspicious plays can be checked using a Bitcoin cryptographic has function, proving the results are indeed calculated properly and fairly, according to BetChain.
“Data is converted into a hash string, which can be verified with an algorithm. If there was any interference in the game or any error in the payout, the hash will not be verified. As a player you can check the result of any bet yourself,” the company explained on its website.
Current Bitcoin Price and Trade Volume
The price of Bitcoin (BTC) broke the $630 price ceiling on in late September, trading at $633.99 with a trade volume of $166.53 million. This means that business is going quite well with this cryptocurrency and we should not underestimate Bitcoin as the future of currency.
When it comes to online gambling and casinos, Bitcoins seems like it is here to stay and is becoming safer and more secure to use everyday. With companies taking on the issues of currency deposits and payments between traditional currency and cryptocurrency, every day more solutions are created in order to make online Bitcoin casino gamblers happier with better options for payment, which in turn, leads to more business for the Bitcoin Casino market.