The so awaited Lightning Network (LN) has been expanding in the cryptocurrency space in the last few years. Developers are working in order to allow Bitcoin (BTC) to scale and be able to process thousands of transactions per second. Bitcoin has been affected by scaling issues back in 2017, and developers are trying to solve this problem by implementing the LN.
According to 1ml, a site that tracks the most relevant information about the LN, the second-layer scaling solution has a capacity of 1,045 BTC, 38,220 channels and 8,118 nodes. This shows that there has been a very impressive growth in the size and quality of the network over the past years.
With the Lightning Network, users will be able to easily perform instant payments for almost no fees. Moreover, individuals will have the possibility to make microtransactions and pay for different services on many websites and stores.
Bitcoin Lighting Network’s Real Life Usage – Examples
Bitcoin is one of the most popular digital assets in the market. It has been embraced by many individuals because of different reasons. Below are some of them:
Online Shopping
The most used store from Bitcoin Lighting Network – Bitrefill – is having a decent turnover via the lighting network. People use their services to buy Amazon Gift cards, Steam ones or other companies’. The fee is way too low for clients to care, and the instant transaction is a huge benefit. This way, if someone’s low on cash, they might use cryptocurrency to redeem a coupon code for an Amazon Gift card and buy the stuff needed.
Online Gambling
Another great example is the gamblers. They are able to use the cryptocurrency because it is very fast to use, send payments and process transactions. With credit cards, wire transfers or other payment methods, transactions can take several days to be processed, which can be very uncomfortable for users on casino sites.
There are several casino websites that are currently offering the possibility to use Bitcoin to play different games. With Bitcoin, users can have instant, almost no-fee withdrawals while transferring funds, improved privacy and more. This shows that there are many benefits of using Bitcoin rather than other methods at the time of using casino sites.
The reliability of using the largest digital currency to play your favourite casino games will make the user experience much more attractive and friendly. There aren’t too many casinos that accept Bitcoin Lightning Network – yet. But soon, the industry would change. As the lighting network would become bigger and could support more BTC traded by day, an influx of companies will accept it as a payment in order to have a bigger variety of payment options.
This way, a large variety of casinos would probably accept Bitcoin Lighting Network, more shops would also implement it, and the growth should be exponential as soon as it hits the mainstream media.
Playing Casino Games by Paying with Bitcoin
This has become a trend in the cryptocurrency industry. More and more casinos are accepting cryptocurrencies right now to attract customers interested in “private” gambling. Moreover, a lot of bitcoin casinos have appeared since the 2017 hype. Casinos which right now are still running and probably making a good profit.
Slotozilla is a good example that is currently offering a casino game collection that includes the latest games from the industry’s most popular companies. Users can easily play these games for free or using real money, which is very useful for beginners that want to feel comfortable using a new platform. Indeed, the site offers thousands of online slot machines that are used by the largest and most recognized casinos, however, everything is in just a single place at Slotozilla.
Benefits of Using Slotozilla to Play Casino Games
- As Slotozilla explains, there are tens of thousands of slot machines and other casino games all over the internet. But they are in different casinos, which is very uncomfortable for players. Users have to install software and register themselves on different websites just to be able to play and try new games. Slotozilla offers a free online website that allows users to enjoy one of the largest catalogues of slot machines and other casino games.
- Users can easily start playing these casino games in just a few clicks. Additionally, it is possible for them to find a large number of games and slots, which is not something easy to find in just one site.
- At the same time, Slotozilla.com offers users the opportunity to play the latest slots online for free or with real money, users decide whether they want to give the slots a try for free or with some funds. It is also worth mentioning that it is not necessary to download or register to play at Slotozilla.
- “No download and no registration are required to play at Slotozilla, we just want you to have a good time and make some money – we offer you the purest casino games experience,” Slotozilla wrote on its website.
- Interestingly, Slotozilla offers users the possibility to pay using Bitcoin in a very simple and easy way. In order to do so, it is necessary for the user to install a Bitcoin wallet on the mobile phone or computer. As mentioned before, there are many advantages of using Bitcoin for playing casino games such as enhanced privacy, simple and fast cashouts, and lower transaction fees compared with other payment methods such as credit cards or wire transfers.
The list of casino games accepted by this gambling platform is very large. Thus, it just depends on the user which casino they would like to try and test with the most popular virtual currency. Some of these sites include Oshi Casino, Cherry Jackpot Casino and Intertops Casino Classic, among others.
But How About Security? Should You Use a VPN?
In order to improve safety and security, users may think they could use a VPN (virtual private networks) to remain anonymous and reduce the information provided on the internet. VPNs route a connection through the internet to the remote site, ensuring security to the user. We don’t really think this is a great idea.
Using VPNs is prohibited by most casinos and considered as cheating. If a player is found using a VPN, his winnings will be voided and even the account can be banned.
For example, if the user is from one of the restricted countries, he couldn’t be able to create a real-money account, play and win. But by doing so, he violated the casino’s T&Cs. But we guess, it will make no harm to use VPNs for playing free games (demo mode).
Therefore, you shouldn’t consider playing with a VPN from a restricted country as this may end up with a termination of your account. Even the Bitcoin casinos implemented these rules to avoid any issue with gambling legislation in certain countries.
Conclusion
The gambling industry is growing year by year – and same does the cryptocurrency one. 2018 was a bad year for cryptocurrency investments, but it was a good one from the perspective of building a business.
The lighting network future growth will be fueled by a lot of e-commerce shops would use it. And afterwards, the casinos would follow their example and a lot of them would start using it. The biggest advantage is of course, the fast and almost feeless transfer. This, combined with an asset that can be exchange in a few minutes for USD or EUR will lead to the gambling industry accepting bitcoin and using lighting network to receive payments.
Image Source: CCN.com
