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iGamingGroup Explores Adding SameUSD to Its List of Cryptocurrency Payment Options

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Singapore, June 22, 2021 (GLOBE NEWSWIRE) – (via Blockchain Wire) When cryptocurrencies emerged as a viable payment option, everyone was excited about this blockchain technology. Talk about the speed of transactions, data protection, global reach and the promise of hack-proof payment solutions.

However, as most of us have noticed, it has been a bumpy ride for cryptocurrency payment providers with multiple reports of hacks, fluctuating prices, and regulatory restrictions. What could allay our fears and restore the confidence we once had in cryptocurrency payments? Online gaming platforms such as casinos are looking for a solution that guarantees gamblers gaming satisfaction for a safer and faster experience while optimizing the casino’s operation.

Samecoin, a new addition to the cryptocurrency space, appears to have all of the solutions that online gaming platforms have been looking for. The Samecoin ecosystem – which consists of a utility coin (Samecoin), stablecoins (SameUSD, SameEUR, etc.) as well as SameID and SamePay – was supported by the iGamingGroup to integrate the Samecoin ecosystem and its SameUSD as a payment service provider for cryptocurrencies examine at choice.

Photo: iGaming Group supports Samecoin and SameUSD

What is the iGaming Group and what does their recommendation say about Samecoin?

iGamingGroup supports Samecoin

Touted as the ultimate provider of iGaming technologies, the iGamingGroup is the one-stop-shop for all online gaming systems. The group has high-end customers such as Evolution Gaming, Netent, BetSoft, Rela Gaming, Play n Go and ORYX Gaming.

To date, the iGaming giant has helped create 7,000 games through advanced, out-of-the-box industry solutions while focusing on modern user-centric interfaces that are innovative and tailored to customer needs.

iGG offers cryptocurrencies such as Bitcoin, Ripple, Dogecoin, Ethereum and Litecoin as part of its extensive payment option plans. The need to provide a faster and cheaper transaction has led it to Samecoin.

The story goes on

According to the company’s website, iGamingGroup is constantly striving to make deposits and withdrawals safer, easier and faster to keep casino players and owners happy. This makes perfect sense as to why the company would choose to support the Samecoin ecosystem.

The iGaming technology provider supports over 30 globally accepted payment systems, representing more than 150 payment options. Samecoin promises to be a worthy addition to iGG’s goal and mission.

Payment solutions for online gambling

Samecoin payment solution, SamePay, offers cryptocurrency payment solutions with stablecoins and secure SameID logins. The easy-to-integrate innovative payment solution ensures a smooth operating experience for owners and players.

The Samecoin system integrates well with iGaming’s SSL encryption, which is used for online banking, and thus offers the highest level of security for online gambling. The ecosystem that includes SameID and SamePay fits well with iGG’s know-your-customer and anti-money laundering practices.

Samecoin stablecoins, SameUSD and SameEuro, aim to eliminate the fluctuating prices of cryptos, which has discouraged many online casino players. The ability of these coins to mimic the stability and simplicity of fiat currencies while maintaining the benefits of cryptos makes them perfect for online casinos.

Features that make Samecoin perfect for online casinos

In addition to the stability and value security that Samecoin family of stablecoins offers, the ecosystem also offers the SameID and SamePay tools, which are invaluable for online casinos.

SameID in online casinos

SameID is an easy to integrate user identification feature that eliminates the need for online casino players to use their personal information. Although SameID users must go through the KYC procedure, the process is faster than before, saving time and money on more costly KYC procedures.

While the SameID is in use, the user verification process can be done as follows:

· Face recognition selfie identification.

· Passport or ID card.

· Electricity and gas bills.

SamePay for cryptocurrency payments in online casinos

The SamePay integration simplifies the way players receive and send cryptocurrencies in online casinos. Whether SameUSD, Bitcoin, Litecoin or Ethereum, SamePay will serve you well.

SamePay works with wallets for every crypto that casino players will use. Even better, SameID also applies here; This ensures that an account gives a user complete control over their cryptos while closing all security loopholes.

Casino operators that integrate SamePay can also enable SameID logins to resolve any KYC issues players might encounter while onboarding. It only takes 5 seconds for casino players to use the SamePay payment option to be verified. In addition, SamePay secures players’ data by sending the required data to casinos only when SamePay users register via SameID. Personal data will never be passed on.

Since SamePay users followed the KYC procedure when registering via SameID, the operators receive verified players. This saves time and provides much-needed operational efficiencies – something the iGamingGroup aims to take full advantage of.

SamePay’s simple operating framework for casino owners and the easy-to-use interface with low crypto transaction costs will help grow a casino’s customer base and improve brand growth.

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Cryptocurrency

US Senator Calls On SEC Chairman To Provide Regulatory Clarity On Cryptocurrencies – Regulation Bitcoin News

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A US senator has asked the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, to provide clear guidance on cryptocurrency regulation. The Senator stated that in many enforcement actions, “the SEC has failed to identify the securities involved or the reasons for their status as securities, which would have provided much-needed public regulatory clarity.”

US Senator wants the SEC to provide clear guidelines on crypto regulation

Senator Pat Toomey, ranked member of the U.S. Senate Committee on Banking, Housing, and Urban Development, wrote a letter to SEC Chairman Gary Gensler on Friday regarding the regulation of cryptocurrencies.

His letter followed Gensler’s testimony before the Senate Banking Committee last week. Toomey began:

I’m writing to address the concerns I raised at the hearing about the need for regulatory clarity around emerging technologies such as cryptocurrencies, including stablecoins.

“In order for investors to benefit from a fair and competitive market, regulators must proactively provide rules on how to get to industry,” the Senator said that the SEC “has instead adopted a strategy of regulation through enforcement in this area.” To date, the commission has launched more than 75 enforcement actions against the crypto industry, fines and penalties totaling more than $ 2.5 billion against crypto companies and individuals.

At the Senate hearing, Gensler extolled “the SEC’s success in pursuing crypto-related enforcement measures.” Toomey noted, however, that “in many of these enforcement actions, the SEC failed to identify the securities involved or the reasons for their status as securities, which would have provided much-needed public regulatory clarity.”

SEC Commissioner Hester Peirce is also concerned about the SEC’s approach to crypto regulation. She criticized her own agency in August for taking an enforcement-oriented approach to crypto regulation.

The Senator from Pennsylvania noted that the SEC’s approach was tied to Gensler’s belief that “the likelihood is pretty slim” that a given cryptocurrency platform has no securities. For example, Gensler told Senator Elizabeth Warren at the hearing that the Nasdaq-listed crypto exchange Coinbase (Nasdaq: COIN) could have dozens of tokens, which could be securities.

Recently, Coinbase was forced to abandon its plan to launch a loan product after the SEC threatened legal action and the company alleged it had received no explanation from the regulator. In the meantime, the security guard is in an ongoing proceeding with Ripple Labs and its executives as to whether XRP is a security.

Senator Toomey emphasized:

The SEC has a responsibility to do more than just provide probabilistic estimates.

The Senator concluded his letter with a list of questions for Gensler to answer for additional guidance on crypto regulation.

What do you think of Senator Toomey asking SEC Chairman Gensler to provide clear guidance on crypto regulation? Let us know in the comment section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of Liability: This article is for informational purposes only. It is not a direct offer or solicitation to make an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto plunge a wake-up call — and tax opportunity — for investors

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A detail of the statue of Satoshi Nakamoto, a presumed pseudonym of the inventor of Bitcoin, in Budapest, Hungary.

Janos Sorrow | Getty Images News | Getty Images

The price of popular cryptocurrencies like Bitcoin and Ethereum fell on Friday after Chinese officials stepped up crackdown and essentially ruled crypto illegal.

Government intervention, while substantial, does not necessarily mean that financial advisers believe investors should run into the mountains. But it’s another reminder that crypto holdings are subject to wild fluctuations in price, they said.

“I wouldn’t call this the end of the world,” said Leon LaBrecque, accountant and certified financial planner with Sequoia Financial Group, based in Akron, Ohio. “It’s just a wake-up call.”

“This should be in recognition of the fact that it is a volatile asset and that all the ups and downs are a match,” he said.

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This volatility opens up opportunities for tax planning that may only be a few months away, advisors said, depending on the Democrats’ final compromise on federal tax law.

Bitcoin prices had fallen 6% to around $ 42,000 at 3 p.m. ET Friday afternoon. Ether, the second largest digital currency, fell more than 8% to around $ 2,890.

The People’s Bank of China terrified investors after declaring all crypto-related activity illegal. These activities include, for example, trading services and foreign exchanges. This is the latest move in the country’s wider crackdown on digital currencies.

The ban on Bitcoin and other cryptocurrencies can be of concern for current and prospective investors as the government limits buyers for a significant segment of the world’s population, advisors said. And other governments are likely to have additional regulations as well, they said.

But these can’t make much of a difference in terms of long-term prices. A daily slump in crypto costs, which may feel significant at this point, is likely just part of a longer-term price correction towards an average price, advisors said.

“Will government regulation make cryptocurrencies volatile? Yes,” said Wayne Wilbanks, managing principal and chief investment officer at Wilbanks Smith & Thomas Asset Management in Norfolk, Virginia. “Will it make crypto redundant? No.

“I don’t think China’s regulation, or even US regulations, will make that much of a difference in the long run,” he added.

Bitcoin, for example, is still up around 40% year-over-year despite the slump on Friday. (It’s far from its April high of around $ 63,000, however.)

To this day, volatility is a signature of cryptocurrencies. This year, for example, prices have fluctuated sharply after tweets from Tesla co-founder and crypto enthusiast Elon Musk.

Advisors usually recommend that investors allocate a small portion of their portfolio (anything that they would lose entirely) because of the risk involved.

Tax advantage

Investors can take advantage of recent volatility, according to Jeffrey Levine, CFP, Accountant and Chief Planning Officer at Buckingham Wealth Partners in Long Island, New York.

Equity, crypto and other investors can “reap” investment losses for a tax advantage. Basically, you can sell a lost investment (e.g. Bitcoin) and use the loss to destroy the gain on a winning investment elsewhere in your portfolio.

This “tax loss harvesting” reduces (or eliminates) the capital gains tax owed on the estimated value of an investment sold.

However, unlike stock investors, crypto investors who are sold out can quickly buy back into the same or similar digital currency. As a result, if the volatile asset price recovers shortly thereafter, they can receive the above tax benefit as well as a portfolio benefit.

House Democrats proposed closing this crypto loophole after this year to reform tax law.

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Cryptocurrency

A financial TikTok influencer with almost 500,000 followers says bitcoin is going to ‘get slayed’ – and shares how cryptos and stablecoins make up his trading strategy | Currency News | Financial and Business News

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Mason Versluis

  • 21-year-old Mason Versluis has almost 500,000 followers on TikTok, where he gives tips on crypto and markets.
  • He recently spoke to Insider about how he chooses which coin to invest in and why.
  • Versluis said he would like to see bitcoin “slayed” as other coins have far more real-world use cases.
  • Sign up for our daily newsletter here, 10 things before the opening bell.

Bitcoin is the largest cryptocurrency by market value and is dwarfing its competitors for the time being. But the rise of crypto rivals with far more real world uses means it will be dethroned sooner rather than later, according to financial TikTok influencer Mason Versluis.

The 21-year-old Versluis also bears the username Crypto Mason and has almost 500,000 followers on his TikTok account, which he uses to shoot short videos to educate his viewers about crypto and the markets.

Versluis, who has been trading crypto since he was 15, recently spoke to Insider about his prospects for the market.

“The psychological thing that Bitcoin is always number one and king can be gone. By ‘kill Bitcoin’ I mean that I want something to happen and then we’ll see what happens afterwards, ”said Versluis.

Bitcoin has a market capitalization of just under $ 800 billion, according to CoinMarketCap, of the roughly $ 1.9 trillion that the entire crypto market is worth.

In the last 12 months it has gained almost 350% in price, but Versluis believes there is more value elsewhere.

“My dad told me about XRP when I was 17 and I’ve been back ever since,” he said.

“I’m one of those people who think XRP is a ‘better bitcoin’. And it actually solves the payment problem better than Bitcoin ever can or will, ”he added. Ripple Lab’s XRP token is used in fast payment systems – an area where Bitcoin can’t really compete given the comparatively slow network speed. One of the bigger crypto coins, XRP has kept pace with Bitcoin over the past year, rising 320%.

Ether, the native token of the Ethereum network, is the second largest cryptocurrency and accounts for around 20% of the market. The blockchain’s ability to run decentralized financial applications, smart contacts, and other protocols has resulted in an onslaught of investor money in ether this year, up nearly 800% over that time.

“It must have use cases, that is: Does this token do nothing? Am I only buying this token because I think it will increase in value?” said Versluis.

“That’s what I personally invest in, just because of the potential – they actually do something. Ethereum has so many decentralized applications built on it, ”he added.

When it comes to taking a position in a coin, Versluis says he’s not a day trader.

“It’s a lot of stress, you have to sit at the computer and watch the markets,” he said.

“I’m going to see an opportunity, put in some money and basically ramp up this rocket until I think it’s time to sell it. I sell them off and put them in a stablecoin like USDT or USDC. And then I just make profits and reinvest part of it in my main portfolio. So it’s a slow process, “he said.

As a relatively young trader who says that part of his passion for crypto is the decentralized, free nature, the question arises what Versluis thinks about the regulation in this market. Unlike many crypto fans, he’s not against it. However, he believes that all rules have to adapt to the reality of the crypto market and that one size does not fit everyone.

“It’s a digital world. And we’re only getting more digital and virtual, ”he said.

“You can’t just take the old system and the laws and slap it on crypto. It doesn’t work.

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