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The World Needs a Privacy Based Stablecoin and Here’s Why

July 12, 2021
Crypto Talk - Stable Privacy Token

If you have been betting at online sportsbooks for any length of time now you know that BTC is the preferred way to send and receive money for these companies. Even though it is by no means the best or fastest coin on the block, it is the most widely used, supported and recognized.

But if you have used BTC to transfer money during one of its many volatile periods, then you know how painful it can be when you receive your payout and it is $100, $200 or even $400 less than your requested amount. This happened because during the time that it took your BTC to get the necessary transactions to confirm, the currency plummeted in value. And when you are serious about sports betting, every dime counts to your bottom line. Losing two hundred bucks during a withdrawal is like adding an extra lost bet to your tally.

Another problem people face with BTC is that it is simply not private. All someone needs is to know your wallet address and your transaction history is there for them to see. All transactions are there posted on the public blockchain. That is how the FBI was recently able to track down and retrieve most of the BTC which was blackmailed from the Colonial Pipeline.

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So what sportsbooks and casinos really need is a privacy-based stable coin. There are stable coins, which don’t fluctuate and are pegged to a fiat currency. Tether, DIA, Binance USD, you can see the full list of stablecoins here. At the time of writing this, there are 35 in total.

There are multiple privacy coins as well. These coins operate on a private ledger which is not open to the public. You can see the full list of these coins here. They are private but they do fluctuate in value and Monero, for example, lost 50% of its value in just a few days at the start of the summer.

The “Holy Grail” of cryptocurrency for online sports betting and casino wagering seems to be a privacy stable coin. But there don’t seem to be any available right now. There may be some in the woodwork which we are not aware of however. You can bet that since the most recent crypto-boom that there are hundreds, perhaps thousand of people looking to fill any void or niche in the crypto market.

The need for this type of token is more than just sportsbook or casino specific. It can be helpful for anyone looking to send payments privately and not have that payment drop in value while being sent. It really is a no-brainer as they say.

 

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