The Lighting Network just took a jump into the gambling sector with the latest integration into the popular online gambling platform, 1xBit. 1xBit is a pioneer in the crypto-gambling market and is well known for its wide selection of accepted coins. As such, the integration of the Lightning Network into its core protocol is sure to make traders pleased.
Now Bitcoiners can save on their favorite esports and sports bets. The online crypto casino has been in operation for years and is recognizable to many crypto gamblers. 1xBit users can now save on everything from betting to withdrawals and deposits thanks to the integration.
The Lightning Network Fits 1xBit Perfectly.
One of the main reasons why the integration is the right move for 1xBit is that Bitcoin doesn’t support micro-transactions. To send a transaction on the Bitcoin mainnet takes time and can be expensive. As such, it’s not the ideal network to use for small fast payments. However, these are the majority of gambler maneuvers.
The use of the Lighting Network will enable users to now place bets using Bitcoin for nearly nothing. Additionally, the system will support constant payouts for Lighting Network Bitcoin users. This option is a huge upgrade as the gambling arena can be a fast-paced sector where being able to respond to changes in a timely matter can be the difference between profits and losses.
1xBit offers users a host of features that have helped it to become a household name among traders. The network already offers users 0 fees for placing bets which is a major advantage against the competition. Also, the protocol has proven to be secure with millions of transactions completed without failure.
Private Payment Channels
The Lighting Network reduces fees for Bitcoin users and transaction times. The network accomplishes this task through the use of private payment channels. These channels enable users to conduct unlimited low-cost instant transactions without adding congestion to the Bitcoin mainnet. These transactions add to the mainnet only once the payment channel closes. This structure improves performance and reduces costs for everyone.
Online Gambling is the Future
The decision to add the Lightning Network could help catapult 1xBit to the top of the crypto gambling charts. This jump would be a major push for the platform. According to recent reports, around 26% (1.6 billion) of the world’s population regularly gambles.
When you delve deeper into the regional data, you see that around 10% of the US regularly gambles online. Interestingly, the same study showed that mobile gambling is on the rise. Mobile betters now make up +70% of the market making them the main client for platforms like 1xBit.
1xBit – Bet Your Bitcoin and Save on Fees
The integration marks another milestone for the Lighting Network. When you consider that the online sports betting industry is already worth over $72.3 billion this year, it’s easy to see that anything that lowers fees will give you a competitive edge. Consequently, you can expect more Bitcoiners to check out 1xBit thanks to the Lighting Network integration.