1xBit Research Proves Anonymity Features are Preferred in Coin Selection
Online gaming can make use of the anonymous features of multiple coins and tokens, though still reconsidering potential limitations.
Anonymity is a hot topic in crypto assets today. For a long time, it has been impossible to exchange any significant amount of coins through exchanges and brokerages, without going through a screening process involving personal data and official documents.
Can anonymity still work in the crypto space? It certainly is an appealing option, and when it comes to pure crypto usage, is still a possibility. For this reason, 1xBit, an online sportsbook and casino, has expanded to offer 30 selected coins for its online gaming platform, facilitating anonymous deposits and withdrawals.
1xBit is a multi-game platform with a large selection of casino and sports betting opportunities. Despite being a newcomer, the company has successfully competed with similar projects since its launch in 2016.
The relatively large selection of coins as payment options was one of the tools used to attract users, by offering convenient deposit opportunities. Crypto assets have varying levels of adoption and accessibility, hence the decision of 1xBit to offer 30 coins for deposits and withdrawals was positive. Clients can also access a multicurrency account, where all users can play commission-free.
Moreover, registrations on 1xBit do not require personal data, a unique privilege in an online world that aims to grab onto as much data as possible. Additionally, a layer of anonymity is ensured by the availability of Monero (XMR), ZCash (ZEC), Verge (XVG), Dash (DASH) and Bytecoin (BCN). Those coins are the best-established networks with veiled transactions.
While anonymous coins make up around 3% of all usage on the platform, Bitcoin (BTC) is still preferred. This strengthens the use case for a pseudonymous network. In 2018, 43% of the 1xBit users relied on BTC, and in 2019, up to 73% of accounts used BTC.
The activity of 1xBit offers a pure use case for crypto payments, and so far, this affords the opportunity to make use of real anonymity. In the future, the most recent Financial Action Task Force (FATF) requirements may push all crypto handlers to reveal the identity of their customers and track funds.
It is uncertain if this would be technically viable, and if regulators could actually make use of the data. Will those requirements make crypto collapse? It’s anyone’s guess. But the value of anonymous payments is certainly one of the most powerful tools in today’s technology-powered payment ecosystem.