Online Dice ICO’s
One of the most common ways for blockchain start-ups to accumulate money, outside the traditional venture capital world, is through ICO’s. ICO’s are gaining more and more attention and attraction in the mainstream. However, most people aren’t aware of what an ICO is, and more importantly, what the advantages are of ICO’s. Therefore, we are going to take an in-depth look at what exactly ICO’s are, look at gambling ICO’s, list the advantages as well as the disadvantages of an ICO, and see if it’s worth investing in at the end of the day.
What is an ICO
ICO stands for Initial Coin Offering and it refers to the process involved where funds are being raised for a brand-new cryptocurrency undertaking. As the name suggests, it’s basically equivalent to an Initial Public Offering, also known as an IPO, where a company or business offers its stock on the public stock exchange in order to raise money for the very first time. It’s a means of fundraising, allowing investors to purchase a cryptocurrency that will eventually be released in the near future with crypto currencies that has a direct liquid value. So, in other words, an investor will trade Ethereum or Bitcoin for the new cryptocurrency that is offered in the ICO.
The initial coin offering usually takes place prior to a project being completed. It will assist the company in funding the costs involved with getting the project off the ground. They are normally announced on several cryptocurrency forums and will include key information about the project they intend to fund, such as project goals, project development times, a timeline, the team involved, and relevant details and features of the project.
The total length of an initial coin offering will greatly vary from company to company, but they usually last a few weeks or in some cases up to a month, giving investors more than enough time to fund the project. Should the initial public offering not be successful, and the amount of money raised in the initial coin offering process hasn’t met the minimum fund requirements set out by the company, then all the accumulated funds will be returned to the investors. However, should the ICO be successful, the accumulated money will be used for the new venture.
There has been quite a few recently and some of them have already terminated their respective ICOs successfully. Below you will find five different gambling ICO’s and a brief description on each of them:
Bitok Dice: Bitok Dice is a revolutionary bitcoin exclusive online casino combining aspects of classic casino games, bitcoin gaming, and online gaming platforms to deliver on an extremely innovative proprietary game.
BET Network: The BET Network is a distributed online betting platform aiming to resolve all problems surrounding the online gambling world by implementing Distributed Applications, or DAPP, which will operate on the Ethereum blockchain network.
Monster Byte Inc: Monster Byte Inc. is a well established technological company owning a suite of profitable and long-standing Cryptocurrency Gambling sites that are custom-built with proprietary technology. Established in 2013, the company has been striving to become one the best online destinations for cryptocurrency gamblers where they can wager on both sports and classic casino games including baccarat, roulette, blackjack, and more.
BitDice: BitDice is currently the biggest crowdfunded cryptocurrency casino that formed in 2014. The company has gained more than 2300 BTC in profits and are aiming to expand themselves into the online casino market.
iMPERIUM: Imperium is a revolutionary and state-of-the-art sports betting platform that has been built on the foundation of the Ethereum blockchain.
Advantages of an ICO
ICO’s have recently been used as an alternative to crowdfunding and are allowing everyone and anyone to invest. The main attraction of ICO’s to investors is the fact that they offer an extremely quick and easy return on their investment. The biggest draw is that when the project is successful, the overall value of the cryptocurrency is increased. This means that investors getting in on the game from the start will see their share rise in value as well.
One of the first successful examples of an ICO was Ethereum, a smart contracts platform that utilised ethers as its cryptocurrency. The company successfully raised well over $18 million during its ICO in 2014, working out to around 40 cents per ether. When the project eventually went live, the value of each ether increased to a staggering $14, providing investors with a truly mind-blowing return on their initial investment. Today, there are several world-renowned cryptocurrencies that established themselves through ICO’s, such as Waves, Factom, Lisk, DigixDAO, Mastercoin, NXT, Ethereum, NEM, Maidsafecoin, Synereo, and Bitshares.
Disadvantages of an ICO
The biggest drawback to ICO’s is that none of them are regulated. Because ICO’s aren’t registered or regulated with any kind of government organization or body, there aren’t any investor protections except what the company itself offers or provides. As ICOs continue to increase in popularity, their unregulated nature will attract scrutiny. For instance, the Economist and Financial Times have criticized the process due to its lack of regulation recently.
Although there is a lack of regulation with ICO’s, inexperienced investors or those who are quite clued up on cryptocurrencies are vulnerable and can be taken advantage of. However, the good news is that the issue will continue to attract attention, and therefore governments will explore ways to regulate cryptocurrencies and ICO’s as a whole.
Should I invest into an ICO?
At the end of the day, a smart investment into an ICO can yield a massive return n the money you spend. However, this doesn’t mean you should dive head first into an ICO and expect to immediately see a return. It’s worth mentioning that buying into an ICO will carry quite a few significant risks and therefore you should only invest if there’s a high-risk appetite within you and you are potentially willing to permanently part with the money you decided to invest. If you are interested in high-risk investment options with high rewards, you should certainly give ICO a go.