The amazing thing about crypto is that it is considered as the newest form of payment in the market right now. As a matter of fact, a lot of industries are also slowly transitioning into using cryptos. This includes online casinos.
With crypto, you don’t need to worry about bringing a bulky wallet or several credit cards. This is because cryptocurrency can store a huge amount of money.
The Wonders of Crypto
All crypto transactions are recorded to its public ledger called the blockchain. However, rest assured that your personal information is hidden. Even though the blockchain is open for everyone, no can change any portion of it.
It uses a cryptography system to make sure that all of the transactions are secured and verified. The best thing about crypto is that it is difficult for hackers to debunk the system. What makes crypto more appealing to use is because it is decentralized. This simply means that any government or any financial institution has no control over your transactions, even at Tsars.
It is also a peer-to-peer network in which you’ll need private keys to receive any amount. Crypto is like the upgraded version of a debit or credit card. One of the reasons why the crypto community keeps growing is because its value depends on its supply and demand.
Crypto is made by mining. It does not mean that you need to dig a hole and look for Bitcoin. It is actually more on the programming and accounting side. You also need to have a special computer system and a lot of resources to mine crypto.
However, one of the reasons why some people are still sceptical about using crypto is because of its complicated nature.
Believe it or not, there are thousands of cryptocurrency in the market since a pseudonymous Satoshi Nakamoto introduced Bitcoin in the market. Cryptos aside from Bitcoin are also known as altcoins. Here are some of the top cryptos you should know:
It is actually the biggest crypto as of late. 1BTC is equivalent to about US$18,000. With its high trading volume, its value is also regarded as the most expensive of all cryptos. It might not be obvious but you can easily trade Bitcoin with anything. This is also the reason why it dominates more than 40% of the crypto market.
Ethereum has a similar blockchain to Bitcoin and it can eliminate third parties in transactions. Another thing with this crypto is that it is a ledger technology used to create and develop more programs.
Litecoin is almost similar to Bitcoin as well but offers faster transactions. As a matter of fact, LTC only takes 2.5 minutes while Bitcoin takes a total of 5 minutes to complete a transaction. Compared to BTC, Litecoin has over 84 million coins in total. This is also the reason why it is less expensive.
It is known as the world’s first peer-reviewed blockchain that aims to run on a public blockchain for smart contracts. Its open-source code is written using Haskell, a secure programming language.
It is an altcoin known for its real-time gross settlement system. Compared to other altcoins, Ripple is one of the fastest cryptos in the market. This is because each transaction can last up to four seconds only.
Bitcoin Cash (BCH)
Bitcoin Cash is created to become a better version of Bitcoin. It increases block size so more transactions are verified in a short period. It also offers low transaction fees with no chargebacks.
Basic Attention Token (BAT)
It is known as a utility coin which is commonly used as a token for the content creators of Brave. BAT is actually a blockchain-based reward token used to measure media consumers’ time and attention. The main purpose of this token is to distribute advertising money between the marketing companies, publishers, and advertisers.
Neo is regarded as the China-based Ethereum which allows developers to launch decentralized applications (dApps) on the blockchain. It is also one of the most stable cryptos, which is the perfect reason why a lot of people are now investing in it.
Advantages of Gaming with Crypto
Most online casinos already started accepting crypto as a payment method. Aside from game variety, players also consider an online casino’s payment method offers. Transaction speed and fees are some of the factors that people check when they visit a new site. With crypto, players don’t have to worry about speed and added fees when they use it in an online bitcoin casino like Tsars.
Here are some of advantages of gaming with crypto:
The best thing about crypto is that it offers anonymous transactions. Even if you are a frequent player, your information won’t be floating around the clouds of the internet. Crypto transactions do not really require you to provide any personal information. All you need to provide is your e-wallet or Bitcoin address.
One of the reasons why most people love playing in bitcoin casinos is because there are a lot of games to choose from. You do not even have to wait in line! You can play your favourite game with a simple click. Bitcoin games are also a common feature wizth online casinos that embrace cryptocurrency.
Faster Deposit and Withdrawal Transactions
Depositing and withdrawing your winnings is faster if you are using crypto. All you have to do is to scan the QR code or provide your Bitcoin address. Aside from faster transactions, you also don’t have to pay for expensive fees. There are also no third-parties involved.
Because of the blockchain technology, all of the transactions are encrypted individually. They are also verified and authenticated by a network of computers. Blockchain stores your data safely and securely.
You have full control over your assets. This is because the government or any financial institution has no power to take over your transactions. Cryptocurrency is decentralized unlike fiat currencies, also known as traditional money.
Most Used Terms in Crypto
Now that you know some of the crypto basics, here are some of the terms you also need to know:
It is basically the master key to your Bitcoin. It also prevents hackers from gaining access to your Bitcoin.
If private keys exist, so do public keys. These are basically a string of letters and numbers that allows cryptos to be received.
These are coins aside from Bitcoin. Most altcoins differ in block size, features, algorithms, and mining speed.
It is the process of encoding and decoding information so that only the sender and receiver will only understand the message.
It is a combination of random letters and numbers which acts as your home address. Most crypto wallets actually generate a new bitcoin address with every received fund. Another interesting thing about bitcoin addresses is that they don’t have an expiration date nor do they vanish.
It is a government-issued currency that gives central banks greater control over the economy. This is because the central bank decides how much money is printed.
It is basically a public ledger wherein all of the authenticated and verified transactions are posted.
The blocks are like the pages on a ledger. Once all of the transactions are verified, you will be redirected to another block. What makes it difficult for hackers to steal your information is because it is made of a series of complex numbers and letters.
Market capitalization is basically a term used to describe the total market value of a coin.
It is a document that contains comprehensive information about a coin. The whitepaper basically acts like an owner’s handbook wherein all of the information you need to know is explained.
It is among the most common verification processes when using crypto. As a matter of fact, your digital signature should always come with your private key. This is because you cannot create your own digital signature without a private key.
It is basically a network of miners responsible for mining cryptos. If mining is successful, the rewards are split among the miners. According to crypto experts, it is the best way to earn money in the crypto world.
It is basically the process of sharing information between two parties. It is like sending a secret message wherein the government authorities have no access to.
Initial Coin Offering or ICO is basically a fundraising tool which is usually used to offer products and services.
Crypto Fun Facts You Should Know
With the continuous increase in the number of crypto users, it is undeniable that there are a lot of interesting incidents with crypto. Here are some fun facts about crypto you should know:
- Until now, no one knows who the real Satoshi Nakamoto is. Investigations are leading to a group of people but it was not confirmed
- China is known as the largest miner of crypto
- Anyone can mine crypto. This is because there are new coins which can be created on an existing blockchain
- You cannot physically ban Bitcoin and other altcoins
- As of writing, there are a total of 5,392 cryptocurrencies
- The blockchain is not a perfect platform
- The first Bitcoin transaction is for two boxes of pizza which costs 10,000 BTC
- Ethereum was proposed by Vitalik Buterin at the age of 19 years old
- The Japanese Yen and US Dollar are the two leading fiat currencies exchanged for Bitcoin
- $65.53 is the lowest recorded value of Bitcoin
- James Howells accidentally threw his hard drive where his private keys are stored. Reports are saying that it is equivalent to $127 million
Most Asked Questions About Cryptos
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