- Cryptocurrencies are rapidly gaining in popularity after a slow start
- There are thousands of different cryptocurrencies out there, but not all are made equal
- Cryptocurrencies can be used in various ways, for instance at online crypto casinos
Cryptocurrency is a global phenomenon that also goes under the name of digital assets or crypto-assets. These are just different names for the same thing, a digital currency that is created using encryption software. You can also consider cryptocurrencies to be the 21st-century unicorn which can easily become the future of finance.
Cryptocurrencies exist online and are not based in any single country or jurisdiction because the ledgers and servers are spread out over the globe. Since there is no central bank, the system is distributed and therefore not easily manipulated either by large institutions or by governments. This means there is little regulation and more freedom on who spends how much on what and where.
What is the Most Well-known Cryptocurrency?
The most notable cryptocurrency is Bitcoin, and you will probably have come across it in some way. The inventor of Bitcoin has never been revealed – all we know is he or she was called themselves Satoshi Nakamoto and hasn’t been heard of since 2011. Bitcoin was created in the wake of the financial crash of 2008 supposed as a decentralized peer-to-peer electronic cash based on blockchain technology, although many consider it now too slow to operate as a form of cash. Thousands of cryptocurrencies have come and gone since then.
Bitcoin is a version of electronic money which allows payments to be sent directly from one party to another without going through a financial institution. Bitcoin should be treated with the same care as your regular wallet, or even more. There are a lot of different Bitcoin wallets out there so make sure you thoroughly research your options before you pick one.
There are numerous ways you can acquire bitcoin and other cryptocurrencies, but most people these days buy direct from exchanges such as Coinbase or Binance, but individuals in certain countries can make use of platforms such as PayPal to get Bitcoin exposure. However, users should make sure that they are buying actual bitcoin and not a derivative of cryptocurrencies that they can’t move off that platform before handing over their money.
Cryptocurrencies and Online Casinos
One of the ways that cryptocurrencies can be used is by playing at online cryptocurrency casinos. Every player knows that gambling online can be a bit risky at times, and this is the main reason why players prefer the privacy offered by cryptocurrencies. Despite rumors to the contrary, bitcoin casinos need licenses just like any other casino in order to operate, and you should make sure that any cryptocurrency casino you want to play at is governed by a license that covers your country.
One of the more reputable cryptocurrency casinos is the award-winning BitStarz, but there are many who don’t operate to such high standards and are not a safe place for p[layers to deposit their funds.
Bitcoin casinos are a great choice over traditional casinos because they are typically faster and you can sign up with just an email address. Also, transaction processing fees for cryptocurrencies are rare and low if they are levied at all. And by using bitcoin, user privacy is very well catered for. Depositing into and cashing out of cryptocurrencies does not take much time at crypto casinos, but many will have minimum deposit levels. The commonly used unit is millibitcoin (mBTC), where one bitcoin is converted into 1000 mBTC.
Provably Fair Gaming
Another advantage to licensed cryptocurrency casinos is the Provably Fair feature. This is a system that makes it impossible for the player or the casino to cheat in a game. Provably Fair systems rely on cryptographic hash functions, which make it possible to turn data into a string, known as a hash. The cryptography behind the network has not been broken, and likely never will be. This makes Provably Fair games fairer than those that don’t have it.
Users should be aware however that some casinos claim to have provably fair results when they only have provable results. The difference here is that the casino knows the result of the game when the player does not. The casino could cheat by delivering only losing results to the player since the games aren’t actually fair.
Gambling with cryptocurrencies is rapidly growing in popularity, showing an increasing desire to enjoy digital assets in a fun way, and until they take over the world we can at least say that cryptocurrencies are the best way to enjoy the fun and excitement of a casino.