Cryptocurrency is a global phenomenon known to most people and it also goes under the name of crypto-money or crypto-assets, but it’s all the same. It is, in fact, a digital currency that is created by using encryption software. You can also consider this to be the 21st-century unicorn which can easily become the future.
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 surely Bitcoin, and you must have heard about it. The inventor of Bitcoin was Satoshi Nakamoto and it was supposed to be a peer-to-peer electronic cash system to help prevent double-spending and not something that will be considered as the most important cryptocurrency.
But let’s not dwell on this too much, and just put it as simple as possible. Bitcoins are a version of electronic cash 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 so before you get one make sure to do a thorough research before you choose the one that best suits you and your needs.
There are numerous ways to do acquire bitcoins. You can sign up for an account at Local Bitcoins, Coinbase, offer goods or services for bitcoin or perhaps buy bitcoins from a friend.
Cryptocurrency in the world of online gambling
So now when we have the basics covered here, and once we have explained what cryptocurrency is used, saved and how it can be obtained, we can move on. So how can we actually put cryptocurrency to a good use when it comes to online gambling?
As every player knows gambling online can be a bit risky at times. This is one of the main reasons why people prefer the privacy offered by the cryptocurrency. The fact is that bitcoin casinos do need licenses under regulatory bodies from the country where they operate. Even though many reputable online casinos, such as BitStarz Casino, do have them, there is a number of casinos operating unlawfully. Therefore, players need to make sure they choose carefully where to play, in order to avoid their personal data getting stolen and similar problems.
The depositing into and cashing out of bitcoin do not take much time but it all depends on the amount, of course. Many websites do not have a minimum deposit. The commonly used unit is Millibitcoin (mBTC) and they are used to play with. This means that if you deposit one bitcoin, it is converted to 1000 mBTC.
So why bitcoin? Using bitcoins have many advantages over traditional currencies. Bitcoin casino sites are faster, you can sign up with just an email address and transaction processing fees are rare. It is safe to say that main advantages are speed and privacy.
Provably Fair feature to ensure a fair game
Another advantage is the Provably Fair feature which 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 it safe to say that Provably Fair feature is fairer than other games.
However, some casinos claim to have provably fair results when they only have provable results. The difference 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.
All in all, cryptocurrency seem to be expanding at a fast pace lately and it is possible it will become our future way of paying for everything. Till that happens, the only claim we can make is that gambling at crypto casinos with bitcoins, ether, litecoin, or any other cryptocurrency for that matter is way faster and more secure than with regular currency.