All the things you wanted to know about Bitcoin and the other cryptocurrencies

A Heads-Up Before Gaming with Cryptocurrency

0

So, you’ve decided to finally give cryptocurrency a go. Being a novice in the world of cryptocurrency gambling might be intimidating, but as long as you keep the basics in mind, you’ll soon begin to improve your strategy.  But, before you could even begin dreaming of playing on a cryptocurrency casino, you’ll need to first understand a few things about cryptocurrency. Cryptocurrency is a digital form of currency that works via a decentralised, heavily encrypted, and peer-to-peer-based system.

What that means is that there is no central authority that governs the cryptocurrency systems; every transaction that occurs via cryptocurrency is cryptographically secured; and that the system fundamentally works like exchanging cash with fellow peers. This all means that once a payment is done, it’s done for good, and there’s no taking it back.

Or, in other words, if you get defrauded, there’s nothing that can be done to help you. This is why it’s important to make sure you’re making payments to trustworthy entities. We’ll mention a few trustworthy cryptocurrency casinos, but first let’s get you started with choosing a cryptocurrency, and then go through some pros and cons of playing with cryptocurrencies.

Which Cryptocurrencies Should You Use?

With the absolutely insane amount of cryptocurrencies that have been developed over the years since the concept of cryptocurrency began, it can be hard to choose one cryptocurrency out of the sheer thousands that exist. We don’t blame you, and, while choosing a cryptocurrency is very important, it is not as difficult as you might think!

It may seem like a stretch, but it’s actually not: out of the thousands of cryptocurrencies out there, only a handful of cryptocurrencies are actually worth considering, and this makes your choice a much easier one. So, let us mention a few cryptocurrencies that are currently the most popular and the most important out of all of them:

  1. Bitcoin
  2. Ethereum
  3. Litecoin
  4. Bitcoin Cash
  5. Ripple
  6. Monero
  7. Tether
  8. EOS

There are several reasons as to why these cryptocurrencies are so popular, including the security measures employed within the system of particular cryptocurrencies (which is exactly why Ethereum proves to be so popular, for example); their market capitalisation, which is to say, their total value on the stock exchange market; and the ease of use of these cryptocurrencies.

Pros of Using Cryptocurrencies to Game With

The first advantage of using cryptocurrencies is arguably its inherently safe nature. Due to the heavily encrypted nature of the cryptocurrency system, crypto transactions are quite secure from cyberattacks. Incidentally, the cryptocurrency system is nothing more than a public ledger, that is, a record of transactions publicly available, known as the “blockchain.”

Another advantage is that there is no figure of authority that intervenes with what you should do with your cryptocurrency; this leads us to another advantage – the fact that cryptocurrency can truly be ‘yours’. Putting fiat currency in a bank essentially shifts the ownership of that money; however, with cryptocurrency, all you need is a cryptocurrency wallet, and the money is indisputably ‘yours’.

Cons of Using Cryptocurrencies to Game With

We already mentioned one disadvantage of cryptocurrencies, and that’s the fact that payments are irrevocable, meaning that if you’re a victim of fraud, there’s no going back. Related to this is the double-edged sword of anonymity; anonymity is great for people who don’t like giving up their identity, but this also sadly includes fraudsters and rogues.

Another disadvantage has to do with the high volatility of cryptocurrencies, that is, how easy it is for the value of these cryptocurrencies to change. Cryptocurrencies can lose or gain value unpredictably and without warning; for instance, in 2018, Bitcoin went from being worth$13,850.50 (€12,073.48) to$3,709.50 (€3233.57) all in a single year.

Gaming with Cryptocurrency 101

Now that we have laid down the advantages and disadvantages of cryptocurrencies, it’s time to discuss just how to put those currencies to use. In this section, we’ll be going through how to play casino with Bitcoin and other cryptocurrencies, and the answer is surprisingly simple and works quite similarly to conventional payment methods; but, firstly, you will need a cryptocurrency wallet.

With cryptocurrency wallets, you can buy and trade cryptocurrencies, so the next step is purchasing cryptocurrencies from cryptocurrency traders; otherwise, you can exchange money to cryptocurrency via cryptocurrency exchange services, like Coinbase. Once you’ve set up your wallet and purchased coins, all you need to do is affect a payment to the casino’s wallet address.

You can do this in the deposit section of your chosen cryptocurrency casino; simply choose whichever cryptocurrency the casino supports and transfer crypto-coins to their wallet address. See? We told you it’s easy! But, what about casinos that accept Bitcoin and other cryptocurrencies? We have you covered on that too: here’s a short list of the best casinos that accept Bitcoin:

  1. True Flip
  2. 7Bit Casino
  3. CasinoFair
  4. BitStarz
  5. Casinoin
  6. Bao
  7. Bitomania
  8. PlayAmo

It’s hard to exactly say what makes one casino better than all the rest, but, as we read on cryptimi.com in our search for the best cryptocurrency casino, wading through and compiling dozens of Bitcoin casino reviews, the casinos that we’ve listed have proven themselves to be a cut above the rest, especially due to the several important and fantastic features that these casinos have implemented.

7Bit Casino, for example, offers a wondrous welcome bonus and game selection; True Flip also offers a generous welcome bonus, a game library that is to die for, and also offers a handful of beautiful exclusive games; and BitStarz is not only a multi-award winning casino, but it offers a jaw-dropping welcome bonus, and a beautiful game selection, including some Bitcoin games!

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles