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The ultimate crypto guide for beginners
Published by Stelly | November 22, 2022 | Last updated: February 28, 2024
It’s strange to think that only a few years back, things were more straightforward and rather simple. Today, the lines easily blur between the technological world and reality.
Cryptocurrency (or crypto), as many refer to it, is a decentralised digital currency based on cryptography. What this means is that it isn’t run by any government officials or third parties. It is digital, which leads to its value not being similar to that of precious materials or fiat currency, and on top of that, it is highly secure thanks to the use of cryptography.
Cryptocurrencies exist on a blockchain platform. But what is blockchain? It is very simple despite the confusion it evokes at first. Blockchain is essentially a digital ledger recording the majority of crypto transactions.
Blockchain was first used as a foundational element in cryptocurrency back in 2009 with the launch of Bitcoin. And since then, blockchain technology has grown rapidly, with a variety of industries exploring how to implement it with their own projects/services.
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It didn’t take long for the online casino industry to explore options for cryptocurrency in their own field. Today you will find a variety of crypto casinos and hybrid casinos you can access online, including popular Bitcoin casinos.
Hybrid casinos are essentially just online casinos that allow you to deposit and withdraw with both crypto and fiat currency transactions.
While at first, crypto was kept at arm’s length, it has now grown to become a loved and popular way of funding casinos and other transactions. Bitcoin has become a legitimate payment method in many countries around the world.
You can take your pick from a wide range of quality casinos that allow cryptocurrency transactions. Online casinos like Bitcasino.io and Vera & John were the first to become the first licensed bitcoin casinos.
Crypto is more than just an online payment method. In 2021, Resorts World Las Vegas became the first casino on the Las Vegas Strip to partner with a crypto platform and expand its offering by allowing crypto transactions.
Gamdom offers a bright & rewarding online Crypto Gaming experience with 3,000+ games, quick registration and unique loyalty rewards.
Bitcoin Casino is an exciting multi-currency casino with 5,000+ quality games, superb bonus rewards, friendly support and a gamified environment.
Undoubtedly, Stake Casino is one of the best crypto-gambling sites in the world! They made a name for themselves as a safe and rewarding site, offering a huge range of games.
BitStarz is a top-rated online casino founded in 2014, offering Bitcoin and regular money betting on over 3,800 games.
King Billy Casino is a medieval multi-currency casino where you can play over 5,000 games and claim daily rewards.
There are various benefits that come with using cryptocurrency, which is what makes it so popular. This includes things like additional security, speedy transactions, and anonymity.
While there are plenty of big plusses to using cryptocurrency, you need to consider some disadvantages too.
Volatile market: The first is the volatility of cryptocurrency. The value of the currency continues to fluctuate because of the market. It has been known to be extremely volatile, with the price drastically rising or dropping by 30%+ in 24 hours.
Influencer touch: The impact of influencers such as Elon Musk can affect the rise or fall of the value by making a negative or positive statement. Those who buy or sell crypto keep a close eye on those who influence the market, and they can make a huge impact with a single Tweet.
Unregulated platform: You should also consider the fact that cryptocurrency is not regulated. It is decentralised, meaning that there is no regulation from any authorities. On the one hand, this may be a good thing, but on the other, it also means that all the protection of licensed and regulated currencies goes out the door. Leaving you to double-check transactions before completing, or big losses can occur.
Technologically challenging: Working with cryptocurrency is not as easy for all as it might be for some. It has proven to be somewhat challenging for those who aren’t necessarily technologically inclined. Creating a crypto wallet and working on exchanges could be above the understanding of some.
You might have heard of the word ‘cryptography’ before, but you’re not really sure what it is or how it applies to cryptocurrencies. The word ‘Crypto’ means ‘Secret’ in Greek. To put it in simple terms:
Cryptography is the study of secure and encrypted messages or data between two or more parties.
With cryptography, the sender encrypts the messages which conceal the information/contents from any third parties. The receiver will then decrypt it and make it readable again.
So, how does it apply to cryptocurrencies? Cryptography is used to make transactions more anonymous and secure. The great thing about using cryptography is that cryptocurrency becomes easier as no trust must be established beforehand. You won’t need any third parties to make transactions on your behalf.
Cryptography is something that is used in more than just digital money. It is also used in other areas, such as computers and networks, where any information passed from one to another is encrypted and decrypted. Keeping it away from prying eyes.
Fiat and cryptocurrencies come with their own advantages and disadvantages. While fiat currency has been the norm for many years, crypto has only become more popular and acceptable in recent years.
The biggest difference between the two is that fiat currency depends on backing from the authorities, whereas cryptocurrency has no particular requirement for it. It thrives on being independent of the authorities.
The belief is that the decentralisation of cryptocurrencies makes them more efficient and also decreases the risks of a corrupt monetary system. Thus, with users running the show instead of authorities, the risks are believed to decrease.
Cryptocurrency gets its value from various factors like supply and demand. With a fiat currency, the value comes from the authorities stating its value.
With cryptocurrency, the growth and interest in the currency have increased rapidly. And as such, there is more than just one viable cryptocurrency you can use at online casinos today. In fact, a quick search will reveal that there are hundreds of cryptocurrencies you get to choose from.
While there are many cryptocurrencies, it’s best to go with the more established cryptos that have already become quite popular in certain online casinos. Here is a quick look at the top cryptocurrencies you can find online.
The top choice has to be the one that started it all: Bitcoin. Today you will find that a vast range of casinos accepts Bitcoin, and there are even a number of Bitcoin-only online casinos. In some cases, there are hybrid casinos that only allow fiat currency and Bitcoin. BTC continues to grow in value, is secure, and allows for anonymity. You can also expect to find some generous BTC bonuses at top crypto casinos.
Aside from Bitcoin, it is safe to say that Ethereum is the best option to use in online casinos. One reason is that it allows the use of app developments. You’ll find that a variety of blockchain games and NFT games make use of Ethereum. If you’re looking for a great investment, Ethereum comes highly recommended. It’s also accepted in a large number of crypto and hybrid online casinos.
Litecoin is easily one of the top 5 cryptocurrencies thanks to the fast response for transfers. It is lighter to process, meaning it takes less time, and wagering becomes easier. It’s these perks that have quickly turned Litecoin into a preferred option for many.
Bitcoin Cash is very similar to Bitcoin. The biggest difference is that BTC has a 1MB infrastructure, and Bitcoin Cash has one of 8 MB., meaning it has the potential to store more data and provides a more stable option for transferring your funds online. Transfers are also faster, and processing fees are lower. The Bitcoin Cash network can handle more transactions than Bitcoin can per second.
Dogecoin is a crowd-favourite and started out as a meme-based cryptocurrency. What started as a joke has quickly turned into a popular community-based coin. As such, it has found its way into the world of online casinos. It is not widely accepted, but a handful of top-rated crypto casinos allow the use of Dogecoin for transactions.
Dash is a lesser-known version of BTC, but it does come with many similar capabilities. It is an altcoin that was forked from the Bitcoin protocol and is highly secure. Dash is steadily growing in popularity as transactions are almost instant and have very low fees.
Tether is considered to be a very fluid currency that makes conversions easy. It is denoted as USDT with the same value as the US dollar within the blockchain world. As such, it has quickly made its way to the top of the list of popular and acceptable payment methods.
You’ll notice that AI is becoming more prominent in online casinos as it has a drastic impact and, as such, has redefined a lot in the world of iGaming. It has also been said to be a lot better than RNG. On a similar level, Ripple is found to be a better and more evolved version of any other cryptocurrency. It isn’t all that popular yet, but it is slowly gaining more popularity and can be found at a number of top online casinos. It comes with the benefits of additional security, and effortless transactions at a much better speed.
You can find many of these cryptocurrencies at top crypto casinos online. As the industry continues to grow, there are more sites starting to accept crypto or only cater to crypto players.
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