Cryptocurrency Casino Deposits and Withdrawals

When someone mentions cryptocurrency, we immediately think of Bitcoin. But even though Bitcoin is the first, most famous and most frequently used one, there are now thousands of other cryptocurrencies in existence.

There are quite a few cryptos that are used for online gambling. Bitcoin is by far the most popular, but Ethereum is also used a lot and no doubt, more will follow, as time progresses.

All of the cryptocurrencies are considered to be alternatives to so-called fiat money, a currency that a government declares to be an official medium of payment. Fiat money isn’t backed by physical reserves such as silver or gold and is therefore susceptible to inflation. We’re talking about US dollars, Euros, British pounds, and all other currencies you’re normally using to pay for goods and services.

Cryptocurrency or digital currency first appeared as an alternative payment method back in 2008, preceded by numerous (unsuccessful) attempts to create a centralised online digital cash system.

How Cryptocurrencies Work

Cryptocurrency is a digital asset that uses complex code systems to control the creation of new units, verify transfer of assets, and encrypt sensitive data transfers to secure financial transactions. They can be exchanged in special online markets for fiat money such as already mentioned Euro, US dollar and British pound.

There are several important terms a future cryptocurrency user needs to understand. One of them is blockchain, a record of all prior transactions which validates currency ownership at any point in time. Its copies are stored within the cryptocurrency’s software network which is a network of (decentralised) servers run by miners.

These computer-savvy individuals use huge computing power to record and verify transactions, getting paid for their service in newly created currency units and transaction fees. This is the only way to create valid new Bitcoins. Cryptocurrency transactions are finalised only once they’re added to the blockchain and are in meantime available to neither the seller nor the buyer, which is what takes care of the potential double-spending issue.

When dealing with cryptocurrency, you’re working with a public address and a private key (usually a series of alphanumeric characters), and the two are linked to each other. Public address is your mailbox into which anyone can throw letters, but only the person holding a key can retrieve them. In other words, your unique key will enable you to obtain and spend cryptocurrency stored in the public address. While this reduces the risk of theft and unauthorised use, it can also create a massive problem should the key be lost. Misplace your key and you’ll never be able to recover your funds, same as if you were to take a pile of cash and burn it down to ashes.

Private keys are stored in digital wallets and used for generating digital signatures needed to verify a transaction. Once the transaction has been broadcasted to the entire network, it cannot be altered without changing the signature at the same time. A miner confirms the transaction and it becomes an immutable part of a blockchain.

One can store private keys in different kinds of wallets. Paper wallets are printed documents with the key and a scannable QR. Hardware wallets generate private keys via smartcards or USB devices and store them offline, moving online to broadcasted the transaction. Alternatively, one can use desktop, mobile and web-based online wallets .


Online Gambling with Cryptocurrency: Benefits and Disadvantages

Valued at only about one cent when it was born, by 2017 Bitcoin was worth over $7,500.

Once the system has proven to work, more and more banks, retailers and trading organisations started to accept Bitcoin and numerous other cryptocurrency were launched – among them Ethereum, Ripple, Litecoin, Bitcoin Cash, Dash, NEO and Monero.

We’ve also seen Bitcoin enter the online gaming world and you’ll nowadays find even Bitcoin-only casinos that offer no other payment option. Bitcoin is now a standard banking option for people living in the US that enjoy playing slots and games for real money.

People are traditionally scared by the unknown and many of us will feel reluctant to use Bitcoin or any of its alternatives simply because we don’t understand how they work. However, digital currencies offer a whole range of benefits which make them increasingly popular in the online gaming world. Cryptographic protocols are built on advanced mathematics and computer engineering principles and therefore nearly impossible to break.

They also protect the identity of the user, even though all transactions are publicly available in the blockchain. Unlike fiat money, digital currencies aren’t susceptible to inflation.

Though not as widespread as credit / debit cards and eWallets, more than a few online casinos actively promote their usage by offering exclusive payment-related bonuses. Transactions are subject to wider payment limits, and once a withdrawal request has been processed, money transfer is almost immediate.

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