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Cryptocurrency is one of the most important inventions of the 21st century. With its revolutionary feats, digital assets have made drastic changes in all aspects of the economy. If before people had to wait for their turn in banks and financial centres, now, they can do all their transactions in just a few taps with minimal fees and no third-party intervention.
The financial sector isn’t the only industry that digital assets have changed. With their seamless and efficient nature, they have also become popular among online casino players who are looking for timesaving means to settle their payments. Additionally, the anonymity cryptocurrencies offer is also a plus to punters because they can avoid regulations imposed by banks who are strict with gambling-related transactions.
Are you interested to know more about cryptocurrency and the gambling industry? Here’s everything you need to know about digital assets in the online casino industry!
What is cryptocurrency?
Before delving into the world of crypto gaming, it’s important to know what cryptocurrency is and how it works. In essence, digital assets are virtual tokens that travel on a decentralized platform called the ‘blockchain’. Inside this weave of information and codes, validators from different parts of the world are working together to approve transactions.
Digital assets can be acquired through consensus mechanisms called ‘proof of work’ and ‘proof of stake’. Right now, the PoW is the most popular method used by most cryptocurrencies. Also known as ‘mining’, ‘proof of work’ is a protocol that allows the issuance of new coins, confirming transactions, and securing the data stored in the blockchain. However, it can be a little costly since blockchain miners expend huge amounts of energy and resources just to get a transaction approved in the network.
All the exchanges happening within the blockchain are recorded within the system forever. Once validated, it can no longer be changed nor altered because the blockchain is immutable to tampering.
Crypto dealings are possible because of private and public keys. Through these sets of keys, peer-to-peer transactions are enabled between two parties. Usually, a crypto wallet is connected to an exchange connected to the blockchain so users can process their requests.
Top digital assets you can use for gaming
After Bitcoin was launched in 2009, a lot of altcoins have sprung up on the market, each boasting their own functions and features. If you want to try out crypto gaming, you should select the best coin that will provide you with the efficiency you need for playing. Here are some of the top digital assets used in online casinos:
Launched in 2009 by an anonymous person called Satoshi Nakamoto, Bitcoin is known as the ‘digital gold’ in the crypto sphere. When it comes to market cap and trading volume, Bitcoin tops the charts. Because of its fast and trusted service, it has become one of the most popular digital currencies used by players from all over the world.
While Bitcoin is dubbed as the best currency, it still needs to improve in terms of speed and processing time.
Introduced in 2015 by Vitalik Buterin, Ethereum tops the chart as the second-best performing coin in the market. Unlike other digital currencies, Ethereum has a more complex blockchain that can be used to create smart contracts and develop Decentralized Apps or DApps.
Just recently, Ethereum has launched its 2.0 version, an update that aims to address the scalability and functionality of the coin. From the PoW protocol, the ET2 will shift to proof-of-stake.
EOS is one of the latest coins in the market. Despite still being at its infant stage, this digital asset is showing signs that it’s set to become a trusted and efficient asset in the market. Aside from its fast transaction time and cheap fees, EOS also enables smart contracts that create a more seamless experience for players. It also runs on the Ethereum network, which makes its speed unparalleled.
DASH coin underwent different rebranding stages before it was officially known as ‘DASH’. In 2014, it was released as Xcoin. Then, it was later renamed to ‘DarkCoin’ before it was finalized as DASH. What makes DASH popular among casino players is that it allows lightning-fast transactions that enable quick deposits and withdrawals. The only downside of DASH is that it has a limit of 1 MB, which hinders its capabilities.
Ripple or XRP is a digital asset introduced by Ripple Labs. Unlike other digital currencies that aim to move away from banks, Ripple does the opposite by merging the feats of cryptocurrencies and financial institutions. This is possible because of the product solutions they offer such as xVia, xCurrent, and xRapid.
Since Ripple is already integrated into some banks, it allows easier deposits and withdrawals for players.
When Charlie Lee released Litecoin, he claimed that this digital currency is the improved version of Bitcoin. The blockchain framework of LTC is almost similar to Bitcoin. However, Litecoin utilises a cryptographic code called Scrypt, while Bitcoin uses SHA-256.
While Litecoin is not as popular among investors, online casinos players still use it because it’s faster and cheaper than Bitcoin.
Different crypto wallets you can use
Using digital assets requires you to use the best wallet that will store your funds. Similarly, you also need a reliable exchange platform where you can source your coins. Here are some of the best wallets and exchanges we recommend for you:
Coinbase is one of the most popular exchanges in the market. If you’re looking for a platform to help you invest and trade cryptos, this site is for you. What makes Coinbase popular among users is that it doesn’t have a complex interface. Users can easily access the site, create an account and start trading/purchasing cryptos. Additionally, it allows more than one signature and 2FA to ensure further protection.
Exodus is a function exchange site that can be accessed across devices such as phones, laptops, and tablets. What’s more is that it also provides a hard wallet for users who want to put an extra ounce of precaution to their funds.
The Exodus wallet has a clean and sleek interface that you can easily navigate. Players who want to stay anonymous will find this wallet useful because it doesn’t give out any information regarding the user. The only downside is that you cannot use your bank account to buy cryptos. You have to use fiat currencies in order to purchase.
Bitamp bitcoin wallet
Bitamp features a clean interface that first-time users can easily navigate. Moreover, details such as seed, private key and browser detail will be invisible to other users.
ZenGo is one of the up and coming digital asset exchanges in the market. People who want to buy, store, and trade their assets can do so with this platform. What makes this wallet stand out is that it is the first keyless exchange that allows easy transaction between two parties without compromising the security and privacy of the user.
The ZenGo wallet allows users to have full ownership of their assets. Moreover, coins can be purchased through the use of credit cards and wire transfers. The application ensures safety through the use of MPC cryptography that sends signals between the wallet user and the servers. To enhance the safety feature, they use an encrypted 3D biometric face scan.
BRD wallet is named as the first wallet for Bitcoin that gives incentives for customer loyalty. Through the BRD wallet app, cryptos such as BTC, BCH, and ETH and other ERC tokens can be sent through the private keys provided. This app ensures unparalleled protection because it directly connects to the Bitcoin platform.
Why you should start playing using cryptocurrency
Payments are hassle-free
Paying your fees using digital assets is easy. Most banks impose restrictions on gambling-related transactions that limit players from enjoying their gaming. Since cryptocurrencies are not regulated by central authorities, they can be used to pay for bank fees. Moreover, they provide privacy for players who don’t want their information to be public.
As mentioned above, cryptocurrency travels through the blockchain where transactions can be carried out in private. When using cryptocurrency, information such as address, name, and contact number are not required. The only visible detail is the public key that is used to process transactions.
It has cheaper fees
Because cryptocurrency is not managed by a central government, it incurs fewer fees for users. Additionally, it’s also ideal for cross-border payments since exchanges can happen peer-to-peer.
It’s fast and secure
Many online casino players are attracted to using cryptocurrency for payments because they can easily settle their fees without filling out unnecessary information sheets. Moreover, extra charges due to middlemen interference are eliminated, making it more convenient and accessible for players.
Tips you need to remember before playing using cryptocurrency
Cryptocurrency is an exciting concept, especially with its time-saving features that can make online players’ life easier. However, before diving right into the world of digital assets, it’s still important to know how it works to fully utilise its potential. Here are some easy tips you can follow before using cryptocurrencies:
Do your research
Before dipping your hands into the digital market, you need to make sure that you’re equipped with the right information and resources. While you don’t need to be an expert overnight, reading basic articles on digital assets can help you achieve the expertise you want. Especially with crypto, the market is volatile so you need to know how to trade, sell and buy your cryptos.
Visit sites and exchanges because they provide figures and analysis that can help you store or grow your crypto funds!
Check if the casino you’re using accepts cryptos
Before using digital assets for online gambling, make sure that the site you’re using accepts them as a mode of payment. Be aware of this because not all online casinos offer cryptocurrency in their payment section.
Use a safe and reliable wallet
Using crypto for online gambling requires you to have a trusted and secure e-wallet. This wallet will be used for payments, deposits and withdrawals. If you’re aiming for convenience, opt for hot wallets that you can download on your device such as your mobile phone. However, don’t put all your funds into it because this type of wallet is connected to the internet and is vulnerable to online threats.
Check if the online casino you’re using is safe
Before playing in an online casino, make sure that the site you’re using has SSL encryption to make sure that all the information you include is secure. Before proceeding to payment, check the browser tab and look for the lock sign on the left. If it doesn’t appear, it’s better to look for another site to play in.
Choose the right coin for you
The market is teeming with cryptocurrencies that it’s often a struggle to know which one fits your needs. What you can do is do your research and compare the cryptos you want to use. When choosing a coin, check the processing time, fees, and the scalability of the asset.
The market capitalization and accessibility are important factors you need to consider as well. Moreover, check if the coins you want are available in the site you’re using to make sure you can use them to play.
Digital assets are one of the latest innovations that can help the people make their lives easier. Use them to your advantage when you do your research and learn how to use cryptocurrencies properly.