The world of cryptocurrency has gone on to create possibilities of a fair gambling experience open to all who are interested in it. The system is unique, as are the terms used in the industry. Understanding each term can help you have more fun on the gambling casino platforms and makes you less confused about what is what.
Bitcoin Casinos on cryptocasinos247.com have a user-friendly interface that includes some terms you would not find familiar. This article contains some basic terminologies you may find scattered all over the bitcoin casino you have chosen.
Below are some terms used in Bitcoin casinos you should know:
- Bitcoin Accepted Here: This is a phrase commonly used by dealers in a bitcoin casino, and it simply means that bitcoin and other crypto are generally accepted. This is one way to know a reliable bitcoin casino. This may otherwise be written as “BTC friendly”.
- KYC: This means “Know Your Customer”. It is a set of procedures that must be followed by anyone involved in cryptocurrency exchange. This is simply a means for users to provide the necessary information to prove their identities to crypto service providers.
- Provably Fair: This is a term in bitcoin casinos that means that all bets are proven fair mathematically. The casino service providers can only verify it due to the algorithm involved. It is a term used to show bettors that the casino games’ results are not tampered with.
- Transaction Fee: Although not as high as the fees paid when a regular bank transfer is used, some casinos request a transaction fee to process cryptocurrency transactions. It can also be the fee when transferring from one crypto wallet to another.
- Faucet: While using a bitcoin casino site, you may be redirected to a website that requires you to solve some simple tasks. This is where Faucet comes in; you could be asked to solve a CAPTCHA, play a simple online game, or simply view an advertisement. The beautiful thing about this is that you would get rewards.
- Bitcoin Slots: This is a classic casino game; the only difference to experience when it is played in bitcoin casinos is that you play with bitcoin. All your jackpots and winnings are valued and paid in Bitcoin; this does not exclude free spins that come with the game.
- Bitcoin Minesweeper: This is a casino game that dates back as old as the casino itself. It is often referred to as the oldest and most famous bitcoin casino game. You can find this game in some online bitcoin casinos even as time has passed.
- Address: This is different from the regular contact address you are familiar with. It’s usually a set of numbers and letters used for sending and receiving coins. The use of an address helps to maintain the anonymous feature of cryptocurrency.
- Wallet: A wallet is an application to store and transfer crypto. With technological development, a wallet can store different types of coins, which means you do not need a separate wallet for each coin you own.
Types Of Cryptocurrency Wallets
Having a wallet is an integral part of your cryptocurrency journey. It is where all your transactions are carried out. Much more than for transfers, it is also where your crypto is stored. Crypto wallets have seed phrases that help to keep them secured; keeping them safe and away from third parties is vital.
There are a few types of wallets you should know and decide which is best for you:
- Hot Wallet: This type of wallet is always connected to the internet, making them faster and easier to use. But this feature also makes it less safe; it can be an extension of your browser or software.
- Cold Wallet: Cold Wallet is the opposite of a hot wallet because it does not require a steady connection to the internet. It is known as the safest type of wallet you can use to store your cryptocurrency. It can also last for a long time.
- Hardware Wallet: A hardware wallet is a cold wallet that is a physical device. This means that it can be stored far from your device.
- Desktop Wallet: This is a software application that acts as a crypto wallet but is installed on your computer, phone, tablet, and other electronic devices. It is risky because losing your device might mean losing your wallet access.
The Advantages of Bitcoin Casino
With all the simple basic terms in crypto casino understood, let’s see the advantages of gambling with bitcoin that outweigh every disadvantage that may occur.
The anonymity and security on the blockchain is also maintained on bitcoin casinos. Your personal information is safe and not disclosed to third parties, even during the verification stage of any transaction.
Another great advantage of playing casinos with bitcoin is the attractive offers available in the casinos. There are juicy welcome bonuses and other deals, especially for bitcoin pundits. Rewards can be claimed when the value of a coin is higher to help offset the volatile nature of cryptocurrency.
Another advantage of betting at bitcoin casinos is the intentionally designed games offered only to crypto betters. They are a lot of fun, similar to forex trading but more like a game.
This does not mean that only crypto-designed games are available; many games are available whether you’re using crypto or legal tender. Most crypto casinos are designed to be versatile and accommodate both means of payment.
As long as you choose a reputable and reliable bitcoin casino, you can get a proper gaming experience. A reputable bitcoin casino has a legal and valid license that needs to be carefully reviewed.
The popularity of cryptocurrency has increased the number of casinos accepting them as a payment method. Knowing a few words in the industry helps you guard yourself against scams.
Stay aware of how the words are interchanged and applied on each casino platform. And stay updated with news on the cryptocurrency market via coindesk.com.