Make your gaming experience fun with cryptocurrency
It’s undeniable that cryptocurrency has become the sought-after trending asset in today’s digital market. In the previous years, cryptocurrency also had its slow start. Back in 2008 and 2009, a lot of people were still not sure of the quality that cryptocurrency holds. As years went by, people saw the potential of cryptocurrencies such as anonymity, seamless transactions and decentralization.
Today, a lot of investors have penetrated the market of cryptocurrency. Aside from the surge of prices in the coming months or years, they can make use of cryptocurrency as the mode of payment for hassle-free and cheap transactions.
If you’re new to cryptocurrency, discover what it’s about and how you can utilise it when you learn more about the basics and types of cryptocurrency right here at Bitcasino!
What is cryptocurrency?
Cryptocurrency aims for faster transactions between two parties at much cheaper fees compared to banks.
In essence, cryptocurrency is a digital or virtual currency that enables the purchase of goods and services. It is secured by a technology called cryptography that makes user information tamper-free and eliminates the possibility of double-spending.
Typically, cryptocurrencies are digital assets that run on decentralised networks to conduct validating of transactions without the help of a central authority. This means that investors and crypto users can transact directly with one another.
Additionally, cryptocurrencies are not like regular currencies. You’ll need to purchase them using fiat currency on exchanges as they don’t have a physical form.
There are tons of digital assets, but the first and most popular one is Bitcoin. After Bitcoin was established, it paved the way for other digital assets such as Ethereum, Litecoin, Cardano and more. Each of these cryptocurrencies has its own features and advantages that make them unique.
Basics of cryptocurrency
To have a further understanding of cryptocurrency, here are some of the basic information to get you started:
Top 3 cryptocurrencies
There are tons of available cryptocurrencies you can choose from. Each cryptocurrency has its unique features that benefit the users. But with the number of cryptocurrencies, certain ones perform significantly better. To give you an idea, check out the top 3 cryptocurrencies in the market today:
How to buy cryptocurrency
If you want to invest in cryptocurrency, you’ll need a platform that offers the token you want to purchase. This is where crypto exchanges come in. For you to buy the cryptocurrency you want, look for an exchange platform that will suit your needs.
A crypto digital marketplace is where users can buy and sell digital assets. For payments, some accept fiat while others only accept cryptocurrencies.
Buying cryptocurrencies is much like purchasing a product since their price on the exchange platforms is based on their current market prices.
There are various crypto exchanges available online. Among them, the platforms below are currently the most popular and trusted ones:
Where to store cryptocurrencies
After purchasing the cryptocurrency of your choice, you’ll need a place to keep it safe and protected from theft and hacking. For this, you’ll need a reliable cryptocurrency wallet that will ensure the security of your crypto.
A crypto wallet is a digital wallet that allows you to store your cryptocurrencies. With this, you can easily manage your cryptocurrencies. The process of setting up a crypto wallet is easy. Often, you’ll only need to provide an email address and password.
After creating your account, you will be given a Wallet ID, which is an identification similar to a bank account number. Then, you can access your wallet through the website or mobile application.
Like crypto exchanges, there are also different choices for crypto wallets. All of them can cater to any type of cryptocurrency, but their accessibility can be your basis in choosing one. Here are the types of crypto wallets:
- Software wallets – This type of wallet is connected to the internet and you’ll need a WiFi connection if you want to access it. Since it’s downloadable to your desktop, this wallet provides you with fast and hassle-free accessibility. Some of the most well-known software wallets you can consider are Exodus and Coinomi.
- Hardware wallets – This one comes in the form of a small USB flash drive plug-in device that allows you to access your wallet anywhere you are. Some of the most popular hardware wallets you can choose from are Ledger Nano S and Trezor.
Apart from purchasing goods, you can also use cryptocurrency if you want to play games on online sites like Bitcasino! By using your cryptocurrencies, you can access hundreds of games from various categories such as slots, live dealer and table games. As cryptocurrency slowly becomes mainstream, a lot of people opt to use it not only for products and services but also for playing in online casinos.
Find out some of the perks of using cryptocurrency when playing casino games: