No one can deny that gambling with digital currencies is unique. When you enter the cryptocurrency and crypto gambling world, you might be bombarded with unfamiliar terms. However, this minor issue should not hinder you from enjoying the benefits of bitcoin gambling.
In addition, you may also encounter words you probably heard when playing in a land-based, traditional casino. If you are ready to play in a crypto casino, here are the essential bitcoin casino terms you should know.
Aside from familiarizing yourself with the terms, this guide will also help you to understand a brief overview of casino gambling and cryptocurrency.
Address: This term refers to the identifier to receive and send digital currencies. The address is usually made with combined numbers and letters. Professional crypto gamblers, traders, and investors recommend newbies use one address for every transaction to protect the movement.
Cryptocurrency: It is also known as crypto or digital currency. A cryptocurrency is used as a fiat currency in the digital world to make transactions. It is backed with a distributed ledger and cryptography to record each transaction happening in the network.
Crypto Bookmaker: It refers to a system where you can use any digital currency for payment.
Crypto Casino: It refers to the digital version of a traditional casino, wherein gamblers can use cryptocurrencies, such as Bitcoin, to place bets. You can find hundreds to thousands of gambling games in the crypto casino.
Cryptocurrency Exchange: This is the place where crypto players use to exchange and purchase digital currencies. The good thing about crypto exchange is that it allows users to change their cryptocurrencies into fiat currency. However, players have to pay a fee to proceed with the transaction.
Crypto Wallet: A crypto wallet refers to a hardware device, or a software app players can use to transfer and store digital currencies. Although this system is considered versatile, you may need help with issues since some digital wallets only accept specific crypto.
Digital Asset: It refers to anything you can see in the digital world and does not come in a physical format, unlike traditional assets. One example of a digital asset is cryptocurrency.
Pseudonymous: This term is synonymous with anonymous, which describes the nature of cryptocurrency transactions. This allows gamblers to play anonymously by protecting sensitive information about their digital wallet and transactions.
Satoshi Nakamoto: It refers to the pseudonym of an individual or group of individuals who founded Bitcoin. Until now, no one knows where and who Satoshi Nakamoto is.
2FA (Two Factor Authentication): It refers to the simple yet strong security provided to crypto players. The electric authentication method requires users to show at least two proofs to the authentication system. Two-factor authentication is common among players dealing with digital currencies.
Private Key: It acts as a PIN or password to unlock or lock the algorithm. Making a strong private key is essential to ensure that only you can access your digital wallet.
Dealing with cryptocurrency gambling can be intimidating, especially if you don’t know common terminologies. Familiarizing yourself with the terms above can be your stepping stone to achieving success in the crypto world. You can click here to find other bitcoin-related terminologies.