You’ve probably heard plenty about cryptocurrencies by now. But do you know exactly what they are or how to use them for betting?
What Is Cryptocurrency?
Simply put, cryptos are digital or virtual currencies. The crypto part of the term refers to the method of securing the transactions through the use of codes – cryptography. This technology also prevents people from creating more cryptos whenever they’d like.
Cryptos don’t have a physical form. They exist on a network distributed across multiple computers, which means your only way of accessing them is via the internet.
You’ve most likely come across the word blockchain used in the same context as cryptos. To understand it, it might help you to think of it as a digital register of crypto transactions. It’s composed of parts that are connected in order to make a chain; a unified list.
How to Gamble With Cryptos
To use cryptos, you need to have a crypto wallet, which is a program/service/hardware that allows you to control your funds. Therefore, it’s more like an account than a storage space. Once you fill out the necessary information, you will receive a digital ID for unlocking your wallet.
You can buy cryptos using regular currencies. Before making a purchase, check which cryptos are accepted by your chosen gambling sites, because there are over 5,000 of them but only a few are widely used.
Depositing and withdrawing cryptos to and from gambling sites is fairly simple. To begin, you have to locate the cashier section on the website. There, you’ll be able to select your preferred cryptocurrency. If you’re making a deposit, you will be given the site operator’s wallet address, which you then enter into your own wallet and input the amount of money you want to be transferred. The procedure is pretty much the same for withdrawals, the only difference being that you will be asked for your wallet address.
What if You Want to Know More?
If what we’ve told you so far was helpful and informative, so much so that you’d like to keep on reading, we’d like to direct your attention to our infographic below, made by BetBlokes. It includes more useful information and some interesting facts.
Featured image: Medium