What are Cryptocurrencies, and how to use them?
We will not get into Cryptocurrencies’ technicalities because it is quite complicated and not the guide’s subject. However, we will give you general knowledge about what Bitcoin and other Cryptocurrencies are.
We will use Bitcoin as an example. But essentially, all cryptocurrencies work similarly.
Bitcoin is a long string of solved mathematical problems called the blockchain. Each block in the blockchain consumes a lot of computer processing power to be created. The computers run on electricity and cost money to purchase, which is what gave the blockchain any value in the first place. Think of it as you would think of gold, for example. When gold discovered, it had no value to no one. It was just a unique metal. However, when people found gold had unusual properties, they wanted to acquire it. The initial cost to buy it was the time spent and machinery required to get it out from the ground.
After that, the value began increasing based on supply and demand.
The same is right with bitcoin. These days there are high demands for it and only a limited supply.
Now that we’ve figured out roughly what cryptocurrencies are let’s understand how to use them. Well, the first you need is a crypto wallet. This wallet is where you store your coins. It is computer software you download to your device, and inside it, you send and receive cryptos.
Each wallet has an address made out of a long string of letters and numbers. It looks something like this –
When you buy the Cryptocurrency, you need to provide your wallet’s address. When you send out money to someone else, you will need to provide their wallet’s address. The process is straightforward on most wallets, and usually very fast.
Which Cryptocurrency is best for Online Casinos?
There are many cryptocurrencies. However, we can say that the best selection will be either Litecoin or Bitcoin for online casinos. Ethereum is also a good choice. The rest of the cryptos will be less common on online casinos.
Bitcoin is generally more common than the rest. However, we prefer Litecoin, of course.
Where will you store the Bitcoins?
As previously mentioned, there are a lot of crypto wallets where you can store your coins.
Crypto wallets exist in one of two locations, on your PC, or online.
We recommend using local software on your device for maximum safety. One wallet we work with regularly and like to recommend is Exodus. It is quite simple to understand, and you should quickly get the hang of it. Of course, there are many other options you can choose to download.
Always keep in mind that keeping your bitcoin safe is crucial. Many companies are working around the clock to provide you with better and more secure solutions. Among these solutions, you can also find hardware wallets. These unique devices are usually shaped like a USB drive but with additional features such as a password and built-in software.
Where can you buy the Bitcoin?
Buying bitcoin can be easy in one part of the world, and very hard in another. In North American and Europe, you will most likely find exchanges that let you buy various cryptocurrencies using cash. In other parts of the world, you will need to use different methods. Here are the most popular ways to purchase Cryptocurrencies
A. Buying from an Exchange
Crypto exchanges are websites owned by companies who accept your fiat currency and send cryptos to your wallet, in exchange.
This way is one of the most straightforward ways to buy Bitcoin or any other cryptocurrency. It is safe and straightforward. However, it comes with a cost. These companies need to make a profit and will charge a commission for the deal. Try to compare prices, and only buy from reputable websites. Also try to pay a small amount of money first, to test the whole process.
There are many exchanges to choose from, and they vary from one country to another. There are large companies who will accept payment from the majority of parts in the world. If you are interested in paying with your local currency, you might have difficulty finding an exchange, depending on where you live. But using a search engine, we believe you will find one quickly.
Among the more popular Crypto Exchanges in the world are – eToro, CoinMama CEX.io and Kraken.
B. Buying Bitcoin from another person
We recommend this option only if you already have a sense of sending and receiving cryptos, as it is a bit less safe. If you want to pay fewer commissions on buying cryptos, you can find people, usually on social media, who are interested in selling. There are often groups called “Buying and Selling” of bitcoin, or other cryptos. You will see people advertising the amount of bitcoin they have on these groups, and usually what price they want for it. You can send them a private message, work out the details, and meet with the person, pay them with cash, and receive the Crypto. Of course, you are meeting with a stranger, and we recommend a lot of caution when attempting this method. Start with a small amount of money first.
Now you have some Litecoin in your wallet you can start playing online casino games! All you need to do is head over to the online casino’s cashier, and select Litecoin in the payment area. You will receive an address to which you need to send the amount you want to deposit.
Open your crypto wallet and find the “Send” button. It should usually be pretty visible. Paste the exact address you received, and that’s about it. After several minutes go by, you will be able to play. We recommend taking things easy and starting with a small amount of money. To ensure that all goes well.
Once the payment is made, you will receive a transaction ID. Please keep it in case you encounter any problems in the future.