Not sure about how to Gamble with Cryptocurrency? Or what’s the “blockchain?” Recently there has been a lot of talk about cryptocurrency across all media. It can all be a bit overwhelming at first. But we all need to get with the program. After all there are companies out there who have been accepting cryptocurrencies as a means of payment for years. As the gambling industry continues to evolve, then any new form of innovation will be received with open arms.
Introduction: Gamble with Cryptocurrency
In 2009, a group of like minded programmers came up with a de-centralized means to pay for goods and services. That original currency was called then, as it is today, Bitcoin. The idea is that every transaction that ever occurs is stored in a digital ledger. This record of all transactions that have ever happened are stored on multiple computers. This makes the altering of hacking of just one computer very difficult, as the others still have the records. As people become more and more aware of the instability of traditional forms of money, cryptocurrencies have jumped to the fore. Now more and more shops and services are accepting them. And this, of course includes the gambling industry. In fact the world of online gambling, with sites like Partypoker, was one of the first adopters of this form of payment.
Cryptocurrency Gambling Sites
Though it seems that new coins are being introduced at an almost daily rate, most businesses tend to stick with the most trusted. Online gambling news in the UK says that most coins are exact copies of Bitcoin’s source code. And that’s why you’ll be seeing Bitcoin as one of the most popular, particularly among the gambling industry. Lets have a quick overview of the use and history of the most popular cryptocurrencies.
This is really the daddy of all cryptocurrencies. This was built way back in 2009 on the original “blockchain” and is still the most popular of all the new coins that came after. There are currently 18,211,725 bitcoins in existence.Remember that the maximum and total amount of bitcoins that can ever exist is 21 million. Bitcoin is also accepted by many more casinos and online gambling sites such as Partypoker, than it’s closest rival.
This was the brainchild of an ex-Google employee. It was launched in 2011 on Github. The idea was to somehow speed up the transaction speed of Bitcoin on the same de-centralized network. There are a little over 57 million litecoin (LTC) in existence.More and more gambling casinos are adding it.
Not surprisingly, after the first Bitcoin, many programmers and developers have been trying to improve on it. This eventually led to a split from the original Bitcoin blockchain. It’s seen by many as the regent in waiting.
Yet another coin on the blockchain. The currency is “Ether” and is found on most gambling sites. Though it shares many of Bitcoin’s features, it’s generally faster. In the betting industry this is a big deal. It allows transactions to be more or less instant. There are a little over 100 million ether (ETH) in existence.
Your crypto-wallet is exactly what is sounds like, a place to keep your coins safely. With so many different coins, you’ll be needing a wallet for all your different currencies. From this wallet you can manage all you finances from your phone or your PC. Choose a wallet that enables the friction less movement of funds between the casino and yourself. Don’t be afraid of using older wallets, they all have a plethora of safely features built into them. You can add and withdraw funds by simply typing into a web page or by using QR codes on your phone. Once you get the hang of it, it’s extremely fast to gamble with cryptocurrency directly from your wallet.
How to Gamble at a Cryptocurrency Gambling Site
So, how to begin. First off you’ll be needing to load your account. If you’re using your phone, then there should be a simple QR code on the site. Point your phone’s camera at this and that code will contain the wallet address of the casino. Simply fill in the amount you wish to transfer to their wallet and you’ll see it appear after a couple of minutes. Remember that the type of cryptocurrency has absolutely no effect on the games outcome. Also, keep in mind that online gambling sites in the UK want to do everything in their power to ensure you have a great time and want to return.
How to Mine Cryptocurrency
Back in the early days of Bitcoin, just a few individuals were “mining”, that is, creating coins. The algorithm is to reward people who have computers to store and track all ledger transactions. These are the “miners.” There are approximately 2,788,275.0 bitcoins left to be mined. But one coin is mined every 10 minutes. These days there are over 1 million people mining Bitcoin. If you want to start mining, then you’ll be up against giant mining farms based in the middle of nowhere. All those computers need a lot of processing power..