A professional player at a cryptocurrency casino would conveniently talk about RNGs, Playthrough rates, faucets, and provably fair games. But have they always known these terms? Of course not. Just like you, they started at the foot of the cryptocurrency mountain with the hope of getting familiar with the crypto lingo. You can too.
As long as you’re willing to walk with us through this handy guide to learn the essential terms in cryptocurrency and crypto casino betting.
If you’re looking to play at a crypto casino, you need to learn the basic cryptocurrency terminologies. You don’t want to be clueless when you see ledgers, wallets, altcoins, or smart contracts.
So yes, without further ado, let’s look at some of the most common terminologies used to define or explain cryptocurrencies.
Address: A cryptocurrency address is a unique identification symbol that defines where your cryptocurrency is being stored. It could also refer to the ID of your casino’s wallet, where you must make deposits.
Altcoin: Altcoins represent pretty much any digital currency or cryptocurrency- as long as it is not Bitcoin.
Blockchain: This is the system that records and stores all Bitcoin and altcoin transactions
Block Time: This is the length of time it takes to process and record a specific transaction on the blockchain.
Decentralized System: A system of operation where no singular entity, i.e., a bank, sits to regulate or hold absolute control over a currency. Bitcoin and altcoins are decentralized. They are not attached to any major banking authority.
Exchange: An online location where purchase of cryptocurrencies with FIAT currencies can be made. You can either sell, buy, or trade your cryptocurrencies at exchanges.
Fork: An altcoin built with the same codes and mechanics as the one that came before it. The altcoin will most often take on a different direction after its initial creation.
Ledger: Remember when we mentioned the blockchain? Well, ledger is just another name for the blockchain. A ledger provides a store for transactions (in this case, all cryptocurrency transactions).
Miner: A crypto-miner is someone who receives a small reward of cryptocurrencies for voluntarily processing cryptocurrency transactions.
Smart Contract: A term synonymous with Ethereum. A smart contract is defined as an agreement between two parties- the cryptocurrency casino and you. The smart contract uses no third party or middleman.
Wallet: A wallet is a software, hardware, or web address where cryptocurrencies can be stored.
Feeling like a champ just yet. Wait until you learn these kicker terminologies used specifically in cryptocurrency casinos.
Faucet: A cryptocurrency reward to users for logging in, playing, or depositing at the casino.
Operator: This is the company that runs the online casino you’re playing at. An operator can run more than one casino simultaneously. Operators are not the same as software providers. Providers provide the games on the casino. Operators run the casino, to begin with.
RNG: Means Random Number Generator. It is a code that guarantees random outcomes on every hand dealt.
Playthrough Rate: Instructs the player how many times he must wager his bonus before he can withdraw.
Provably Fair: A certificate that showcases that the games provided by the crypto casino have been checked, verified, and regulated as fair.
If you feel like you’re ready to fly, then you can proceed to a casino like BitcoinCasino.io to begin your experience.