Following the evolution of technologies, many online casinos have integrated new developments to fit into modern reality. Gambling with crypto is one of such exciting innovations. Players now have an opportunity to make fast and safe deposits and withdrawals, using their favorite digital coins.
Casino slots and table games have their own unique language that experienced players are familiar with. Similarly, crypto gambling too has its distinctive vocabulary that might be confusing if you are new to cryptocurrency. This article is meant to go over the main terms used when placing bets with crypto. We hope it will help make your betting experience easier and more fun!
Address
Crypto address is a bunch of alphanumeric characters that identifies a sender or a receiver of cryptocurrency. When you make a deposit to gamble, you will need the casino’s address. Your own wallet address is required for making withdrawals as it shows where your digital coins are stored.
Bitcoin Slots / Roulette / Blackjack
These are simply the games that allow you to play with Bitcoin.
Blockchain
Blockchain is a system that records the information about all the transactions made with Bitcoin or other digital currencies.
Block Time
The time required for processing a transaction in the blockchain is called block time.
BTC-friendly
This term means that a casino accepts cryptocurrency.
Coins Paid
This is a name of a payment provider that deals with digital coins.
Cryptocurrency Wallet
A cryptocurrency wallet is a service, a software application, or a physical medium that stores the keys for transactions made with crypto. In other words, it allows users to store and transfer their digital funds. Normally, people have multiple wallets for different currencies.
Ethereum Sportsbook
A sportsbook accepting crypto as a method of payment is called Ethereum Sportsbook.
Ledger
An online ledger is another name for the blockchain.
Miner
In order to process the transactions made with digital coins, you will have to pay a little fee to people who are called miners.
Provably Fair
The term applicable to crypto casinos, provably fair is an algorithm that verifies a casino’s fairness towards its players.
Satoshi
The smallest unit of Bitcoin is called satoshi.
Smart Contract
Transactions between players and a casino made with crypto are called smart contracts. They are executed without the involvement of third parties, such as banks or other financial institutions.
Transaction Fee
This is the fee paid to the miners for processing a transaction made with cryptocurrency.
CONCLUSION
Although the crypto gambling glossary can be quite long, we’ve tried to cover the most important and commonly used terms. Starting gambling with digital currencies may be a little worrying, especially if you don’t know the common expressions and slang. We hope, this article will make your life a little easier when betting in an online casino with crypto. Perhaps, you will even decide to transition from conventional gambling?