Cryptocurrency Gambling: All the Terms You Need to Know

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Pop into any reputable crypto casino, and you will find a wealth of terminology that you may not be familiar with. However, you do not need to let the jargon get you down. Many top bitcoin casinos like www.bitcoincasino.io provide you with handy guides that walk you through the terms you need to know before betting with Bitcoin. We have also put together a guide to help you get started. You will learn all there is to know about the essential cryptocurrency and casino gambling terms in just a few moments.

 

Cryptocurrency Terms

First up, let us look at some of the terms that are related to cryptocurrencies in general, but that may be important for casino players to know. They include:

  • Address: The unique identification number of the wallet where your cryptocurrency is stored (needed to withdraw) and the ID of the casino’s wallet, where you must make transactions to when depositing.

  • Altcoin: Any cryptocurrency that is not Bitcoin, really.

  • Blockchain: The system upon which transactions are recorded and stored.

  • Block Time: The length of time it takes to process and record a transaction to the blockchain.

  • Decentralised: A term meaning that a cryptocurrency is not regulated or attached to any major banking authority.

  • Exchange: A venue where you can purchase cryptocurrencies with conventional FIAT options, sell or trade cryptocurrencies.

  • Fork: A cryptocurrency that was initially built using the same mechanics and code as one which came before it, before branching off in another direction.

  • Ledger: Another name for the blockchain that stores a history of all transactions.

  • Miner: Someone who processes cryptocurrency transactions in exchange for a small fee.

  • Smart Contract: A term related to Ethereum. In casino terms, a smart contract is a transaction (agreement) between you and the casino without using a third party or middleman.

  • Wallet: A piece of software, hardware, or a web location where your cryptocurrencies are stored.

Casino Terms

Some terminology may be more specifically related to casino gambling but also be useful to cryptocurrency users. These terms include:

  • BTC-Friendly: Usually refers to casinos that accept Bitcoins or games where you can wager using BTC or other cryptocurrencies.

  • Coins Paid: A payment provider popular in the casino world that specially deals with cryptocurrencies.

  • Digital Currency: Another less-popular name for a cryptocurrency.

  • Faucet: This is a type of casino bonus whereby users can pocket small sums of cryptocurrency for logging in, playing or depositing at a casino.

  • Operator: Essentially, the company that runs the online casino (or several casinos) that you are playing at. Not to be confused with software providers (or developers), who provide the games you can play.

  • RNG: Translates as Random Number Generator, and it is a piece of code that guarantees random (and thus, far) outcomes on every spin of the slots or every hand dealt.

  • Playthrough Rate: Also known as wagering or rollover requirements, these tell the player how many times they must wager their bonus before they can withdraw.

  • Provably Fair: A certificate that showcases that the cryptocurrency casino’s games have been checked, audited, verified, and regulated as fair.

Learn and Play at Cryptocurrency Casinos Today

There is more to learning the vocabulary than the terms above, but with the barebones sorted out, you will be ready to fly. Do not hesitate to check out gambling guides at many top sites like Bitcoin Casino before you play, too. These can also help you understand the ins and outs of gambling before you wager online with cryptocurrencies.

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