Cryptocurrency



Cryptocurrencies

As you might have heard before, one of the most popular payment options used nowadays is to deposit with cryptocurrencies for betting. But what is a cryptocurrency? It is a digital currency that uses cryptography to keep it safe. Thanks to this, it is hard or even impossible to alter or counterfeit. Most of the cryptocurrencies are decentralized systems. This means that banks or governments can’t control its value. They are based on technology (blockchain) and it is distributed by an online network. So now we have the best feature of cryptocurrencies, its organic nature. As we said, no governments or central banks can’t officially interfere, so the transactions are made without intermediaries, reducing costs for both sides of the transfer.

The first cryptocurrency based on blockchain technology was Bitcoin, and it is currently the most popular and valuable one. Additionally, there are thousands of other cryptocurrencies around. Some of them are used for more specific businesses or markets but we will not go that deep in this article. What you must know is that some of them are called “clones” as they work the same as bitcoin. Some others are referred to as “forks” as they split from an existing cryptocurrency.

Cryptocurrencies for gambling

Benefits of Cryptocurrencies

Cryptocurrencies hold the promise of making it easier to transfer funds directly between two parties in a transaction without the need for a third party such as a bank or a credit card company. These transfers are secured as they use private and public keys. In modern cryptocurrency systems, a user’s “wallet,” or account address, has the public key, while the private key is used to sign transactions. Also, the transfers are done with minimal processing fees, a feature we mentioned before, and one that allows users to avoid high commission charges that are often charged in bank transfers. For this reason, cryptocurrencies are now a very popular payment method for betting: Profitability.

The blockchain technology is the main responsible for all the Bitcoin’s success. It is used to store all transactions, and all of them can be seen online. All this structure is visible for all users and that prevents any possible hacking, as the information can be copied in all the computers. Every single transaction and information needs to be verified and added to this blockchain, so there is no way to falsify or forge the transaction history.

Bitcoin

Bitcoin is a digital currency and the first one created back in January 2009. The main head of this idea is Satoshi Nakamoto, and there is not an accurate identity of this guy (or group of people). Bitcoins are decentralized, and the cryptocurrency offers lower transaction fees than other online payment methods. Those two features make Bitcoin a great currency when we compare it with other ones handled and manipulated by governments.

Brokers accept BTC even more

The balances of Bitcoins can be seen online only as there are no physical versions of this currency. Also, there are neither banks nor states that can issue or back Bitcoins. However, there are millions of computers worldwide verifying and backing up all these balances and transactions made each day. It is simply not a product that a financial institution can provide you, and for this reason, some governments consider it illegal. Still, Bitcoins are more and more popular each minute, and it boosted the creation of other digital currencies. Those cryptocurrencies that follow Bitcoin’s success are called Altcoins.

Top 10 Altcoins

> Ethereum (ETH)
> Ripple (XRP)
> Litecoin (LTC)
> EOS (EOS)
> Bitcoin Cash (BCH)
> Stellar (XLM)
> Binance Coin (BNB)
> Tether (USDT)
> TRON (TRX)

At this moment there are tons and tons of altcoins, but the ones we have just mentioned are the most popular ones. Of course, bitcoin is still the leader of cryptocurrencies and by far. So don’t miss the chance to take advantage of this digital currency and use it to transfer funds to your favorite betting account. Don’t you have one already? Then check our best bookmakers section and find the one that you like the most.

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