Now that cryptocurrency is a huge part of online gambling, persons who may not have been originally interested in crypto have found themselves getting more into it. And with so many crypto online gambling sites getting established, there is an influx of newbies into the crypto gambling world. According to CryptoBetting, A variety of crypto sites exist with some of the best offers out there but even if they give the best offers, this might not be so beneficial to you without a better understanding of what is being offered to you. Hence, the reason for this piece is to help in your understanding of cryptocurrency terms; because as a newbie to cryptocurrency gambling, you may have some difficulty in understanding some of the words that are frequently used.
Therefore, we have carried out a survey across a variety of online crypto betting sites in order to find out the top vocabulary that most new crypto sports bettors have complained about. To this end, we have come up with what you can refer to as a glossary or a vocabulary for newbie crypto users in the industry. We have not been able to create the entire vocabulary you need as a newbie, you may have to carry out some further personal research to find out more on that; however, we have come up with 10 crypto vocabulary for crypto users in the gambling industry.
To aid your understanding, we have made two forms of the 10 crypto vocabulary. The first form we have made is 10 vocabulary for crypto terms as well as 10 vocabularies common in casino use, to help give you a very balanced knowledge on crypto casinos, what they mean, and ultimately how they work.
First of all, it is important for us to take a look at some cryptocurrency-related terms in general which are very vital for casino players. Regardless of whether you are a newbie in online cryptocurrency gambling or you have been an existing player, these terms are of importance throughout your crypto gambling journey. They are arranged alphabetically:
- Address: There are two addresses of importance to you over the course of your crypto gambling journey. Your own wallet address and that of the casino. The wallet refers to the distinct wallet number which identifies the location in which your crypto coins are stored (when you wish to withdraw, this is where the coins get cashed out into). The other address you should take note of is the casino’s ID, this is the wallet where your deposit transactions are made into.
- Altcoin: Cryptocurrencies that are not Bitcoin are referred to as Altcoins.
- Blockchain: This refers to the system on which transactions get documented and kept.
- Block Time: It refers to the period of time that it takes for transactions to be processed and recorded into the blockchain.
- Decentralised: This term means that the system on which cryptocurrency is operated is not subject to any regulations nor is it attached to any main institutional or banking authorities. This term is used very frequently across You must have come across this term very frequently
- Exchange: This refers to the venue in which cryptocurrency can be purchased using traditional fiat options in the selling or trading of cryptocurrencies.
- Fork: This refers to a cryptocurrency that was built initially with the use of similar codes and mechanics as another that had come before it then branched off in a different direction.
- Ledger: This serves as an alternative name for the blockchain where transaction histories are all stored.
- Miner: This refers to a person that processes crypto transactions in return for little fees.
- Wallet: It refers to pieces of hardware, software, or also, an internet site/location where you store your cryptocurrency coins. It is the wallet address as explained above that you fill in when you register on a crypto casino
There are some terms that are more particularly connected to casino gambling, however, these terms are also very useful to cryptocurrency users who may be new to the entire crypto betting world. These vital terminologies are provided below in alphabetical order:
- BTC-Friendly: This mainly refers to online casinos in which Bitcoins or games in which Bitcoin, as well as other crypto coins, are permitted and accepted.
- Coins Paid: This is a popular payment provider in the world of casinos which particularly deals with cryptocurrency.
- Digital Currency: This is just an alternative name for a cryptocurrency.
- Faucet: It is a sort of bonus through which online crypto gamblers can pocket little amounts of crypto to be logged in, played, or deposited at an online casino.
- Operator: This basically refers to the corporation that operates that online casino where you are playing at. You should not confuse the operators with the software providers that make the games.
- RNG: This is the Random Number Generator; it is a piece of code that provides you with random results each time you spin the slots.
- Playthrough Rate: This is commonly referred to as the Rollover requirement or the Wagering requirement. The purpose is to tell you as a casino gambler the number of times you must wager the bonus you have received before they can be withdrawn.
- Provably Fair: It refers to a certificate that displays that the crypto casino’s slots and games have been well regulated, audited, and are confirmed to be fair.
- Smart Contract: It’s an Ethereum-related term. In casino terms, this refers to a transaction between the casino and the player without any involvement from a 3rd party.
- Software providers: This refers to those who provide the available games on the casino. Popular names include NetEnt, Microgaming amongst others.
There is so much more to understanding how crypto gambling works than simply knowing the vocabulary and the popular terms. You will also need to go through a variety of online guides of crypto gambling. All these will greatly assist you in understanding how crypto gambling operates before you decide to wager with real money in crypto gambling.