Tips All you have to know about crypto — Lesson 1: Get to know the crypto coins

Bitcasino.io_Karl

One of the world's leading Bitcoin-powered casinos
Joined
Feb 28, 2020
Location
Germany
cryptocurrencies.jpg

Hi guys :)

You’ve almost certainly heard about cryptocurrencies – but do you know how they work?

Sure, Bitcoin is a hot topic – but how does someone spend digital money that was created seemingly out of thin air?
Here, we break it down for you so that you can understand this trend and start taking advantage of it sooner than later.

Cryptocurrency was created in 2009.
A mysterious individual under the moniker Satoshi Nakamoto created a decentralized method of transferring money digitally.
What makes it so convenient is the fact that it lets you send money to the recipient in the snap of a finger through the use of blockchains.

Different cryptocurrencies

Nowadays, cryptocurrency has steadily been growing as a reliable currency and there are apps and online sites
where you can use crypto coins as payment. You can use crypto to invest in projects, donate to charities, buy items online,
play in online casinos, and more like fiat money.

Here are examples of cryptocurrencies commonly used worldwide:

1. Bitcoin – BTC

Bitcoin is considered to be one of the most popular cryptocurrencies to use around the world.
Due to its popularity, its value has grown high ever since 2009 and even major companies worldwide use it.

Blockchains are used in bitcoin transactions. These blockchains hold the information needed for the users to successfully
transfer their bitcoins. From bitcoin’s stable system, this was the start of crypto coins.

2. Etherum – ETH

With Etherum it’s conventional because of its unique feature of smart contracts.
Smart contracts are digital contracts between the seller and buyer to ensure the conditions for their transaction.
No paperwork is needed for ownership and there is no third party to deal with when it comes to handling the transaction.

3. Litecoin – LTC

Like Bitcoin, Litecoin can verify transactions through its blockchain, public ledger, and miners.
It can process transactions between users faster by 2.5 minutes. This is pretty fast compared to Bitcoin’s 10 minutes.
Another way it is similar to bitcoin is that there is no need for a bank or payment processing service for the transaction to be valid.

4. Ripple – XRP

From all the recent cryptocurrencies,Old URLis rising fast in the crypto game because of its fast transactions.
Compared to other cryptocurrency coins, XRP takes 4 seconds to process the transaction.
It can handle 1,500 transactions per second and it’s even possible for it to reach up to 50,000 transactions per second!

5. TRON – TRX

Recently in 2017, TRON was created as a blockchain-based decentralized application (DApp),
which means it can also make quick transactions between the buyer and the content creator. This application is mostly used
in the entertainment industry because it lets the content creator be paid in full and there are no additional charges for its consumer.


6. Tether – USDT

One of the most sought after and purchased stablecoins in the market right now is Tether.
Also known as USDT, Tether was created to give more traction in cryptocurrency investments.
Every Tether coin is pegged after $1, meaning there’s a 1:1 ratio in every Tether conversion you make.
It offers more protection from the sudden fluctuations in the market.


Want to know even more about the crypto world? Great :)
Stay tuned as we have plenty of more educational material to share with you.

Cheers,
Karl
Bitcasino.io

Trading cryptocurrencies carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
 
Last edited:

Bitcasino.io_Karl

One of the world's leading Bitcoin-powered casinos
Joined
Feb 28, 2020
Location
Germany
Nothing about how risky investing into these currencies can be? Unlike "real" money that devalues at a very slow rate, this kind of currency can lose value massively almost overnight (or gain of course).

Hi interlog,

Thank you for the comment.
This was just an introduction post to crypto. But yes, investments are always risky, not only with crypto. I will prepare a post about effective strategies in cryptocurrency investing to be shared with you pretty soon :)

Cheers,
Karl
Bitcasino.io
 

brianmon

Ueber Meister
webby
mm4
Joined
May 23, 2013
Location
Cumbria
Unless you're looking for high-risk investments...
If your transactions are legal and you've nothing to hide. I don't see the point of crypto.
 

interlog

Meister Member
webmeister
PABnonaccred
MM
Joined
Mar 29, 2015
Location
London
Hi interlog,

Thank you for the comment.
This was just an introduction post to crypto. But yes, investments are always risky, not only with crypto. I will prepare a post about effective strategies in cryptocurrency investing to be shared with you pretty soon :)

Cheers,
Karl
Bitcasino.io

Appreciate that..... maybe a disclaimer into each of your posts (even the educational ones) advising readers that investing into these crypto currencies is extremely risky? As an example, when I go to my Skrill app on my phone and I click on the Crypto tab, I am being warned about the risks and have to accept that warning before I can even proceed to do anything.
 

goatwack

Get dunked, big buns!
CAG
Joined
Aug 30, 2012
Location
Londonia
It's great to have a little overview of Cryptos, and am glad someone took the time to do it.

Needless to say I tried to wrap my head around the basics of them a while back, but even though I'm not (quite) Thickie McThick I found the whole scene/ subculture to be more confusing than an episode of Westworld :mad:

In simpler terms, Cryptos are like Inception on crack

That's not to say I haven't 'dabbled' about a year or so ago, when Skrill brought them onboard. I hastily purchased £20's worth of Ethereum, in the hope that by roughly 1st July 2020 it'd be worth £3.2 Million

Just a shame then that almost the following day Ethereum tanked like the Hindenburg, and my 'Ethereum' was worth approximately £6 :eek:

Yet the whole Crypto world is fascinating, complex and intriguing no doubt. You have startup currencies every day, bit like Penny Shares I guess, whilst many flounder never to be seen again. There's dividends paid on Cryptos etc etc........it's really not wholly dissimilar to stocks & shares when all's said and done.

Only bugbear are the SoW regulations sweeping the financial sector, so whilst off-putting for casinos, it's even more so for first-time investors looking to get into Cryptos and the like
 

hhhelllo

Not really here
PABnonaccred
MM
Joined
May 31, 2015
Location
canada
Thanks for that. Please give us more detailed info about transactions, investments and anything casino related. I still cant figure it out like I would like to.
 

slotmaster

Paleo Meister (means really, really old)
Joined
Apr 2, 2011
Location
Ontario
All I need to know about Crypto is that is they get stolen or lost for any reason you will never see your cash again.

This is true, I am glad I withdrew before quadriga went belly up, saying that I still have a very small sum in some crypto.
 

Slottery

Senior Member
PABnoaccred
MM
Joined
Aug 21, 2017
Location
Malta
Just by interest, what you think about BAT? Personally i think it's nice idea that you can tip any content provider which you like if they are part of that program and you also get some of them just by using Brave browser and clicking their adds when they appear and at least that much you can easily donate to sites you like. I really like idea and it could reduce amount of adds on websites if they would get BAT:s from people who visit them (you can set these automated that these are given to sites which you visit most etc...).

Pitty that just so few sites are signed to that, would like to tip some which i really like and provide great content for free (especially because using Brave which blocks all adds so don't really see their sponsor adds). Concept is nice but unfortunately seems it's not going to be really popular, maybe when people start to change more from Chrome to Brave but don't see that happen that much either as people are for some reason happy enough with Chrome, i just wouldn't change back to it (except for some purposes where it's needed due to Brave blocking things).
 

Bitcasino.io_Karl

One of the world's leading Bitcoin-powered casinos
Joined
Feb 28, 2020
Location
Germany
Thanks for pointing this out. For others, BAT (Basic Attention Token) is based on Ethereum blockchain technology. It serves as the currency for the exchanges that occur between advertisers, publishers, and users of the network. It monetizes human attention and “pays” users to surf the web. In my opinion, BAT and Brave together are a safe, private, and mutually beneficial ecosystem, but yeah, it’s not so well known and still needs some development. Thanks again, Slottery, I think we will create an article about BAT and post it here in Casinomeister as well.

Cheers,
Karl
Bitcasino.io
 

Slottery

Senior Member
PABnoaccred
MM
Joined
Aug 21, 2017
Location
Malta
Thanks for pointing this out. For others, BAT (Basic Attention Token) is based on Ethereum blockchain technology. It serves as the currency for the exchanges that occur between advertisers, publishers, and users of the network. It monetizes human attention and “pays” users to surf the web. In my opinion, BAT and Brave together are a safe, private, and mutually beneficial ecosystem, but yeah, it’s not so well known and still needs some development. Thanks again, Slottery, I think we will create an article about BAT and post it here in Casinomeister as well.

Cheers,
Karl
Bitcasino.io

Thanks for your reply and comments. Like I wrote, I personally see that as cool idea how you can support sites you use and enjoy most. I get BAT:s worth of few euros a month and as there are very limited amount of publishers who are part of program so my BAT:s go to one place at the moment. Hopefully it would come bit more popular, it's not hard from any website to join.
 
Top