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More and more people are trading in cryptocurrencies and there are now hundreds of coins in circulation. It is therefore not surprising that the first crypto casinos or bitcoin casinos not on GamStop already exist. Where can you find them and what can you do there? In this page, you can read how you can trade and gamble in crypto well prepared.
The virtual new gold has been on the rise for years. Time and again the prices shoot through the roof. In addition to the first and best-known bitcoin, more and more alternative currencies, also known as altcoins, are emerging. The popularity of all these coins is only increasing as more and more people have access to crypto wallets. Some say this currency is going to replace our traditional money system.
Non GamStop casinos have also discovered the cryptocurrency and increasingly offer the possibility to gamble with crypto. There are actually three types of digital arcades: casinos where you can only gamble with crypto coins (crypto casinos), casinos where you can gamble with normal money and cryptocurrency and those in which you can’t gamble with crypto at all.
We are happy to tell you more about it, but first we will take you back in history. How exactly this trading is has virtual money become all the rage?
A Brief History of Bitcoin: From an Unknown Person’s Dream to Non GamStop Casinos!
Cryptocurrency owes its name to the term cryptography, a technique for sending data in an encrypted manner. As a result, this information is only readable by the sender and receiver of a message, who both have the key to decipher this data. As a result, this information is hidden from other parties as if it were. The oldest form of this cipher can be seen in ancient Egyptian pyramids, where different hieroglyphs were used to communicate. But throughout history there are countless examples where sender and receiver communicate in a secret way, in the hope that uninvited guests cannot trace the message.
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With the advent of the internet, of course, came new methods of transmitting information and thus also encrypting it. The most important development is that of blockchain: this is a database in which encrypted information is stored in a chain of blocks. Each new block added to this chain contains all the information from the previous blocks, plus a little more. The blockchain is spread over a network of computers, where each connected computer (called a node) has an exact copy of the database. Because there is now not one database with one supervisor, but a lot of databases with a lot of supervisors, blockchain technology is virtually unbreakable by external parties, such as the financial authorities.
And that’s where bitcoins come in. This cryptocurrency was invented in 2008 by Satoshi Nakamoto. Nakamoto is the pseudonym of a hitherto unknown person, but presumes to be Japanese. He set up the first blockchain database that allows electronic money to be transferred between two parties without the intervention of a central authority, such as a bank. He also developed the first currency: Bitcoin.
Each transaction must be validated for authenticity by the sender and receiver. This development promises to be a turning point in current monetary relations, as banks, stock exchanges, governments and other financial institutions are sidelined. In addition, regular money transactions depend on third parties and are therefore vulnerable to, for example, hacks, while the Bitcoin blockchain is controlled decentrally (because it is copied on several computers in the network) and is therefore more difficult to hack. In addition, the users are anonymous, so not traceable. Gavin Andersen, Nakamoto’s successor, said: “Bitcoin is designed to bring us back to a people’s decentralized currency.”
Cryptocurrency & Non GamStop Casinos: How Bitcoin Opened Up a New Online Gambling World?
Bitcoins may promise a true revolution in monetary relations, but at the moment trading cryptocurrencies is especially interesting for investors and gamblers.
Since 2011, the crypto coins, including Bitcoin, have become increasingly popular and especially since 2014 they have grown enormously in value.
Since then, the number of different altcoins, the alternative coins, has been shooting up like mushrooms.
There is of course a lot of junk in between, but certain coins have the purpose of improving Bitcoin’s weaknesses or serve a completely different function and that can lead to great developments.
Two well-known altcoins are Ethereum and Cardano. For example, Ethereum belongs to the Ether network, which aims to use blockchain technology for applications other than just currency. On the other hand, Cardano is intended as a currency, but has a much higher transaction speed than ‘primordial father’ Bitcoin. In that regard, you can bet your money on whatever currency you are most confident in – it’s like gambling .
The number of wallets with which you can buy the stuff is also growing. For example, you can now quite simply download an app on your smartphone (a wallet, such as Bitvavo or Binance), register yourself there, transfer an amount of money to your account and then start your crypto adventure. Actually, these crypto wallets work just like the money wallets with which you can play at many casinos not on GamStop. The whole process is childlishly simple!
Because more and more people are trading in cryptos, it is therefore not surprising that more and more services make it possible to pay via this virtual payment method. For example, you could already order a pizza from Papa Johns and Domino’s with Bitcoin. Payment with the digital currency is also possible at the Overstock and Home Depot.