The cryptocurrency world is a one-of-a-kind phenomenon. The same can be said for the terminology used within the community and by users, which have been created via trading and meme culture. Many of them apply to gaming as well, or at the very least, you should be aware of some of them to understand cryptocurrency antics better. That is why we created a type of crypto gambling vocabulary.
A
Address - a string of letters and digits that serves as an alphanumeric identifier for transmitting and receiving encryption. It is a good idea to utilize multiple addresses for your activities to conceal your movements better.
Altcoins - The term is derived from the words alternative and coins. It applies to all cryptocurrencies other than Bitcoin, which was one of the earliest and most popular. There are several choices suitable for crypto gambling among them.
ATH (All-Time High) - The highest price that a cryptocurrency has ever attained in its existence.ATL (All-Time Low) - The lowest price that a cryptocurrency has ever attained in its existence.
B
Bear -Term used to indicate a market trend in which investors feel pessimistic about the changing trends, implying that prices are expected to decline.
Bull - Term used to indicate a market trend in which investors feel optimistic about the overall market, implying that prices are expected to rise.
Bitcoin (BTC, XBT) - Bitcoin is the undisputed king of cryptocurrencies. It is a decentralized, peer-to-peer digital money that was founded in 2012. That is, a user can transfer information to another user without the use of intermediaries, and there is no centralized authority managing it.
Bitstamp - A well-known European cryptocurrency exchange. It has been operational since 2011 and was formerly the most active Bitcoin trading exchange. Still a highly respectable company.
Blockchain - A blockchain is an online, public ledger that records every transaction. Copies of this ledger, known as blocks, exist in computers worldwide, making it impossible to tamper with transactions and eliminating the need for an outside entity to regulate or validate them.
C
Cold Wallet - Any cryptocurrency wallet which does not demand a continual internet connection is referred to as a cold wallet. Cold storage is regarded as the most secure method for the long-term keeping of cryptocurrencies. Trezor and Ledger are two examples of cold wallets.
Coinbase (exchange/Wallet) - Coinbase is a crypto exchange located in the United States, one of the largest in the world, and the first major crypto business to be listed on the New York Stock Exchange in May 2021.
Crypto Bookmaker - It is a Bookmaker that takes a variety of cryptocurrencies as payment.
Crypto Debit Cards - Many more respected exchanges have produced their personal debit cards in the previous few years. This is an excellent method to spend your cryptocurrency. You create the card through the exchange, load it with cryptocurrency, and use it to shop in the real world.
Crypto Casino - Crypto casinos provide the same games as regular casinos, but you may pay using cryptocurrency.
Crypto Gambling - The form of gaming that is becoming increasingly popular, in which you use cryptocurrency as payment at numerous bookies and casinos.
Cryptocurrency Wallet - A cryptocurrency wallet is a software program or hardware device that you use to store and retrieve your money.
D
Decentralized - One of the most intriguing elements of cryptography. Most cryptocurrencies do not have a single central governing authority or body; instead, the network is based on the fact that exact copies of it are present in multiple computers throughout the world.
Dogecoin (DOGE) - Doge is a divisive cryptocurrency that is ideal for gambling. So it is a shame that it's not as plentiful as you may expect among crypto bookmakers.
Decentralized Cryptocurrency Exchange (DEX) - DEXes has expanded tremendously since 2020, with Uniswap being the most well-known, recently surpassing Coinbase in trade volume after just a few years of existence.
dApps (Decentralized Applications) - They are computer programs that operate on a blockchain. dApps have mostly existed since the launch of Ethereum, which enabled smart contracts to be written on its blockchain.
DAO (Decentralized Autonomous Organization) - It is a transparent organization in that a computer program dictates its rules and regulations, and all of its acts, deeds, and judgments are published on the blockchain after being decided on by its participants. DAOs cannot be affected by external forces such as the central government.
DeFi (Decentralized Finance) - Smart contracts are used to run DeFi apps. The Ethereum blockchain serves as the foundation for the bulk of DeFi apps. A ground-breaking move toward increased openness and better financial products for users.
E
Ethereum (ETH) - The second most valuable cryptocurrency after Bitcoin. Ethereum is a blockchain that is open source. A one-of-a-kind ecosystem with hundreds of smart contract apps developed on top of it. The great majority of decentralized finance apps are based on Ethereum, therefore the term "programmable money" is not without validity.
F
Fees - In the case of cryptocurrencies, because they frequently operate without intermediaries such as banks, the user pays the charge to the machine that executes your transaction.
Fiat - Traditional money that is not supported by any asset, such as gold, but is issued by the government. The term is derived from the Latin edict "it shall be."
Fork - Forks occur when the blockchain hits a critical point due to a glitch, a hack, or just a dispute on how things should work.
K
Kraken - One of the earliest and also most prominent crypto exchanges in the United States. It offers cryptocurrency to fiat trading as well as a price feed for the Bloomberg terminal, a high-end customized solution for professional traders and hedge funds.
L
Litecoin (LTC) - Litecoin is a decentralized peer-to-peer cryptocurrency. Attempting to compete with Bitcoin by providing faster speeds and reduced costs. LTC, one of the earliest cryptocurrencies, is a fork of the BTC code.
M
Market Cap - It is a very rough estimate of a cryptocurrency's value. The market cap is calculated by multiplying the price of a token by its circulating supply. Thus, it is an excellent indicator of a coin's market worth.
Miner/Mining - A miner is a computer or group of computers that validates and authenticates blockchain transactions by creating blocks that include both incoming and outgoing transactions.
Monero (XMR) - Monero was the first cryptocurrency to focus only on anonymous transactions. XMR employs novel technologies that enable it to be fully untraceable. Aside from its apparent function in undercover betting, Monero is a wonderful alternative for gambling.
P
Private Key - It is a cryptographic variable that is used to unlock or lock an algorithm. In crypto, this is critical because you can only use your wallet if you have your private key.
Proof of Stake is a consensus method on a blockchain that picks validators from among big holders of the network's coin to validate transactions.
Proof of Work - Another approach to establishing agreement is for the miners indicated above to compete for a block reward. They offer proof of work done on the blockchain, which is how transactions are protected against tampering.
Pump - When the cryptocurrency price is rising. Another word is Moon.
Pseudonymous - The nature of bitcoin transactions is referred to here. They can remain so as long as you do not link your personal details to your online payments and wallet.
Provably Fair - This method may be used in gaming to assess and verify the operator's fairness. It is applicable in crypto casinos, resulting in bets that are mathematically guaranteed to be fair, more difficult to analyze, and, of course, more fair for the player.
R
Ripple - This is a centralized blockchain that provides payment solutions and connects regular financial institutions with cryptocurrencies. One of the most popular altcoins among novice investors and one of the top cryptocurrencies overall.
S
Satoshi - Satoshi is the lowest measurement on the Bitcoin network. It is equal to one hundred millionth of a bitcoin.
Smart Contracts - It is a collection of rules, standards, and activities that are carried out automatically when certain conditions are satisfied. Smart contracts are executed on the blockchain and have become a popular and efficient method of programming apps.
Stablecoin - This is another type of cryptocurrency distinguished by the fact that its price remains steady, linked to an actual asset, generally the US dollar, gold, or something similar. Tether (USDT) and USD Coin (USDC) are the most popular.
T
Transaction Fee - The charge that users pay to bitcoin miners to process their transactions.
Trezor - Another well-known type of electronic crypto wallet. Since the early days of Bitcoin, it has been present and is regarded as one of the top brands in digital wallets.
Two Factor Authentication - A popular, basic, yet highly effective additional layer of protection. An electronic authentication technique that requires the user to successfully submit two or more pieces of supplementary proof to an authentication device. When working with cryptocurrency, we strongly advise you to include this.
Z
Zcash (ZEC) - Zcash is a cryptocurrency that focuses on privacy and speedy transactions using encryption. Along with Monero and Dash, it is the third most popular privacy currency.
