Navigating the crypto gambling world as a newcomer can be overwhelming, with a steep learning curve filled with specialized terminology and slang unique to this evolving sector. So to help you get the best start we have put together this practical crypto gambling glossary with all you need to know.
General terms:
Bitcoin bookmakers
Bitcoin bookmakers are online gambling operators that accept Bitcoin for placing bets. They combine traditional sports and casino betting with the advantages of cryptocurrency transactions, such as enhanced security, faster payments, and increased anonymity for users.
BTC-friendly
BTC-friendly in means platforms or services that accept Bitcoin (BTC) for transactions. This includes deposits, withdrawals, and betting in Bitcoin, catering to users who prefer using this cryptocurrency for its security, anonymity, and potential for value appreciation in the dynamic digital currency market.
Crypto casino
Crypto casinos are online gambling platforms that operate using cryptocurrencies for deposits, withdrawals, and betting. They offer traditional casino games, ensuring secure, fast, and anonymous transactions, appealing to an audience seeking the benefits of blockchain technology when gambling.
Crypto gambling
Crypto gambling refers to online betting activities where cryptocurrency are used for transactions. It includes a range of online gambling sites, where deposits, withdrawals, and bets are made using digital currencies. If you want to read more about how crypto gambling works you can read more here.
Provably fair
A system ensuring game fairness, using cryptographic algorithms to verify each game's outcome is random and unbiased. It allows players to independently verify each result, ensuring transparency and trust in the game's fairness, a unique feature made possible by blockchain technology.
Game glossary
RTP
RTP, or Return to Player, is a term commonly used in the gambling industry to describe the percentage of all wagered money a slot machine or casino game will pay back to players over time. It is expressed as a percentage and is calculated based on the outcomes of thousands to millions of spins in a game.
For example, an RTP of 95% means that, on average, a game will return $95 for every $100 wagered. It's an important metric for players, indicating the potential payout rate of a game and helping them make informed choices about where to place their bets.
Volatility
Volatility in gambling refers to the risk level associated with a particular game, specifically the frequency and size of payouts. High volatility games offer larger payouts but less frequently, making them ideal for players seeking big wins but willing to endure longer losing streaks.
Low volatility games, on the other hand, provide smaller payouts more frequently, suitable for players preferring steady play with smaller, more regular wins. Volatility affects the overall gaming experience, influencing how much and how often players can expect to win. For more information on how volatility influences slot machines you can read our article here.
Crypto currency terms
Bitcoin
Bitcoin was created in 2009 and is a decentralized digital currency, that operates without a central bank or single administrator. It uses peer-to-peer technology to facilitate instant payments. Transactions are verified by network nodes through cryptography and recorded on a public ledger called a blockchain, making them secure and transparent.
Ethereum
Launched in 2015, Ethereum is a decentralized, open source blockchain system that features smart contract functionality. It serves as a platform for building and deploying decentralized applications (dApps). Ether (ETH), its native cryptocurrency, compensates participating nodes for computations. Ethereum is notable for its significant role in decentralized finance and digital collectibles.
mBTC
mBTC, short for millibitcoin, is a unit of measurement in the world of cryptocurrencies. It represents one-thousandth of a Bitcoin (0.001 BTC). mBTC is commonly used to denote smaller values of Bitcoin, making it easier to transact and work with fractional amounts of the cryptocurrency.
Blockchain
The blockchain is a decentralized digital ledger that transparently records all transactions in crypto gambling, ensuring fairness and security by preventing manipulation and fraud. It creates trust in outcomes and facilitates secure, instant transactions for players.
Crypto wallet
A crypto wallet is a digital tool designed to securely store, manage, and facilitate transactions with cryptocurrencies. Crypto wallets are available in various forms, including software wallets, hardware wallets, and online wallets. Getting a crypto wallet involves choosing from these options, with each type offering different levels of security and accessibility. Safeguarding the private key is crucial!
In need of a crypto wallet that is safe and good? Read about the best crypto wallets for gambling here.
