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Bitcoin Gambling Glossary: Essential Terms Every Newbie Should Know

As more and more players are vying to get a piece of the Bitcoin gambling pie, the terrain can seem highly complex and technological jargon can act as a barrier to entry. There are numerous terminologies associated with Bitcoin gambling that can seem as alien as extraterrestrial-speak for newbies.

Let’s begin our walk through the glossary of Bitcoin gambling:

Bitcoin (BTC)
– The first digital currency and widely accepted by online casinos, Bitcoin allows permissionless, swift and low-cost transactions.

Blockchain
– This is the technology that enables the existence of Bitcoin. A Blockchain is essentially a transparent ledger of all transactions that have ever been actioned.

Bitcoin Wallet
– This is the digital wallet where Bitcoins are stored. Examples include web-based wallets (online), hardware wallets (physical devices) and even paper wallets.

Public and Private keys
– A public key is the address to which anyone can send Bitcoin. A private key is a guarded secret, and only its holder can authorize Bitcoin transactions.

Bit
– A common unit used to designate a sub-unit of a Bitcoin- 1,000,000 bits is equivalent to one Bitcoin (BTC)

Satoshi (Sat)
– The smallest unit of a bitcoin currently available, named after Bitcoin’s creator Satoshi Nakamoto.

Provably Fair Gaming
– This refers to online gambling where casinos can mathematically prove how they derived the results of any game played. This is unique to gambling platforms that use Bitcoin and other cryptocurrencies.

Bitcoin Dice
– A popular game in the Bitcoin gambling world, Bitcoin dice allows players to bet on the outcome of a random dice roll. It’s simple, yet highly engaging.

Bitcoin Faucet
– A reward system, present in the form of a website or app, that dispenses rewards in the form of a Satoshi. This is for visitors to claim in exchange for completing a captcha or task as described by the website.

Bitcoin Sportsbook
– A type of Bitcoin gambling site that combines traditional sports betting with Bitcoin.

Bitcoin Casino
– The digital casino where you can play all your favorite casino games using Bitcoin and other cryptocurrencies.

Minesweeper
– A single-player game from the traditional gambling world. Bitcoin casinos have now adapted and digitalized it to make it accessible for Bitcoin gamblers.

Live Dealer Casino Games
– These Games have live dealers via video link, where players can interact with the dealer and other players.

Cold Storage
– It is the process of moving crypto-currency ‘offline’, as a way of safekeeping your crypto-currency from hacking.

Confirmation
-The successful act of hashing a transaction and adding it to the blockchain.

Double spend
– A situation that occurs when a Bitcoin owner illicitly spends the same bitcoin twice.

Hash rate
– Measurement of performance for the mining rig is expressed in hashes per second.

Mining
– The process of computer hardware doing mathematical calculations for the Bitcoin network to confirm transactions and increase security.

Cryptocurrency Exchange
– A business that allows customers to trade cryptocurrencies for other assets, such as conventional fiat money, or different digital currencies.

With this list of essential terms, newcomers to the Bitcoin gambling world should find it easier to explore and enjoy everything this digital currency has to offer. From interactive gaming experiences to anonymous transactions, Bitcoin has revolutionized the online gambling market and will continue to be a game-changer in the future.

Sources

1. Bitcoin Magazine. “A Beginner’s Guide to Bitcoin”
2. Coingecko. “What is Bitcoin?”
3. Investopedia. “Blockchain: The Backbone of Bitcoin”
4. Coin Telegraph. “How does Bitcoin Casino Work”
5. Bitcoin.org. “How does Bitcoin work”.
6. Winkdex. “Bitcoin Wallet”.
7. Bitcoin Wiki. “Provably Fair Gambling”
8. Bitcoin Gambling Guide. “Bitcoin Dice”
9. Bitcoin.com. “Understanding Bitcoin: A Simple Guide”
10. NewsBTC. “Bitcoin Sportsbook and Bitcoin Casino”.

Disclaimer

This information is intended for informational purposes only and should not be construed as an endorsement or advice to invest in Bitcoin or engage in Bitcoin betting activities. Always seek professional advice before making any financial decisions.

Written by
Deepshikha Chaudhary
Deepshikha Chaudhary brings a wealth of knowledge in tech journalism to her coverage of blockchain technology, with a particular emphasis on how it intersects with gambling regulations, while also engaging with industry leaders to forecast the implications of digital currencies on global trade.

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