The Complete Guide to Online Gambling Using Cryptocurrencies – Coindoo

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Satoshi invented the first cryptocurrency, bitcoin, in 2009. A decade later now, we have different types of cryptocurrencies and different uses for them. One of the industries that have adopted and reaped the benefits of these digital currencies is online gambling.

What is cryptocurrency?

cryptocurrencies
Source: MontanaPublicRadio

Many people still do not understand what cryptocurrency is and how it works. In the simplest terms, a cryptocurrency is a digital form of payment you can use to pay for goods and services online anonymously.

The main difference between traditional currency and cryptocurrency is security. Technically, cryptocurrency is a combination of digital numbers. These digital numbers are assigned a value, the same way we assign value to paper currency.

The cryptocurrency network keeps a record of every transaction ever made with the currency. Digital signature systems protect these records. Therefore, cryptocurrency is not only secure but also unforgeable and tamper-proof.

Why cryptocurrency in online gambling?

So, why should you consider online casino and betting with crypto:

Online gambling is illegal in some countries. Using credit cards to make bets in such countries is a considerable risk. That’s why you need cryptocurrency for betting.

Blockchain, the system used to create a cryptocurrency, keeps your identity anonymous. The government can neither trace your money nor track your bets.

  • Fast transactions

Depositing money from your crypto wallet to your betting account is fast. Also, withdrawals from the betting account
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