Cryptocurrency: Your Digital Cash
With the emergence of cryptocurrency, you can bring thousands of dollars anywhere. It is basically your digital cash which you can use to buy anything you want online.
It uses a cryptography system to secure and verify all transactions. One of its best features is that it leaves no trace and it is difficult for hackers to crack the code.
All transactions are recorded in a public ledger called the blockchain. Everybody can access it but they will not be able to change any portion of it.
Every transaction is recorded to this ledger but your personal information is encrypted. You also need private keys to receive any amount. It is like a secret conversation between the sender and receiver, only the two of you know the password. Anyone who tries to have access into your transaction will face a bunch of random letters and numbers.
It is also decentralized. Any financial institution or government has no control over it.
The amazing thing about cryptocurrency is that it works just like a debit or credit card. The only difference is that you do not need a card and all of your transactions are not recorded by the bank.
Since it is a decentralized peer-to-peer network, there are a lot of types and functions. It is like a big umbrella of digital cash.
Its value is not dependent on the country you are in, it is based on the supply and demand. Since Bitcoin is limited and has more demands than the supply, it is pricier compared to altcoins.
Wondering how cryptocurrency is made? Well, it is made by mining. It does sound like getting a shovel to look for a pot of gold but it is actually more on the accounting and programming aspect. As of now, there are thousands of miners around the world that use a special computer system to produce cryptocurrency.
It is legal in most countries. However, some do not recognize cryptocurrency as a mode of payment. While some do not have any specific law regarding the use of altcoins and Bitcoin.
Here are some of the countries that acknowledge the use of cryptocurrency:
- United States of America
- United Kingdom
- Hong Kong
- South Korea
Top Cryptocurrencies Around the World
There are thousands of cryptocurrencies available in the market. As a matter of fact, you can make your own!
Here are some of the most used cryptocurrencies:
It is known as the most popular and biggest digital money. It dominated more than 40% of the online market. Another reason why it became popular is that most stores accept Bitcoin as a mode of payment.
You can also easily convert Bitcoin into EUR or USD because it has the highest trading volume compared to altcoins.
Ethereum is the second most popular out of all the altcoins. It is similar to Bitcoin but it uses a different currency. It has the ability to eliminate third parties in any transaction and guarantees fast transactions with no paperwork involved.
What makes it more secured is that transactions have to be verified by the local node before it is sent to the main network.
Litecoin is almost similar to Bitcoin but it has faster transactions. Its transaction will only take 2.5 minutes compared to the average Bitcoin transaction which takes up to 10 minutes.
There is also a huge supply. It is over 84 million while Bitcoin is only at the 21 million mark.
One of the reasons it caught the attention of crypto users is that mining Litecoin is easier because of its simple algorithm. You do not need huge equipment to produce a new batch of Litecoin.
Bitcoin Cash (BCH)
This cryptocurrency is created to aid Bitcoin’s speed capacity. Bitcoin Cash increased each block from 1 megabyte to 8 megabytes. With the increase in block size, more transactions are verified at a shorter period.
It also has ultra-low fees. A transaction using BCH will only cost you less than one penny. There are no automatic voids, refunds, or extra charges unlike when you are using credit cards.
It is originally known as Darkcoin. Dash is basically the secretive version of Bitcoin. It has a PrivateSend feature that uses three ways to make your transactions anonymous and untraceable.
Dash also has an InstantSend feature that instantly secures all of your transaction by using a distributed consensus with masternodes. It is responsible for completing the function that ordinary nodes are not capable of.
Zcash is another type of cryptocurrency that offers extra privacy and selective transparency of transactions. It has an Encrypted Memo feature that allows you to include an important message to the receiver. Transactions will also expire after 50 minutes if not mined immediately.
Aside from the Encrypted Memo, it also has a multi-signature feature which requires two or more people to agree on the transaction before funds are sent.
The History of Bitcoin
Bitcoin is the first cryptocurrency that made a worldwide buzz, especially in the field of finance and technology.
It started when a pseudonymous Satoshi Nakamoto started working on the concept of Bitcoin in 2007. Until now, nobody knows who he is. There are rumours that Nakamoto is a group of people who released the Bitcoin white paper in 2008.
In 2009, Nakamoto made the first block of transactions called the Genesis Block. It became the foundation of all the blocks in Bitcoin’s blockchain. The first transaction was also made by Nakamoto and a programmer named Hal Finney.
The following year, the first transaction using Bitcoin is for the love of pizza. Laszlo Hanyecz is a programmer in Florida who paid 10,000 BTC through a Bitcoin forum. It is also when people are starting to recognize the use of Bitcoin.
2012 is the most challenging year for Bitcoin. The FBI filed a report regarding Bitcoin transactions being used for illegal transactions.
Although it is the toughest year, it is also the year where Bitcoin achieved a lot of things. These are:
- The Bitcoin Central became the first Bitcoin exchange licensed by the European bank
- The Bitcoin Foundation established a protocol to oversee the industry of cryptocurrency
- WordPress.com acknowledged Bitcoin as a form of payment
2013 is the year of Bitcoin. It is where the largest funding of Bitcoin was held, led by the Union Square Venture with a total amount of $5 million through the use of Coinbase. It was also recognized as a form of private money by the German Federal Ministry of Finance.
Months later, users are allowed to trade Bitcoin for other currencies. The most interesting thing is that Richard Branson’s Virgin Galactic begins accepting Bitcoin for space travel.
Have a dream of flying to space? Worry no more because, with the use of Bitcoin, you could be the next person to land on Mars!
Bitcoin Guide for Beginners
It is a bit scary at first but it is actually very easy to use. Here are some of the basic steps you need to have a superb gaming journey at Luckyslots:
Choose a Bitcoin Wallet
Choosing a trusty Bitcoin wallet is the very first step you need to do. It is a wallet application which you can use to send and receive funds. You can also use this app to track all of your transactions.
Add Funds to Your Wallet
You can also put funds to your Bitcoin wallet using credit or debit cards. At Luckyslots, we have BTCXE which you can use to buy Bitcoin.
Send and Receive Funds Using Your Wallet
All you need to do is to look for the Bitcoin address or just scan the QR code. Your Bitcoin address is made up of random numbers and letters.
Easy, right? You can also directly deposit Bitcoin at Luckyslots! All you need to do is…
- Click the ‘+’ symbol located at the upper right of the page
- Copy the one-time deposit address or scan the QR code
- Choose the currency you want to use to deposit Bitcoins
- Confirm your transactions
Basic Terms You Should Know
Here are some of the basic cryptocurrency terms you should know:
It is a series of letters and numbers which is usually used when receiving funds. Once the Bitcoin address is used, it is recommended to create a new one. This is to make sure that your transaction and Bitcoin wallet is safe. Using the Bitcoin address more than once is not recommended.
It does not actually mean that you need to get a shovel and look for Bitcoins. It is a process of creating, recording, and the verification process to secure each transaction. It is also the central bank of the banks in the crypto world.
It is your virtual wallet which you can use to send and receive Bitcoin. Each Bitcoin wallet has a unique account number and wallet address which is difficult to hack by outsiders. This is because it consists of 34 random numbers with upper and lower case letters.
The private key is what allows you to have access to Bitcoin. It is also one of the most important features that protect users from hackers. It is like an ATM, you cannot complete the transaction without providing your pin code.
Altcoins are alternative coins. These are cryptocurrencies other than Bitcoin. They all differ in block size, mining speed, features, algorithms, and mechanism.
Here are other altcoins used around the world:
- Monero (XMR)
- Tron (TRX)
- Tether (USDT)
- Ripple (XRP)
- Cardano (ADA)
- EOS (EOS)
- Libra (LIBRA)
It is a public ledger which is accessible by anyone. It is like the global network of the crypto world.
Blocks are like the pages on a ledger. Once a block is labelled as completed, you are redirected to another block. It is also made with a series of complex numbers and letters which is difficult to understand. It is also impossible to alter and hack. One of its functions is to ensure transparency and security of each transaction.
It means that no one can control the system, even the government. You can even mine your own Bitcoin because you do not need legal papers from the bank or the government. All you need is the skills and knowledge to mine Bitcoin.
It is also like using VPN and incognito feature of your browser wherein your history is not controlled or recorded by anyone.
It is a verification process and is one of the main keys for your transaction to be valid. Without your private key, you cannot create your own digital signature. The private key and digital signature go hand in hand.
It is a network of miners who work together to mine Bitcoin. Once successful, they split the block rewards among themselves. It is also one of the best ways to earn money in the crypto world.
Gaming Experience Using Cryptocurrency
With thousands of games available at Luckyslots, using cryptocurrency will come in handy. This is because of its fast and secure transaction. You can also easily withdraw all of your winnings by simply scanning the QR code of your Member Account.
Bitcoin transactions also require low to no transaction fees at all. In this way, you will have more funds to play your favourite games.
Even if you are a frequent user, transactions will not require your personal data. Using cryptocurrency allows you to play as much as you want. The best thing is that you do not have to wait in line.
One of the reasons why there are a lot of players who prefer using cryptocurrency while playing is because there are a lot of promotions and rewards to be received.
With the smooth transactions using cryptocurrency and thousands of high-quality games at Luckyslots, your Loyalty Level will increase faster than you could ever imagine!
What are you waiting for? Play your favourite games at Luckyslots!