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You are a loyal Everygame Casino gamer. You love the massive deposit bonuses we offer. These bonuses start out with the five-part Welcome Package. The first four parts are deposit bonuses, and the final part is a modest no-deposit bonus. The total package can be worth as much as $5555.
You have noticed that Everygame Casino now offers deposits in cryptocurrencies. You came upon the term cryptocurrencies a few years ago, and you thought it meant fake currencies. By now you know that the crypto part of the name is from encryption, the same software that we and all online businesses that accept payments online use to safeguard clients’ and, in our case, gamers’ money.
Wrapping Your Head around Cryptocurrencies
So, you accepted cryptocurrencies as real money, but you wondered why they were needed in the first place. One reason is that governments print so much of their own currency that there was a need felt for a currency that bypasses government money.
The second reason was that the nature of how cryptocurrencies come to be makes them infinitely more secure and private than any other currency. Here is where you first encountered the term blockchain.
Poof!
And there your cryptocurrency fascination and attraction ended. What is a blockchain? Every time you looked the term up, you felt like a blockhead because you could not wrap your head around it.
Let us state up front and for the record: you are not a blockhead. No one has been able to explain what a blockchain is in simple terms. The term itself gets lost in the woods, as it were. As soon as someone tries to explain what a blockchain is, people cloud over because it is far removed from their own life experience.
What is a Blockchain?
Our life’s experiences use blockchains without our knowing it. Let’s look first at the term blockchain. We all know what a block is, and we all know what a chain is. So, a blockchain is essentially a chain of blocks.
However, this chain of blocks is not at all like the block tower we built years ago in our living room. That lock tower came down as soon as our parents decided that it was time for us to tidy up.
A blockchain in the modern sense cannot be taken down. There is never any need to tidy up. In fact, the blockchain serves many business needs because it cannot be taken down.
So, at this point, we need to accept that a blockchain is a totally new idea. The old terms block and chain do not really fit the new idea. A blockchain will be called a blockchain forevermore, but we can understand it as a new kind of chain made up of new kinds of blocks.
What Came First, the Blocks or the Chain?
The blocks came first.
At this point, we need to show a few examples of how a blockchain can be, and is, used in other businesses without regard for the new currencies. As you come to understand how a blockchain works, you will start to understand how blockchain is valuable in financial situations, ergo cryptocurrencies.
Blockchain Directs Complex Activities
To put it simply, a blockchain is a technology that allows complex transactions to occur and to guarantee the veracity of the transactions at every step. So, for example, if an auto manufacturer wants to buy a million pieces of a specific part for their cars, they might use a blockchain to follow the progress of these parts from the moment the raw material arrives at the factory to the accumulation and storage of the parts to the finished product to the shipping, and finally to the arrival of the parts at the car manufacturing plant.
When people send land mail via certified or registered mail, the clerk at the post office will give them a piece of paper with a tracking code. The code refers to the blockchain that follows that piece of mail from the post office to its final destination.
Blockchains can be used to verify land ownership. People no longer live near every other family member, so inheritance has to be verified. In the modern world, this verification is done through a blockchain.
Art and other creative assets and even tickets to sporting events, concerts, shows, etc., are protected through blockchains that maintain the authenticity of the asset. A good example of this is the modern use of digital software and blockchains to sell tickets to soccer games or Broadway shows, to people who will buy the tickets perhaps months in advance and will attend the match or show when they travel to the city.
In short, blockchain technology makes our complex world a lot more manageable. We have come a very long way from when a product would be produced and sold in the same basic location.
What Are the Blocks and How Do They Form a Chain?
In short, a block is a collection of data points that are sufficiently alike to justify making them a block. In the example of the auto manufacturer, they have many blockchains because they receive thousands of parts and don’t make any of them themselves.
So, tires are one block, windshields are another block, and so on for thousands of products. The blockchain simply lets the manufacturer know that the parts they need are on their way, where they are exactly, when their eta is, and so on.
People who buy an expensive work of art on a cruise rely on a blockchain to guarantee that the piece of art will be delivered to the correct address and that the correct artwork with come to the correct address.
Think about anything you buy online. Its delivery is helped by the blockchain it is a part of.
Think about encryption software that protects your assets when they are on account at Everygame Casino. Encryption software scrambles data so hackers cannot access it. The data are stored in blocks. These blocks are connected digitally into chains, and the chains cannot be broken.
Should Gamers Use Cryptocurrencies for Online Casino Banking?
Now we have arrived at the subjective side of online casino banking. Most gamers still use e-wallets, which are very secure and private. Cryptocurrencies are said to provide an extra measure of privacy. Still, e-wallets are also very secure and private.
Our purpose here has been to help you understand more fully how a blockchain works. If a lack of blockchain understanding is the only reason you have not deposited with a cryptocurrency, perhaps now you have a better feeling for that method of banking.
And if you're interested in reading more, and possibly making your first crypto deposit, check out our very own Crypto Guide here at Everygame.
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