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Here at Everygame Casino, we often get a question regarding crypto. The gist of the question goes something like this: “I have heard that banking with crypto at an online casino is the fastest, safest, and most private way to bank at a casino. Is that true? Can you explain crypto to me?”
The quick one, two, three answer is yes, it is the fastest and, yes, it is the most private, but it shares ultimate safety in banking with other banking methods we use here at Everygame. In other words, it is not the safest way to bank at Everygame because every banking method we use is absolutely safe.
Can Anyone Explain to Me What Cryptocurrencies Are?
Well, the purpose of this article is to help gamers here at Everygame Casino and elsewhere understand what cryptocurrencies are, how they work in general, and how they can be used for banking at Everygame Casino.
Cryptocurrencies are Digital
This is the first big understanding you need to have before you can use cryptocurrencies. These currencies exist only online. That is very hard for people who are used to having “money” in their pocket.
Cryptocurrencies have been compared to credit cards since credit cards are not physical money and the transactions they effect are also digital and exist online. Cryptocurrencies take the digital aspect of credit cards a giant step forward. Credit cards are issued by banks. So, the bank, ultimately, knows what people are buying with their credit cards.
A bank should keep every credit card transaction private, and we are sure that they do, overwhelmingly. But credit cards cannot be considered absolutely private. Cryptocurrencies are independent of banks and the government, and for that reason are considered to be the most private way to transact anything, including banking at an online casino.
Why Are Cryptocurrencies Sometimes Called a Digital Payment Platform?
The reason this definition of cryptocurrencies is used is that no one until now has ever used the term “digital payment platform”.
So, let’s take this clumsy term apart and make it a lot more understandable.
By now, everyone is familiar with digital. The internet is digital. As we said, credit cards are digital. Thousands of businesses (tens of thousands or hundreds of thousands) accept money through the digital means provided by the internet. We listen to music, stream movies and television, and communicate with each other through the very same digital means.
We all know and fully accept the existence of digital in our lives.
We all also understand the idea of payment. We pay for things all the time. We pay with automatic payment protocols through…yes, again, digital means. We pay with credit cards, and sometimes we even pay with cash. So, we all understand payment.
Aha! The word platform is the confusing word in the term “digital payment platform”. Let us, then, understand what the word “platform” means here.
What Does the Word Platform Really Mean Here?
This word confuses people who have not yet fully understood what a cryptocurrency really is. A credit card is also a digital payment platform. An E-wallet is the same. The big difference between an e-wallet or a credit card and cryptocurrency is that the money that an e-wallet transfers or a credit card accepts for payment is also money that can be used in cash.
Cryptocurrency exists in and of itself with no cash equivalent.
So, cryptocurrency should be described as thoroughly and entirely digital money.
How Does Cryptocurrency Work?
We have to take a step back here. This is more for historical reasons than for the practical side of banking at an online casino with cryptocurrency. Over 100 years ago, Thomas Edison suggested that government money would inevitably lose value. That means that the purchasing power of a dollar would inevitably decrease.
About 20 years ago, the first cryptocurrency was created to circumvent government money. In a sense, bitcoin was the 21st century’s gold as a refuge for real money.
Cryptocurrencies are also considered safer than government money. Cryptocurrencies exist on blockchains that cannot be changed.
What is a Blockchain?
This is the point at which most people roll their eyes! Blockchain is a very 21st century innovation. It was created for Bitcoin, but people have found many other uses for a blockchain.
A blockchain is a chain of blocks! You don’t say!
But unlike other chains that can be broken, the blockchain cannot be broken or changed. Even a heavy chain across a gate can be broken by a big, powerful metal cutter. A blockchain cannot be cut.
Now, this is still in the theoretical stage since genius hackers are hard at work looking for even one way to break a blockchain. So far, they haven’t found a way to do so.
If we think in terms of a chain of blocks instead of the clumsy term blockchain, we can better understand what is going on with cryptocurrency. A block is a storage unit for a cryptocurrency. It attaches to other blocks, thereby creating the blockchain.
In the case of cryptocurrency, the blockchain itself can travel from one computer in the network to any other. These computers are called nodes.
The reason that Bitcoin and other cryptocurrencies are considered the safest way of storing wealth is that they are impervious to ups and downs in the value of any government money.
What about Banking with Bitcoin at Everygame Casino?
In order to use Bitcoin or Litecoin for banking at Everygame Casino, you will have to join a cryptocurrency network. We can help you do so. Then, you use the cryptocurrency of your choice to deposit and withdraw as if you were depositing or withdrawing dollars, euros, or any other government currency.
Although cryptocurrencies are still so newfangled and blockchain is a very new concept, banking at Everygame with bitcoin or Litecoin is simple once you are part of a crypto network.
Everygame Casino Offers Great Online Casino Gaming
We have over 400 games. You can play every one of those games over time. We also offer great deposit bonuses and other promotions worth thousands of dollars in “free” gaming funds.
Although cryptocurrencies as a banking method are still quite new and are considered to be the safest and most private way to bank at an online casino, Everygame Casino has long been known as a safe and secure online casino.
We have always protected gamers’ assets with top-level encryption software.
For great gaming and smooth, safe, and secure banking…