Cryptocurrency ‘at play’

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If you’re interested in dealing with cryptocurrency then you’ll naturally have quite a few questions to keep yourself well and truly in the ‘know how’. In this article we explore the whole concept of how it works and also, how it can enhance playing online – for example, through casino roulette games and so on. But first, the basics!

What exactly ‘is’ cryptocurrency?

Put simply, cryptocurrency (otherwise known as cryptoassets) encompass the likes of Bitcoin, Lietcoin, Etherum and Ripple. It’s an internet-based medium of exchange which relies on cryptographical functions in order to conduct financial transactions across the globe whilst gaining decentralisation, transparency and immutability.

What does the word actually mean?!

The word ‘crypto’ actually means ‘hidden’ or ‘secret’, thus hinting at the secure technology which is used to record who owns what – and for making payments as between different users.

‘Currency’, of course, simply means a type of cash – in this instance, electronic. However, unlike the type of cash we might carry in person, cryptocurrencies aren’t regulated by a bank to step in if things go wrong – hence the importance of knowing exactly what you’re doing!

So, can I go shopping with cryptocurrency?

Not at the moment. Whilst there are certain recommendations in the pipeline to make cryptocurrency easier to use, it’s not currently accepted in high store stores and let’s not forget it’s not regulated. This means that you can’t claim a refund should things go wrong and you’re still exposed to significant risk. Here’s an example:

Between 2014 and the beginning of 2018, oil prices didn’t change by more than 10% in any one day. The Bitcoin, on the other hand, rose by 65% in one day and then fell by 25% on another. It’s a highly unpredictable market and certainly shouldn’t be used without…

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