Cryptocurrency For Dummies: Crypto Explained

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Published: Jan 24, 2023 - Last Updated: Feb 23, 2024

If you are interested in crypto but haven’t the faintest idea of how it all works, then you are in the right place. Our guide that explains cryptocurrency for dummies is highly-informative and will give you the confidence to get started! Discover exactly what crypto is and how it functions while getting the inside track on the best sites for online betting with cryptocurrency.

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Crypto explained for dummies

So, how does it all work? Explaining cryptocurrency for dummies shouldn’t be all that difficult. The first step is to understand what cryptocurrency is. In short, it’s a digital coin which runs using a computer network, more formally known as the blockchain, and enables people to transact online.

The blockchain, which securely records all crypto transactions, is completely self-reliant and doesn’t depend on any long-established financial intermediary. To make money with crypto, it’s important to buy crypto and know precisely how to use it to buy or sell goods and services or simply sit back and make the most of the best gambling sites!

How to get started with cryptocurrency

Before you can consider signing up with crypto gambling sites, you’ll need to have some crypto in your possession to fund your account. As such, we’ve run through a quick overview of how you can get started with crypto and subsequently.

  1. Find the right digital wallet: If you are looking to wager crypto on sports or casino games, then you need to find the best crypto wallet for online gambling. This will enable you to easily transfer crypto wallets while also storing these funds as securely as possible.
  2. Purchase crypto via an exchange or crypto gambling site: Once you have a wallet, you can head to a reliable crypto exchange or simply sign up with a crypto site such as BC.Game Casino. Here, you’ll be able to purchase crypto coins of your choosing with fiat currency and then store the coins in your newly-minted digital wallet.
  3. Fund your gambling account and start wagering: Once you have crypto in your possession, you can deposit funds into your gambling account by heading to the cashier section. Payments are processed immediately and this will enable you to start putting our latest crypto betting tips into effect as you wager with absolute freedom!

Popular cryptocurrencies available

cryptocurrency for dummies

Any guide looking to explain cryptocurrency for dummies should provide oversight of the different types of crypto that are most popular at the time of writing. We have assessed this in terms of online gambling sites and which coins are usually accepted.

Keep in mind that each crypto coin has a different value when compared to the dollar and can have a number of different functionalities. For gambling, though, our recommended sites will enable you to use crypto the same way regardless of which digital currency you buy.

Cryptocurrency for dummies: Top tips

Our experts have rounded up some of the most important tips that you can make use of. This not only applies to crypto in general but also to using crypto for wagering.

Cryptocurrency Explained For Dummies: The Ball Is In Your Court

We hope that our cryptocurrency for dummies guide has been enlightening and provided you with the tips required to make a go of buying crypto and using it to gamble online. Keep in mind that we have plenty of gambling resources which will shed light on which platforms are best. Our experts at have combined general crypto coverage and a raft of gambling resources so that you are always at the forefront of the latest crypto and online gambling developments.

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Frequently Asked Questions

What is the point of cryptocurrency?

The point behind cryptocurrency is to create a digital currency which is independent of traditional financial regulation while offering decentralized monetary services that are processed effectively and efficiently via online blockchain technology.

How do you explain cryptocurrency to a beginner?

Crypto explained for dummies shouldn’t be a complex thing. Crypto is a digital coin with a relevant monetary value that can be used to purchase goods and services online. The technology that cryptocurrencies run on is known as the blockchain and this is much like a general ledger where all transactions are recorded.

One of the main characteristics of crypto is that there is no third-party financial institution overseeing these transactions and provides far more anonymity and hassle-free processing of purchases and sales.

Which cryptocurrency is best for beginners?

These days, there are a wide number of different cryptocurrencies online. When it comes to crypto gaming coins, we recommend that you use the likes of Bitcoin, Litecoin and Ethereum as these are widely accepted at online gambling sites.
Luke Warr

Since: April 6, 2022

Luke is an esports content specialist, with in-depth knowledge and passion in Esports & iGaming markets, with over 5 years of experience in emerging technologies in relation to crypto, blockchain, AI and esportsbooks.

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