Cryptocurrency For Dummies: Crypto Explained

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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Before we get into the nitty-gritty details of crypto, our comparison guide will give you a glimpse into the top sites for betting with crypto. There’s simply no better time to enjoy online gambling with crypto than right now.

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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.

  • Bitcoin
  • Bitcoin Cash
  • Litecoin
  • Ethereum
  • Dogecoin

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.

  • Do your homework and follow the trends: It is vital that you take the time to assess which cryptocurrencies are worth buying. In order to do so, you need to sit down and read crypto news, analyze past historical trends, and then purchase crypto that you feel is most likely to offer long-term gains while affording you some stability in the short term.
  • Don’t panic if prices suddenly drop: Crypto is inherently rather volatile, and there are periods of time when crypto prices go through a trough and tend to shed much of their gains. However, as the market has noted over the last few years, crypto prices tend to increase after periods of losses and thus you should not panic too much at the first sight of a price decline. Having said this, it is a good idea to keep an eye on potential events which might affect the price of the crypto that you possess.
  • Sign up with a licensed crypto site: We urge you to only consider signing up with a crypto site which is licensed. There are a number of platforms that aren’t licensed at all and these do not tend to have your best interests at heart. Take a look at our crypto gambling reviews here at EsportsBets to find the platform that appeals to you most.
  • Wager your crypto wisely: You should take a tempered approach to wagering your crypto online. There is a wide range of different sports and Esports betting markets as well as online casino games and we urge you to keep your cool. Draw up a budget and then keep your spending in check. It will allow you to extend your online gambling activities.
  • Diversify your holdings: It’s a good idea to buy a number of different crypto coins online. This will ensure that you don’t lose out significantly if you invest only one coin that, for one reason or another, ends up tanking. It is always best to avoid putting all of your eggs in one basket.

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 EsportsBets.com 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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Cryptocurrency For Dummies FAQs

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.

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.

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.