With every passing day, there are more cryptocurrencies coming out. One such currency is called Fun and it is dedicated to online gambling. This one has been existing for a while, it is an RC20 token that came out of the Ethereum network and it is also based on Ethereum technology as well. While this is a specialized currency for a very specific purpose, others are broader and not for the specific purpose. Such a currency is Bitcoin.
This is the most accepted cryptocurrency in the world. It is also the most recognizable. This is the first and leading currency among the other 1,600 who came after it. It was developed and put to work by a person or a team of people who call themselves Satoshi Nakamoto. It is for this reason that the pennies of a Bitcoin are called satoshies. Pennies for any other cryptocurrency are also called satoshies. With many exchanges around the world successfully accepting and trading Bitcoin, there is a lot of things you can buy with Bitcoin- from housing to food to cars (Lamborghini accepts Bitcoin) in all parts of the world. Bitcoin is taking off. This currency is probably the safest to own because others might be less traceable, they are called privacy coins. You will find the largest range of casinos and other gambling sites accepting Bitcoin the most.
These are the coins where any transaction cannot be linked to a person. In other words, you can never find out who sent money to who and how much. Such a currency is Monero, another is Zcash. Both are respected privacy currencies. These currencies exist because the people using them and maintaining them believe that your transactions should remain private. In the early days, Bitcoin was considered private but today it is only considered semi-private. This is because you can see all the transactions made since its inception in 2009. If you would want this bad enough, you could track every bitcoin as it changed hands over the years.
Downsides of Using a Cryptocurrency for Gambling
The price of cryptocurrencies can change in a matter of minutes. In hours they can double or triple their value, but they can also lose their value. For this reason, you should never invest more than you can afford to lose in cryptocurrencies. Nobody can guarantee the value of Bitcoin or any other currency unless they are specifically created to mimic real-life value. Such a currency as Tether- this currency is tied to the value of dollars. 1 Tether is 1 dollar and this value never changes. But Tether is not truly accepted on a lot of places, and as such, it’s not ideal to use for gambling or general use.
Positive Sites of Cryptocurrencies
Only you have the access to your funds. No bank or anybody else can take them away from you. You can also send them anywhere with a click of a button. Funds are almost instantly transferred for a minimal cost per transaction.