Discover essential cryptocurrency and gambling terms in our glossary. Learn the key definitions you need to know for success in both industries.
Besides the general cryptocurrency glossary of terms, there are also some gambling-related definitions we would like to share with you. The most important and common ones are found below.
| Term | Definition |
| Address | Represents a place from where you can send and receive cryptocurrencies. It comes in the form of a string of letters and numbers. The ID of the casino’s wallet is also here. |
| Altcoin | Refers to any cryptocurrency that is not Bitcoin. The term “Altcoin” itself is a combination of two worlds – Alternative and Coin, so it is self-explanatory. |
| Blockchain | A shared system that enables, records and stores all transactions in a business network. |
| Block Time | The time validators or miners in a blockchain take to verify transactions between one block and another. |
| BTC-Friendly | A term that shows a gambling site that accepts Bitcoin or other cryptocurrencies as payment methods. There might also be specialized crypto games. |
| Crypto | Just a shortened form of the word Cryptocurrency, really. |
| Cryptocurrency | A vital term for cryptocurrencies which means that no central banks, governments, or financial institutions control them. |
| CoinsPaid | One of the most popular payment methods in the crypto gambling world that allows you to receive, send, store, exchange, and pay in cryptocurrency at online casinos. |
| Cold Wallet | Any wallet where you store your private cryptocurrency keys, but it doesn’t have to be connected to the internet. In general, there are three types of cold wallets – paper, sound, as well as hardware cold wallets. |
| Desktop Wallet | A very popular and common wallet that allows you to store your cryptocurrencies on your computer’s hard drive. So, you just install software on your computer and store the crypto private keys there. |
| Digital Currency | Another term for a cryptocurrency that some people use. |
| Decentralized | A vital term for cryptocurrencies which means that no central banks, governments, or financial institutions control them. |
| Exchange | A platform that allows all cryptocurrency users to buy cryptocurrencies with FIAT money. They can also sell and trade cryptocurrencies there. |
| Faucet | A website or an app that rewards players with small amounts of cryptocurrencies for completing simple tasks – logging in, participating in surveys, depositing, etc. |
| Fork | The process of a blockchain diverging into two paths forward, even though it was built using the same mechanics and made to function as one. |
| Hardware Wallet | As the name suggests, this is a piece of hardware device where you can securely store your cryptocurrencies. |
| Hot Wallet | The complete opposite of cold wallets. Hot Wallets require a constant internet connection and cryptocurrency network. You use hot wallets to make crypto transactions and you have a complete overview of each deposit and withdrawal. |
| Ledger | Multi-currency hardware wallets that allow users to store cryptocurrencies in a secure device. |
| Miner | People who process transactions on the network via custom built units, for which they receive a payment in Bitcoin or other cryptocurrency. |
| Operator | A company that owns one or more crypto casinos where you can wager and play casino games. |
| Private Key | A long code that is similar to a password. You use private keys to authorize any transaction, and you have a unique private key generated by your wallet. |
| Playthrough Rate | Another name for wagering requirements, it represents the number of times you need to play through your bonus amount and winnings before you are able to withdraw. |
| Provably Fair | An algorithm that proves the fairness of the casino game. Players can also verify the fairness by accessing the game’s hashes and seeing everything that occurred while playing. |
| RNG | An acronym that stands for Random Number Generator and it is a code that produces random outcomes at casino games. |
| Smart Contract | A program that runs on the Ethereum network. It executes all transactions between casino players and websites without the need for third-parties. |
| Wallet | A device, physical hardware, or software program where players store their cryptocurrencies. |
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