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Cryptocurrencies, Their Essence and Prospects

If you are an avid gambler or planning on winning money at online casinos or sportsbooks, being familiar with cryptocurrencies is absolutely necessary. While many companies try to keep the range of the supported payment methods as wide as they can, the emergence of Bitcoin allowed people with simple yet thrilling ideas for a gambling site to gain attention and prove that they can be a decent alternative to rich and flashy online casinos.

To understand what makes these smaller ventures successful and attractive even to seasoned gamblers, let’s learn some basics about cryptocurrencies and the groundbreaking features they introduced. It all began with Bitcoin back in 2009, the first and the most famous cryptocurrency. In truth, its creator, Satoshi Nakamoto, never meant for his invention to be a currency itself, it was designed as a peer-to-peer electronic cash system.

You may have heard this man’s name before in relation to Bitcoin, only it wasn’t used as a person’s name. So, what is a Satoshi? It is the smallest unit equal to a one hundred millionth of a Bitcoin. It wasn’t named so by Bitcoin users who wanted to honor the inventor and find a convenient name for the smallest fraction of the currency recorded on the blockchain.

How Cryptocurrencies Work

Blockchain is the key concept in understanding cryptocurrencies and what Bitcoin offered that many other digital cash systems before it failed to do. Satoshi managed to build the completely decentralized digital cash system with no central authority overseeing it. Usually, some server is needed to store the data and make sure no double-spending happens, but Satoshi found a different solution for keeping records of every transaction.

And that’s when we come to defining cryptocurrencies in a simple language. Basically, each of them is a limited number of database entries that can only be altered under certain strictly-specified conditions. This means that for a transaction to take place, it has to be confirmed by peers using the network. Once approved, the transfer is recorded in the digital ledger available to everyone using the network.

What is GPU mining?

Now, because there is no central authority, Satoshi Nakamoto figured out that people using the blockchain would have to devote their computers’ capacities to confirming and keeping records of all the transactions going on. In return, these users who are called miners are rewarded for helping maintain the blockchain.

Miners are also an integral part of creating new Bitcoin, whose number is limited, but they are not all available yet. Cryptocurrencies are called so because they rely on cryptography securing their existence and functionality. Hence, miners constantly need to solve cryptologic puzzles, and they get to earn free Bitcoin in this way.

Initially, CPUs were used to mine Bitcoin, but it was later discovered that graphic cards were a better fit for such calculations and operations. Some people figured out they could invest in buying several graphic cards and dedicating their power to mining Bitcoin. And so mining farms were created, and a new business was born. Luckily, it’s not the only way how to get bitcoins for free.

Bitcoin Faucets

First of all, buying a stack of GPUs can hardly qualify as earning Bitcoin for free. Besides, it’s no longer a perspective plan for newcomers. Since cryptocurrencies are still relatively new, and people are reluctant to start using them because of all the scientific talk, there is a need to make people more familiar with this form of money.

If you come to a specialized website, called a Bitcoin faucet, you will be able to claim some of this cryptocurrency, usually just a few Satoshi, so that you can start learning how Bitcoin works. Once you collect a certain amount from several sites like that, you can transfer it to your Bitcoin wallet, and then deposit it to your online casino account.

Gambling may not be a safer way to earn free Bitcoin than using a Bitcoin faucet, but it may be faster and is definitely more exciting. Besides, it’s not like you spent any money to get these crypto coins, so that also gives you more freedom to betting it on any of the gambling sites we have reviewed and listed for you.

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