The world of crypto has exploded in recent years. Bitcoin advertise is by far the most popular cryptocurrency, and its value has increased exponentially in the last few years. Crypto igaming offers an opportunity for players to win huge amounts of money through a completely decentralized game while gaining knowledge of this new market.
This post will explore some crypto known as one-time currency, what it means for igaming, how money is made through cryptocurrencies such as bitcoin, how to get started with it in your own life and more.
1. What is cryptocurrency?
Cryptocurrency, as the name indicates, is a form of digital currency that uses encryption to regulate its value and how it moves from one person to another. The currency can be traded, but also used in Igaming as a means of earning money. For example: if you have won money in bitcoin or any other cryptocurrency game and wish you could spend it with your favorite gaming sites or simply save it, there is no problem. You can simply use your digital wallet file on the internet to make payments at certain locations such as Microsoft stores, Amazon etc.. You can even have your own virtual bank account using bitcoin or other cryptocurrencies. Some people keep their money in a digital wallet, which is just a small file storing your cryptocurrency.
2. How are cryptocurrencies like bitcoin created?
In order to understand the concept behind how bitcoin or any other cryptocurrency is like we have to explore the origin of money. It all stems from barter, which was used by primitive cultures and early civilizations such as the Egyptians and Mayans. Money itself has not always been a form of exchange; having as its value something real like gold or silver instead of something made up such as fiat currency. Find here.
Bitcoin was first introduced in 2008, but did not become mainstream until 2013 when it gained traction among users who were unsatisfied with the many problems associated with traditional banking systems. Bitcoin is not like other currencies such as the Dollar, Yen or Euro; in fact, it is the first digital currency that allows its users to send payments to one another without those transactions being recorded.
This means that money can be transferred instantly among bitcoin users and there are no transaction fees. One of the greatest benefits of this payment system is the anonymity of its users. Now, you may also be wondering where all this information is coming from? Well, it’s all on the blockchain. The blockchain is a public ledger that records all transactions made with cryptocurrency and can be viewed by anyone who uses bitcoin or any other cryptocurrency wallet app.
3. How much money can one get from bitcoin?
If you want to know how much money is possible to make with bitcoin, we need to take into consideration the growth rate of the cryptocurrency, which as at the time of writing is around 1300% YTD (year-to-date). The value of bitcoin also fluctuates greatly during periods of rising activity and how many people are investing in it. In 2017, the cryptocurrency traded at under $1000 USD and it took a sharp decline during 2018 when the price fell by almost 80% YTD. Today, it has grown in value again and changed hands at just under $10K USD.
4. What does it take to make money with bitcoin?
Making money with bitcoin is not something that you can do overnight. Investing in this cryptocurrency takes a lot of research, time and experience. If you want to start your own crypto igaming website then profit will not come as soon as you get started, but if you are persistent in building a solid business and brand, then the rewards will come as backlinks.
5. How much revenue do crypto igaming sites make?
According to a recent report by Morgan Stanley, they estimate the cryptocurrency market is around $350 billion USD and is growing at 25% annually. The report also states that about $4.8 billion USD was sent through bitcoin transactions in 2017, with a further $9.5 billion USD invested in cryptocurrencies by venture capital funds. The cryptocurrency market is expected to grow to $500B USD by 2023, according to the research firm.
6. Is bitcoin the only cryptocurrency?
No, there are other forms of cryptocurrency that exist such as Ethereum, Ripple and Bitcoin and new ones are being created all the time as well as new blockchain technology like ethereum 2.0 or sharding.
7. How do I get started with cryptocurrency?
Getting started with cryptocurrency is very simple, but it will require you to have some money to start and the most popular digital currencies are bitcoin, ethereum and ripple. To start with cryptocurrency, you will need a digital wallet where you can save your money. You can use an android app to store your bitcoin or other cryptocurrencies in a digital wallet on your smartphone or a computer wallet if you prefer using an online service that stores your currency for you.
Creating a digital wallet is as easy as creating an email account, but it might be wise to create multiple wallets in various places just like banks do.