Crypto Casino Glossary for Beginners

Lesser-Known Terms Crypto Casino Players Should Be Familiar With

The world of cryptocurrencies has its own terminology, which may seem strange to a person who encounters them for the first time. Some of these terms are used at crypto casinos, too.

Therefore, the Crypto Gamba team has decided to create a glossary of terms you should know if you intend to play at casinos with Bitcoin and other cryptocurrencies.

Blockchain

Blockchain technology is crucial to the functioning of a crypto casino as it provides its foundation. Every transaction made at a crypto casino is recorded on the public blockchain, which enables players to verify game outcomes and financial transactions themselves. So, instead of trusting the operator, you trust the code and the blockchain instead.

Consensus Mechanism

A blockchain is a ledger that stores all the transaction data. Since no central authority exists, all the participants must agree on which transactions have happened and when. That's when a consensus mechanism comes into play. So, it's a method a blockchain network uses to validate transactions and ensure that all transfers and games are fair.

Crypto Trading

Crypto trading is a feature available on some online gambling platforms, such as BC.Game. The casino lets players bet on price movements of various cryptocurrencies. So, you don't have to trade assets to use it. Instead, you predict whether the price of a digital currency will rise or fall within a set period.

Faucet

Crypto casinos have unique mechanisms to attract new players and reward loyal ones. Faucets are among the most popular options, as they enable players to earn small amounts of cryptocurrency by completing simple tasks. Players love these promos because they provide an opportunity to explore crypto gambling platforms with no risk involved.

Fungibility

Fungibility is the ability of each crypto unit to be interchanged with another unit of the same kind. For instance, 1 BTC will be always worth 1 BTC, regardless of whether you've bought it, got it from a friend or mined it.

Dust

In the context of cryptocurrencies and casinos that support them, dust refers to the tiny amounts of money that remain in wallets after a transaction. Typically, these amounts are too low that you can't withdraw them. Another term you should be familiar with is crypto dusting attack, which refers to sending small amounts of cryptocurrency to track and de-anonymise the owners of crypto wallets.

GamingdApp

When you combine gaming and dApp, which stands for decentralised application, you get gamingdApp. GamingdApps use blockchain technology to provide a fair and transparent gambling experience.

Gas Fees

A gas fee is a transaction fee you pay on the Ethereum blockchain. Gas fees are used to compensate validators for maintaining the network's security. They can fluctuate based on various factors, including demand and supply, so costs may increase when the network is congested.

Rain

Similar to faucets, rain is a mechanism some crypto casinos use to reward players. It entails distributing crypto randomly to active users in community chat rooms or through Telegram channels.

Wager Mining

This is another reward mechanism available at crypto casinos. It enables players to earn cryptocurrency or native tokens based on the total amount wagered, no matter whether they win or lose. For instance, on every $100 bet, you can win 1 native coin at the casino that offers this feature.

Wrapped Tokens

Wrapped crypto tokens mirror the value of a cryptocurrency operating on another different blockchain. This allows cryptos from one blockchain to be used on another. Therefore, wrapped tokens act as bridges, expanding the possibilities for decentralised applications and can be useful when a crypto casino runs on a specific blockchain.

Private Key

This is a secret code which allows users to access their crypto wallets and manage their digital assets. Private keys must be kept secure, so you must not share them with anyone.

Proof of Stake (PoS)

One of the consensus mechanisms mentioned above, Proof of Stake, enables validators to verify transactions and create new blocks by staking a certain amount of cryptocurrency. It is used by a range of newer cryptocurrencies.

Proof of Work (PoW)

Although not as energy-efficient at PoS, Proof of Work provides high levels of security and is used by some of the biggest cryptocurrencies, including Bitcoin. This consensus mechanism enables miners to validate transactions and add new blocks to the blockchain by solving complex mathematical problems.

Public Key

Like a bank account number, a public key allows you to receive funds. It is a cryptographic code which doesn't reveal any sensitive information, so you can share it with the casino to cash out your winnings, for instance.

Token Burn Mechanism

This is a process which decreases the total supply of tokens by permanently removing a specific number of them from circulation. A token burn mechanism can be used by a casino offering native tokens to create scarcity, thus increasing the value of the remaining ones.

What to Do if You Come Across New Terms?

If you encounter terms you're not familiar with during your crypto gambling adventure, don't panic. You can visit the help centre or check FAQs for clarification; these may be helpful. Also, don’t hesitate to get in touch with casino agents.

Yet, you should know that crypto gambling sites tend to keep things simple. As user-friendly platforms, they ensure your gaming sessions run smoothly, so don't hesitate to start one once you're ready.