You might not have much experience with a digital currency (yet!), or maybe it's the first time you venture into a crypto casino, and you're wondering how you can purchase cryptocurrency.
This comprehensive how-to-guide is meant to get you started with purchasing crypto and the information you need to know before holding cryptocurrency. We understand that figuring out how to buy Bitcoin, Bitcoin cash, Ethereum, or any other cryptocurrency could seem confusing at first. The good news is that it's pretty easy, actually, and you'll soon go through the motions like a pro.
What is Cryptocurrency
To understand how to buy crypto, the first thing you should ask is, what is cryptocurrency? In short, cryptocurrency is a decentralized digital payment system that operates independently of the traditional banking system. It relies on a peer-to-peer network and blockchain technology to facilitate value exchange over the Internet without the need for an intermediary, such as a bank.
Bitcoin, the first and most popular cryptocurrency, revolutionized the field, paving the way for a multitude of other cryptocurrencies, including Ethereum, Tether, BNB, XRP, Cardano, Dogecoin, Litecoin, Bitcoin Cash, and Solana, each with its own unique characteristics defined by its developers.
Cryptocurrency transactions are recorded in a secure and transparent public ledger called a blockchain, which maintains a comprehensive record of accounts to transfer cryptocurrency ownership. Unlike traditional currencies and physical assets such as gold, cryptocurrency is not indexed to any physical assets or central authority, making its value highly volatile. Despite this, its market capitalization and popularity have continued to grow, attracting the attention of financial institutions and central banks interested in creating their digital currencies.
History of Cryptocurrency
The fascinating history of cryptocurrencies began long before Bitcoin's creation. In 1989, David Chaum founded DigiCash Inc., aiming to create a global virtual currency. However, it failed to achieve mass adoption and went bankrupt in 1998.
According to Investopedia, Wei Dai proposed "b-money" in 1998, an anonymous electronic cash system, while Nick Szabo created "Bit Gold," a precursor to Bitcoin, requiring users to complete a proof-of-work function.
Bitcoin, the first cryptocurrency, was created in 2009 by an individual or group who went by the pseudonym Satoshi Nakamoto. Bitcoin used the SHA-256 algorithm for its proof-of-work mechanism. Despite its pioneering role, Bitcoin faced some challenges such as slow transactions, small block size, and a significant ecological footprint due to the energy-intensive mining process.
In 2011, Bitcoin gained popularity, and second-generation cryptocurrencies like Monero, Ethereum, and Nxt introduced features like stealth addresses and smart contracts. Central banks expressed concerns over the challenges cryptocurrencies posed to economic balances and monetary policy. Ethereum represented a significant advancement with smart contracts. Third-generation cryptocurrencies like EOS.IO, Cardano, and others emerged, addressing limitations in capacity, security, and governance.
The first stablecoin, bitUSD, was introduced in 2014, and governments and financial authorities began to focus more on regulating cryptocurrencies due to their increasing integration with the financial system.
Between 2020 and 2022, the value of Bitcoin and other cryptocurrencies changed a lot and were very unstable. There were problems with stablecoins such as Terra, resulting in a market crash, and people called for stronger rules to govern cryptocurrencies. There were also issues with regulating and monitoring cryptocurrency-related activities, as shown by the case of cryptocurrency mixer ChipMixer being seized by Europol.
Why Choose Crypto for Online Gaming
The use of crypto as a payment method for online gaming is becoming more and more popular. This is due to multiple benefits, including:
Compliance: One of the main advantages of cryptocurrencies is their high level of privacy. Payments using cryptocurrencies based on blockchain technology allow players to make transactions without having to disclose personal information. This ensures a high level of anonymity and protects players' private data.
Speed and efficiency: Cryptocurrencies are a fast and efficient means of payment. Unlike traditional payment methods, intermediaries such as banks or payment systems are not needed to instantly transfer money. This makes cryptocurrency transactions much faster and more convenient, especially when withdrawing money from a player's account.
International transactions: Cryptocurrencies are not subject to the monetary restrictions of countries or banks. This allows players worldwide to transact at online casinos, regardless of where they live. This benefit is significant for those with limited payment options through traditional payment systems.
Reduced fees: Compared to traditional payment systems, the fees for using cryptocurrencies for payments at online casinos can be significantly lower. The absence of go-betweens and low transaction costs allow players to save on commission fees, thereby keeping more money for gambling.
The Benefits of Using Cryptocurrency Over Traditional Money
Well, goodbye paper, hello pixels! Wondering what are the key benefits of cryptocurrency over traditional money? Here's what Wild.io has to say:
- Decentralization with privacy and anonymity
- Faster and cheaper transactions
- Resistance to inflation
The emergence of cryptocurrency has revolutionized the way we think about money. By offering a decentralized system, it has unlocked a world of possibilities, including greater privacy and anonymity for users.
Transactions with cryptocurrency are also often faster and cheaper than traditional currency transactions, as they do not require intermediaries such as banks. At the same time, cryptocurrency is not subject to the same inflationary pressures as traditional currency, as its supply is limited by design.
How To Buy Cryptocurrency in 4 Steps
To get the ball rolling, you'll have to ask yourself some questions:
What cryptocurrency do you need to buy?
Each crypto casino works with specific crypto assets; you need to research beforehand what cryptocurrencies they accept.
Where will you buy it?
You'll have to decide which type of cryptocurrency exchange you want to use. Several types are available, and we will study them a bit later.
How are you planning to pay for it?
Are you going to pay with fiat money by using a credit card? Or do you already own crypto and plan to use it to buy Bitcoin?
Where will you store your new crypto?
You just can't keep anywhere your crypto holdings. You'll need a secure Bitcoin wallet or any crypto wallets compatible with the coins you own.
Step 1: Choose what cryptocurrency to buy
Wondering what is the best cryptocurrency to buy? Well, cryptocurrency investors have so many options to choose from when they start crypto trading. For casino players, the choice is a bit easier. You need to buy whatever crypto coins the online casino allows for bets.
Absolutely everyone has heard about Bitcoin, even a newbie that wants to buy or sell cryptocurrency for the first time. It's the first cryptocurrency and the one with the highest market cap. Most casinos will accept deposits in BTC, so if you can purchase Bitcoin, go for it!
It's the second most famous cryptocurrency after Bitcoin, with the second highest price and market cap. You can buy it from most exchanges.
There are two aspects you should know about Ethereum. It has higher trading fees (gas fees) than other cryptocurrencies and can execute smart contracts (agreements that use blockchain technology to be performed automatically by a computer).
This umbrella term refers to all other cryptocurrencies besides the main two. There are thousands of altcoins on the market, and you can find the majority on any cryptocurrency exchanges. However, not all exchanges will have a particularly small or new crypto token.
When it comes to altcoins accepted by casinos, you can put your hands on digital assets like Cardano, Litecoin, Dogecoin, Tether, etc.
Step 2: Choose a crypto exchange
Once you know that you want to buy a cryptocurrency and what specific tokens you're after, it's time to choose a crypto exchange.
A cryptocurrency exchange serves as a marketplace where buyers and sellers can transact. There are several types of exchanges available so we will check all of them:
Centralized crypto exchanges
Think about centralized crypto exchanges like a third party that oversees all the transactions between people that sell cryptocurrency and those who buy it. These exchanges often trade cryptocurrency at market rates; their revenue comes from charges for other services.
Centralized exchanges are generally simple, but because so much cryptocurrency passes through them, they can also be a tempting target for hackers.
Platforms like Coinbase, Gemini, or Kraken should be your to-go exchanges if you are going for the centralized option. You'll have to link your crypto account to your bank account, enabling payments with a debit card or a credit card.
If you are used to traditional brokers that offer you access to the stock market, you'll be glad to hear that there are online brokers that offer both crypto and stocks. Just like you use a traditional broker to buy stocks, you can use an online crypto broker to buy crypto.
By providing user-friendly interfaces that communicate with exchanges on your behalf, cryptocurrency brokers simplify the process of buying cryptocurrencies. There are some that impose higher costs than exchanges. Two of the most well-known cryptocurrency brokers are Robinhood and SoFi.
Although brokers are undoubtedly practical, you should be careful because you might not be able to remove your Bitcoin holdings from the platform. For instance, you cannot remove your cryptocurrency assets from your account at Robinhood or SoFi.
Another type of crypto exchange is the decentralized exchange, peer-to-peer cryptocurrency marketplaces where users trade cryptocurrency directly with each other.
There is no third-party involvement when you buy cryptocurrency on these decentralized apps, and the transaction fees tend to be lower. However, you can't trade between fiat money and crypto. Decentralized crypto exchanges offer users only the option to sell or buy Bitcoin directly, as well as any other digital currencies. Some of the best cryptocurrency exchanges you can use are Sushiswap and Uniswap.
Step 3: Choose payment method
Next in line, you must decide what payment method you want to use to buy crypto such as Bitcoin or other tokens.
Buy cryptocurrency with cash
Despite the fact that there are plenty of cryptocurrencies in circulation worldwide, you'll most probably buy your first digital currency with cash like the U.S. dollar.
You might need to fund your account before making any cryptocurrency purchases, depending on your payment method. You should know that credit card companies process cryptocurrency purchases made with credit cards as cash advances. Basically, they have higher interest rates than regular purchases and additional cash advance fees.
Buy crypto with other cryptocurrencies
You can exchange your existing cryptocurrency for other tokens if you already have some in your digital wallet. Just be careful to confirm that trading between the digital assets you're considering is permitted on your cryptocurrency exchange. Some platforms feature more trading pairings than others, but not all cryptocurrencies can be traded directly with one another.
Step 4: Choose where to store your cryptocurrency holdings
Don't underestimate the importance of the cryptocurrency wallets you'll use to securely store your new coins.
A private key is required for crypto assets since it serves as ownership documentation and transaction authorization. Your cryptocurrency will be lost if you misplace your private keys. If someone gets their hands on your private keys, they can do whatever they want with your cryptocurrency.
Cryptocurrency owners use digital wallets to store their tokens securely. There are multiple options to consider when it comes to digital wallets, so let's check them all!
Use the exchange's crypto wallet
Some users decide to keep their cryptocurrencies on the exchange or platform from which they originally purchased them. This has a few benefits. It transfers any issues that might arise to a third party with more experience.
The potential upside is that private key management is unnecessary because all the information is available when you log in.
The downside is that your Bitcoin may be at risk if the provider experiences a security breach beyond your control or someone steals your personal information. People who intend to trade their cryptocurrency soon or want to take advantage of the offer rewards and staking programs frequently use this type of on-platform storage.
Use hot wallets
Hot wallets are online-stored crypto wallets that may be used on tablets, PCs, phones, or other internet-connected devices.
A hot wallet is valuable and easy to use, but since it is still linked to the internet, it may expose you to security flaws that could potentially lead to you losing your money.
Use cold wallets
The most secure method of storing cryptocurrency is using cold wallets, sometimes referred to as hardware wallets.
They look like external gadgets, such as hard drives or USB drives. You must be very careful with your private keys if you use a cold wallet. You might never retrieve your coins if you lose them or if the device malfunctions.
All in all, cold wallets need more work to operate, but they are inaccessible to anyone without a physical device, rendering them more secure.
With the knowledge you've acquired today, you're now ready to get the cryptocurrency you want and start betting in your favorite online casino. Let the wild times begin!
Best New Crypto To Invest In 2024
We want to introduce you to some new cryptocurrencies that experts say are expected to take off in 2024.
So many new virtual coins are popping up every day, but not all are successful. That's why we've handpicked the best tokens from brand new crypto projects currently in their initial sales phase and are offering them very low prices. And for other cryptocurrencies, just use authorized platforms like OKX, which have low commissions and support for all the main virtual currencies.
We've chosen pre-sales as they offer the most significant growth potential. Below, we've listed the cryptocurrencies that are expected to perform exceptionally well!
- Bitcoin ETF Token (BTETF)
- Bitcoin Minetrix (BTCMTX)
- COSMOS (ATOM)
- Meme Kombat (MK)
- Tron (TRX)
- Launchpad xyz (LPX)
- yPredict (YPRED)
- Chimpzee (CHIMPZ)
- EcoTerra (ECOTERRA)
- Lucky Block (LBLOCK)
How do I pick the right cryptocurrency exchange?
When choosing a cryptocurrency exchange, make sure to consider security, fees, and available cryptocurrencies to ensure you select the right one for your needs. Compare different exchanges to determine which one is most suitable.
How do I store my crypto securely?
For secure crypto storage, consider using either on-platform storage or a noncustodial wallet to find the right balance of security and convenience.
Can you make $100 a day with crypto?
Yes, it is possible to make $100 a day with crypto. Even though $100 may not yield significant returns immediately, it could still generate a sizeable profit if Bitcoin performs well.
How do I get crypto free $25?
Wild.io is a cool casino that rewards you for playing in different tournaments. You can earn up to $25 crypto free by playing slots or participating in tournaments.
How much could Bitcoin be worth in 2025?
Experts from the crypto industry predict that Bitcoin's value could increase up to $400,000 per bitcoin.
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