It's hard to find anyone who hasn't heard of Bitcoin: it's the very first and most publicised cryptocurrency among 7,800 digital comrades or altcoins. Watching Bitcoin's volatility with bated breath, the world tries to predict its next hike and multiply their investments. Let's dive into the world of virtual currencies and take a closer look at how to use bitcoin.
Bitcoin Overview
Bitcoin's history started with the registration of the domain name bitcoin.org in 2008. Satoshi Nakamoto, the developer of the first cryptocurrency, believed his goal was to create "a system for electronic transactions without the need for trust", and he succeeded in this.
What is the main difference between decentralised and fiat currencies? The fiat system is governed by the state and the banks responsible for regulating all financial activity within their jurisdiction. While no one is immune from inflation or denomination, having clear financial legislation helps regulate fiat.
Bitcoin lacks a clear and well-defined legal framework, which can be both a plus and a minus. The lack of control over digital currency makes it appealing to those who value anonymity and fast transaction speed.
Top 3 Cryptos in 2023
The number of known cryptocurrencies, at the time of writing, stands at approximately 7,800, with new ones appearing every day. The world is going down the new rabbit hole of the 21st century – crypto. And sometimes it can be challenging to make sense of the sheer diversity of altcoins out there.
Despite this, iGaming players have their sights set on their go-to gaming cryptos. Here are the top 3 player preferred cryptos across SOFTSWISS client brands.
- Bitcoin (BTC)
Fun fact: the smallest part of the coin is called a Satoshi with the value of 0.00000001 of BTC.
Much has already been said about the king (or queen, if you will) of all cryptos. Let's just mention that bitcoin's starting price in February 2011 was 1 USD. Today, the most popular and unpredictable cryptocurrency has increased by 5 892 600%.
BTC gambling motivation: the first and most widely trusted cryptocurrency.
- Ethereum (ETH)
Fun fact: Ethereum is not a currency but an open-source blockchain platform. The platform’s currency is called ‘Ether’.
The platform’s story begins in 2013 when programmer Vitalik Buterin decides to create the world's programmable blockchain. It is more than a cryptocurrency: Ethereum is an entirely secure online marketplace with a more private virtual environment. This 'bazaar’ currency, ETH, has grown from 0.31 USD to some 4,300 USD since 2015 and is continuing to do so.
ETH gambling motivation: compared to bitcoin, input fees are lower and transactions are usually faster
- Litecoin (LTC)
Fun fact: Charles Lee, an ex-engineer at Google and an LTC creator said: “Litecoin is a lite version of bitcoin.”
It is true that LTC is one of the first altcoins, evolved from bitcoin's open-source code. According to our Q3 crypto report, Litecoin is experiencing phenomenal growth: half of all bets made in crypto on the SOFTSWISS Sportsbook were in LTC.
LTC gambling motivation: ‘lighter’ transaction fees for deposits and short transaction times