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Crypto Terms:  Letter C

What is Crypto Gambling?

Meaning:
Crypto Gambling - a form of online gambling that is based on smart contracts and uses cryptocurrencies as a means of payment.
easy
3 minutes

Let's find out Crypto Gambling meaning, definition in crypto, what is Crypto Gambling, and all other detailed facts.

In a way, crypto gambling is similar to traditional gambling. However, instead of fiat currencies, crypto gambling uses cryptocurrencies. In addition to that, unlike traditional gambling, crypto gambling provides players with a provably fair gambling process due to the smart contracts used to define the regulations of the game.

The rules of the game and the odds of winning are both included in the regulations outlined by smart contracts. In traditional gambling, on the other hand, players typically have no idea of the algorithms used in the game, nor do they have any idea of their odds of winning or losing. Thus, this often leads to players getting manipulated into falling for scams.

Getting back to crypto gambling, since smart contracts cannot be changed once they are set in motion, players can be sure that no rules will be changed once they start playing the game. Besides that, all smart contracts are publically stored on the blockchain, which means that anyone can view them anytime.

Now, it's also worth noting that there are two types of gambling platforms – centralized and decentralized. Centralized gambling platforms work pretty much the same as traditional gambling. Thus, when talking about crypto gambling, people usually refer to decentralized crypto gambling platforms.

Speaking of which, there are a number of advantages that decentralized cryptocurrency gambling platforms have over conventional gambling platforms. For example, let's take CoinGames, which is a well-known online decentralized gambling casino.

Just like other decentralized gambling platforms, CoinGames is non-custodial. In other words, the platform is not the owner of the user's funds. Instead, the aforementioned smart contracts are in charge of holding them. These smart contracts hold the funds until the game is finished. Then, if the player wins the game, the funds are released to them (or kept in the smart contract if they lose).

Additionally, since smart contracts can be publicly viewed on the blockchain by anyone, people are able to look into them in order to see how the platform in question operates and how many other players succeeded or lost. This way, it's easier for users to decide if the platform is worthwhile of their time and money, or not.

Now, the last thing that needs to be addressed is whether decentralized gambling platforms like CoinGames are legal or not. Although there is no clear-cut response, these platforms are typically legal in nations and states where gambling is generally accepted.

wallets./n

For crypto to adapt worldwide and become one of the most usable payment methods, it is important that users would be able to send, receive and pay invoices in an easy manner.<\/p>\n<p>That&rsquo;s one of the reasons the crypto invoicing tool is helpful. Users can control and track their customer's crypto payments. In addition, a pre-configured but completely customizable template allows users to quickly and simply fill in all of the needed information. Users may then send it as a link to their clients by email, social media, or text messaging.<\/p>\n<p>The receiver will see the itemized bill and the required amount after clicking on the link. When a bill is paid to the sender's digital wallet, the crypto invoicing tool checks the blockchain explorer and alerts both participants.<\/p>\n<p>Nevertheless, user-friendliness remains to be a barrier to embracing cryptocurrency payments. Unlike <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-fiat/">fiat payment channels or retail point-of-sale platforms, the sender must methodically duplicate the recipient's wallet address's large string of hexadecimal digits.<\/p>\n<p>In addition, it is hard for organizations to adequately record the counterparty data and forethought for each transaction, as they can with traditional invoices. This frequently makes crypto bookkeeping an unmitigated disaster for accounting and tax purposes.<\/p>\n<p>Cryptocurrencies are gradually becoming an increasing proportion of the global payments sector. Several notable payment businesses, including <strong>Paypal, Venmo, Visa, and Mastercard<\/strong> teamed up with crypto businesses to allow users to utilize their digital assets to acquire their favorite items from millions of retail stores worldwide. There are approximately $150 million in crypto invoices, roughly half were paid in stablecoins such as DAI or USDT.<\/p>\n<p>Major companies like <strong>McDonald's, Starbucks, AMC, Pizza Hut<\/strong>, and many others have begun to welcome cryptocurrency payments. Self-employed people, experts, sports personalities, and even politicians, are also adapting to the thought of embracing crypto payments.<\/p>\n<p>Besides, nations, like El Salvador, have already accepted <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin (BTC) as their legal tender.<\/p>","definition":"is the practice of creating invoices for products and services that must be paid in cryptocurrency.","status":"published","meta_title":"What is Crypto Invoicing? Definition & Meaning | Crypto Wiki","meta_description":"Crypto Invoicing meaning: Crypto Invoicing - is the practice of creating invoices for products and services that must be paid in cryptocurrency.","meta_keywords":null}" :prev-section="{"id":208,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Debit_card","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2024-01-07T08:14:26.000000Z","slug":"what-is-crypto-debit-card","title":"What is Crypto Debit Card?","section":"C","keyword":"Crypto Debit Card","content":"<p><strong>MasterCard and Visa accept the vast majority of crypto debit cards.<\/strong> It is a sort of debit card that allows the person to pay for products and services using <strong><a href=https://www.bitdegree.org/"//crypto//buy-ethereum-eth/">Ethereum (ETH), <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin (BTC), and Litecoin (LTC).<\/strong><\/p>\n<p>These cards convert held Bitcoins or other cryptocurrencies into the <strong><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-fiat/">fiat currency<\/strong> required to complete a transaction. Bitcoin debit cards, in particular, may also be used to withdraw cash from <strong>ATMs<\/strong> in any fiat currency allowed by the card.<\/p>\n<p>Besides, it is possible to use popular payment platforms such as <strong>Apple Pay, Google Pay, or Samsung Pay<\/strong>. Keep in mind that virtual crypto debit cards are the best when it comes to online shopping.<\/p>\n<p>Additionally, some crypto card issuers allow users <strong>to stake native currency to gain rewards<\/strong>. Yet, owing to the unpredictability of the crypto market, the value of the virtual currency fluctuates on a daily basis.<\/p>\n<p>Surprisingly, although getting paid with a crypto card, retailers can accept payments in fiat currencies like EUR or USD since the card company supports the conversion using current market prices.<\/p>\n<p>When traveling abroad, crypto cardholders <strong>will not face the high transaction costs<\/strong> that usually happen when switching currencies. A crypto debit card excludes consumers from various expenses associated with legacy cards, such as annual fees.<\/p>\n<h3>How to Get a Crypto Debit Card<\/h3>\n<p>To put things simply, crypto debit cards are often supplied by cryptocurrency exchanges, and applicants must first open an account and digital <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">wallet before applying for a card. Some applications additionally need users to authenticate their identity through the<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-know-your-customer-kyc/"> Know Your Customer (KYC)<\/strong><\/a> verification procedure.<\/p>","definition":"is a sort of debit card that enables its owner to pay for products and services using Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and other cryptocurrencies.","status":"published","meta_title":"What is Crypto Debit Card? Definition & Meaning | Crypto Wiki","meta_description":"Crypto Debit Card meaning: Crypto Debit Card - is a sort of debit card that enables its owner to pay for products and services using Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and other cryptocurrencies.","meta_keywords":null}" :model="{"id":9193,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Online_gambling","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:21.000000Z","updated_at":"2023-11-11T21:01:00.000000Z","slug":"what-is-crypto-gambling","title":"What is Crypto Gambling?","section":"C","keyword":"Crypto Gambling","content":"<p>In a way, crypto gambling is similar to traditional gambling. However, instead of fiat currencies, <strong>crypto gambling uses cryptocurrencies<\/strong>. In addition to that, unlike traditional gambling, crypto gambling provides players with a provably fair gambling process due to the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-smart-contract/">smart contracts<\/strong><\/a> used to define the regulations of the game.<\/p>\n<p>The rules of the game and the odds of winning are both included in the regulations outlined by smart contracts. In traditional gambling, on the other hand, players typically have no idea of the algorithms used in the game, nor do they have any idea of their odds of winning or losing. Thus, this often leads to players getting manipulated into falling for scams.<\/p>\n<p>Getting back to crypto gambling, since <strong>smart contracts cannot be changed once they are set in motion<\/strong>, players can be sure that no rules will be changed once they start playing the game. Besides that, all smart contracts are publically stored on the blockchain, which means that anyone can view them anytime.<\/p>\n<p>Now, it's also worth noting that there are two types of gambling platforms &ndash; <strong>centralized and decentralized<\/strong>. Centralized gambling platforms work pretty much the same as traditional gambling. Thus, when talking about crypto gambling, people usually refer to decentralized crypto gambling platforms.<\/p>\n<p>Speaking of which, there are a number of advantages that decentralized cryptocurrency gambling platforms have over conventional gambling platforms. For example, let's take <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//coingames/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>CoinGames<\/strong><\/a>, which is a well-known online decentralized gambling casino.<\/p>\n<p>Just like other decentralized gambling platforms, <strong>CoinGames is<\/strong> <strong>non-custodial<\/strong>. In other words, the platform is not the owner of the user's funds. Instead, the aforementioned smart contracts are in charge of holding them. These smart contracts hold the funds until the game is finished. Then, if the player wins the game, the funds are released to them (or kept in the smart contract if they lose).<\/p>\n<p>Additionally, since <strong>smart contracts can be publicly viewed on the blockchain<\/strong> by anyone, people are able to look into them in order to see how the platform in question operates and how many other players succeeded or lost. This way, it's easier for users to decide if the platform is worthwhile of their time and money, or not.<\/p>\n<p>Now, the last thing that needs to be addressed is whether decentralized gambling platforms like CoinGames are legal or not. Although there is no clear-cut response, <strong>these platforms are typically legal in nations and states where gambling is generally accepted<\/strong>.<\/p>","definition":"a form of online gambling that is based on smart contracts and uses cryptocurrencies as a means of payment.","status":"published","meta_title":"What is Crypto Gambling? Definition & Meaning | Crypto Wiki","meta_description":"Crypto Gambling meaning: Crypto Gambling - a form of online gambling that is based on smart contracts and uses cryptocurrencies as a means of payment.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master&rsquo;s degree on Economics, Politics &amp; Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US&rsquo; Western and Japan&rsquo;s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He&rsquo;s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain &amp; Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin Killer","status":"published","modified_content":null},{"chapter_id":2,"order":10,"slug":"what-is-solana-in-crypto","title":"Is Solana an Improved Version of Ethereum?","status":"published","modified_content":null},{"chapter_id":2,"order":11,"slug":"what-is-polkadot-in-crypto","title":"The Bridge Between Blockchains: Polkadot","status":"published","modified_content":null},{"chapter_id":2,"order":12,"slug":"what-is-polygon-in-crypto","title":"Polygon: the Essential Scaling Solution for Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":13,"slug":"what-is-luna-crypto","title":"The Bumpy Road of Terra (LUNA)","status":"published","modified_content":null},{"chapter_id":2,"order":14,"slug":"what-is-fantom-crypto","title":"Is Fantom (FTM) Yet Another Ethereum Killer?","status":"published","modified_content":null},{"chapter_id":2,"order":15,"slug":"what-is-aave-crypto","title":"Aave: Crypto Lending Trailblazer","status":"published","modified_content":null},{"chapter_id":2,"order":16,"slug":"what-is-algorand-crypto","title":"Did Algorand Truly Solve the Blockchain Trilemma?","status":"published","modified_content":null},{"chapter_id":2,"order":17,"slug":"what-is-olympus-dao","title":"Does Olympus DAO Have Anything to Do With Mythology?","status":"published","modified_content":null},{"chapter_id":2,"order":18,"slug":"what-is-avax","title":"Is Avalanche Network (AVAX) Rightfully Called the Future of DeFi?","status":"published","modified_content":null},{"chapter_id":2,"order":19,"slug":"what-is-monero-coin","title":"Monero: Where Cryptocurrency Meets Cryptography","status":"published","modified_content":null},{"chapter_id":2,"order":20,"slug":"what-is-ripple-xrp","title":"Is Ripple \"it\" When it Comes to Cross-Border Transactions?","status":"published","modified_content":null},{"chapter_id":2,"order":21,"slug":"practical-use-of-cryptocurrencies","title":"The Practical Use of Crypto","status":"published","modified_content":null}]},{"id":3,"title":"Crypto Exchanges","slug":"crypto-exchanges","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-exchanges.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-exchanges-101.jpg","rating":80,"sections":[{"chapter_id":3,"order":1,"slug":"how-do-cryptocurrency-exchanges-work","title":"How do Cryptocurrency Exchanges Work?","status":"published","modified_content":null},{"chapter_id":3,"order":2,"slug":"dex-vs-cex","title":"DEX VS CEX: Two Sides of the Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":3,"order":3,"slug":"crypto-day-trading","title":"Crypto Day Trading: The Difference Between Buying, Trading, and Swapping","status":"published","modified_content":null},{"chapter_id":3,"order":4,"slug":"kyc-crypto","title":"KYC & AML: The Key to Complying With Legal Industry Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens 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Cryptocurrencies?","status":"published","modified_content":null},{"chapter_id":7,"order":2,"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","status":"published","modified_content":null},{"chapter_id":7,"order":3,"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","status":"published","modified_content":null},{"chapter_id":7,"order":4,"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","status":"published","modified_content":null},{"chapter_id":7,"order":5,"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","status":"published","modified_content":null},{"chapter_id":7,"order":6,"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","status":"published","modified_content":null},{"chapter_id":7,"order":7,"slug":"what-is-a-perpetual-contract","title":"Perpetual Contracts: Futures Contracts Without an Expiration 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Mining?","status":"published","modified_content":null},{"chapter_id":9,"order":3,"slug":"what-is-staking-crypto","title":"An Advanced Look into What is Staking Crypto","status":"published","modified_content":null},{"chapter_id":9,"order":4,"slug":"what-is-proof-of-stake-vs-proof-of-work","title":"Proof-of-Work VS Proof-of-Stake: The Differences That Matter","status":"published","modified_content":null},{"chapter_id":9,"order":5,"slug":"what-is-crypto-mining-rig","title":"Crypto Mining Rig: What It is and How to Build One?","status":"published","modified_content":null}]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/crypto-101-glossary.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}]" current-chapter="C" current-section="what-is-crypto-gambling">