7Bit Casino Crypto Glossary of Terms

Create an account and get your 7Bit Casino login to enjoy all our gambling features. We have explained some standard crypto terms so you can learn more about virtual currencies and play more efficiently.

Core Concepts

Bitcoin

The pioneering cryptocurrency Bitcoin introduced the concept of decentralized digital assets. It operates on a blockchain network, allowing for peer-to-peer transactions without intermediaries. Bitcoin’s limited supply and role as a digital store of value have contributed to its significant market capitalization and influence.

Ethereum (ETH)

Beyond being a cryptocurrency, Ethereum is a platform that enables the development of decentralized applications (dApps) through smart contracts. These self-executing contracts automate agreements, making transactions more efficient and transparent. Ethereum’s versatility has led to a thriving ecosystem of decentralized finance (DeFi) and other inventive applications.

Altcoins

This is a broad category that covers all cryptocurrencies other than BTC, some of which are used at 7Bit Casino. These digital assets vary widely in their functionalities, technologies, and market goals. Some altcoins aim to improve upon Bitcoin’s features, while others focus on specific use cases like privacy, scalability, or smart contracts.

Blockchain

Blockchain is a distributed, immutable ledger that registers transactions across multiple computers. This technology ensures transparency, security, and verifiability. Blockchains form the foundation for many cryptocurrencies and other applications, offering a trustless and transparent system.

Crypto Wallet

A software application or physical device to store, manage, and transfer cryptocurrencies. Wallets come in various forms, including online, desktop, mobile, and hardware wallets. Each wallet has its security features and level of convenience.

Public Key

A cryptographic key that can be shared publicly without compromising security. It’s used to verify the cryptocurrency address’ owner and encrypt data.

Private Key

It is a secret cryptographic key to sign transactions and access funds in a cryptocurrency wallet. Protecting your private key is essential because losing or compromising it could mean losing access to your cryptocurrency.

Additional Concepts

Market Capitalization

The total market value of a cryptocurrency determined by multiplying its current price by the total number of coins in circulation. It measures a cryptocurrency’s overall market size.

Volatility

The tendency of a cryptocurrency’s price to fluctuate rapidly and unpredictably. This high volatility can create both opportunities for profit and risks of loss.

Token

A digital representation of an asset or value, often used within a specific platform or ecosystem. Tokens can represent cryptocurrency ownership, fractional ownership of assets, access to services, or other forms of value.

Decentralization

The distribution of power and control across a network instead of being centralized in a single entity. In the context of cryptocurrencies, decentralization aims to create a more resilient, censorship-resistant, and democratic system.

Smart Contract

Self-executing agreements with the terms encoded directly into a blockchain. Smart contracts automate the verification and enforcement of contract terms, reducing the need for intermediaries.

ICO (Initial Coin Offering)

ICOs are fundraising methods in which a new cryptocurrency project issues tokens to raise capital from investors. They have become popular for startups that aim to raise development and expansion funds.

FOMO (Fear of Missing Out)

The emotional drive to invest in cryptocurrencies based on the perception that others are profiting, potentially leading to impulsive decision-making and increased risk-taking.

HODL

An internet slang term meaning “Hold On for Dear Life,” expressing the strategy of holding onto crypto coins despite price fluctuations in the belief that their value will eventually increase.

Wallet Address

A unique identifier for a crypto coin wallet, similar to a bank account number. It’s used to receive and send cryptocurrency transactions.

Blockchain Explorer

A tool that lets users view and search for details about transactions and blocks on a blockchain. It provides transparency and allows for data verification.

Cold Storage

Storing cryptocurrencies offline in a secure hardware wallet or other offline devices. This method provides the highest level of security by isolating funds from potential online threats.

Hot Wallet

Storing cryptocurrencies online, typically in software wallets or exchange platforms. While convenient, hot wallets are generally more vulnerable to hacking and theft than cold storage.

With a solid understanding of key crypto concepts, you can quickly move towards responsible gaming, choose the right 7Bit Casino bonuses, and generate real winnings.