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Cryptocurrencies

Online gambling greatly owes to cryptocurrencies for a significant rise in popularity these last years, which attracted a steady flow of new visitors. Some use online casinos to invest their stock of Satoshi they got from a Bitcoin faucet or GPU mining and make it more impressive, others try to earn free Bitcoin here.  You may feel at a loss after reading the previous sentence, puzzled with questions, “What is a Satoshi?”, “What’s a Bitcoin faucet?”, “What is GPU mining?” That’s fine, you are about to get the answers if you keep on reading.

Introduction to Cryptocurrencies

Bitcoin is the first and still the best-known cryptocurrency. For many people, these words are synonyms, but there have been some altcoins, which managed to prove themselves reliable and entered the top league of cryptocurrencies. These are Ethereum, Litecoin, Bytecoin, Dogecoin, and some other digital money you will find supported at online casinos and sportsbooks. The complete list is impossible to compose, as there is no end to those eager to create a stable cryptocurrency that would one day get the recognition, making its market value skyrocket and bringing its creators fabulous profits.

Contrary to the expectations and hopes, few cryptocurrencies survive and get to stay on the lists exchange sites compile trying to keep track of available coin titles. But let’s get back to Bitcoin and how it came to be a worldwide phenomenon that changed many industries, and, more importantly, how to get Bitcoins for free.

Briefly About Bitcoin

The history of Bitcoin is short, dating back to its official announcement in 2008. There had been numerous attempts to create a successful virtual currency that would be used worldwide and compete with fiat money. However, they all failed because there was always a need for a decentralized authority that would prevent double spending. Otherwise, no one would trust such a currency.

It wasn’t until Satoshi Nakamoto, whether a real person or a group of developers operating under that name, found a way to avoid double-spending with the help of using a peer-to-peer network. At the time, Bitcoin was not conceived as a cryptocurrency itself, rather an electronic cash system that suggested the use of a blockchain database for confirming and registering online transactions. Bitcoin users suggested that Satoshi became a name for the smallest fraction of a new cryptocurrency equal to a hundred millionth of a Bitcoin.

What Is GPU Mining?

As mentioned before, Bitcoin had no central authority overlooking transactions, and things were kept under control due to operations recorded and added as blocks on the blockchain. To sustain such a massive and complex system, Nakamoto decided that users would have to dedicate processing power of their computers for this purposes. In return, for every confirmation of a transaction, which is irreversible, a user gets a reward in Satoshi.

It soon began evident that this was a certain but slow way to earn free Bitcoin. Witnessing a steady growth of Bitcoin’s price, people started creating so-called mining farms, buying and combining graphic cards for using their processing power to confirm transactions and generate new Bitcoins.

This approach is known as mining, however, will not suit most of those looking for ways to get their hands on cryptocurrencies. Not only does it require investing a lot of money and efforts to maintain a GPU farm, but it is no longer as prospective as it used to be during the first years of Bitcoin.

Bitcoin Faucets

Bitcoin faucets are the solution for those who want to know how to get Bitcoins for free without any investments. Like, truly for free. We know that promises of free stuff may sound alarming, but this is not the case. The truth is, you won’t get much this way, but it will be enough to go and try your luck at a BTC sportsbook or a Bitcoin lottery.

But what is a Bitcoin faucet? It’s a site, which pays out small amounts of Satoshi to anyone who would like to get accustomed with cryptocurrencies but feels reluctant to pay money for it. You can collect it at certain intervals, so it’s best to register at more than one site like this. Once you have enough digital money in your Bitcoin wallet, you can check our list of Bitcoin betting sites for a quick start.

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Mainstream methods of earning cryptocurrencies The blockchain ecosystem is overbrimmed with various ways of earning. The most common of them are mining, digital coins trade, purchasing of e-coins through various exchanges. Nonetheless, not many people feel comfortable and confident when purchasing Bitcoins and other cryptocurrencies via exchange platforms. Furthermore, some …

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Mainstream methods of earning cryptocurrencies

The blockchain ecosystem is overbrimmed with various ways of earning. The most common of them are mining, digital coins trade, purchasing of e-coins through various exchanges. Nonetheless, not many people feel comfortable and confident when purchasing Bitcoins and other cryptocurrencies via exchange platforms. Furthermore, some users are hostages of their …

Read More »