Cryptocurrency and Blockchain Basics
Cryptocurrency
A digital or virtual currency that uses cryptography for security. Unlike traditional currencies, cryptocurrencies are typically decentralized systems based on blockchain technology.
Blockchain
A decentralized, distributed ledger technology that records all transactions across a network of computers. It ensures transparency, security, and immutability of data.
Bitcoin (BTC)
The first and most well-known cryptocurrency, created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto.
Altcoin
Any cryptocurrency other than Bitcoin. Examples include Ethereum, Litecoin, and Ripple.
Wallet
A digital tool that stores the private and public keys needed to make cryptocurrency transactions. Can be software-based (hot wallet) or hardware-based (cold wallet).
Mining
The process of validating transactions and adding them to the blockchain, typically rewarded with new cryptocurrency tokens.
Block Time
The average time it takes for a new block of transactions to be added to a blockchain.
Fork
A split in a blockchain network, resulting in two separate chains. Can be soft (backward-compatible) or hard (not backward-compatible).
Crypto Betting Platforms
Bitcoin Sportsbook
A sports betting platform that primarily accepts Bitcoin as a method of payment.
Crypto Bookmaker
A betting operator that accepts multiple cryptocurrencies for wagers.
Crypto Casino
An online casino that allows players to gamble using cryptocurrencies.
BTC-Friendly
Describes betting platforms or casinos that accept Bitcoin and potentially other cryptocurrencies.
Betting Concepts and Terms
Point Spread
A betting option where the bookmaker handicaps a team by a certain number of points.
Moneyline
A straightforward bet on which team or player will win a game or match.
Over/Under
A bet on whether the total score or occurrence of an event will be above or below a predetermined number.
Prop Bet (Proposition Bet)
A bet on a specific event or outcome within a game, not necessarily related to the final result.
Parlay
A single bet that links together two or more individual wagers. All wagers must win for the parlay to pay out.
Crypto-Specific Betting Features
Provably Fair
A system that allows players to verify the fairness of each game or bet using cryptographic algorithms.
Smart Contract
Self-executing contracts with the terms directly written into code. Used in some crypto betting platforms for automated, transparent payouts.
Faucet
A promotional tool used by some crypto casinos that gives users small amounts of cryptocurrency for free, usually to encourage gameplay.
Instant Withdrawals
The ability to withdraw winnings almost immediately, a common feature of crypto betting sites due to the speed of cryptocurrency transactions.
Regulatory and Security Terms
KYC (Know Your Customer)
The process of verifying the identity of customers, which some crypto betting sites implement for regulatory compliance.
AML (Anti-Money Laundering)
Procedures and regulations designed to prevent the conversion of illegally obtained money into legitimate assets.
Two-factor authentication (2FA)
An extra layer of security that requires not only a password and username but also something only the user has on them (e.g., a phone).
Popular Sports for Crypto Betting
NFL (National Football League)
The premier American football league, hugely popular for crypto betting.
NBA (National Basketball Association)
The top professional basketball league in North America, attracting significant crypto betting action.
Soccer/Football
Global football, including major leagues like the English Premier League and tournaments like the FIFA World Cup.
eSports
Competitive video gaming, a rapidly growing sector in the crypto betting world.
This glossary covers the essential terms related to crypto betting, from the underlying technology to specific betting concepts and popular sports. As the field evolves, new terms may emerge, but this list provides a solid foundation for understanding the current landscape of crypto betting.