Crypto Gambling Glossary

The world of cryptocurrencies is a unique beast. The same goes for the terms used within the community and users, which have been forged in the trading and meme culture. Many of them apply to gambling as well, or at the very least, you should know some of them for a better understanding of crypto shenanigans. That is why we have put together a crypto gambling glossary of sorts.

In an effort to present these terms in a more pleasant, digestible way than simply A to Z, we have sorted the glossary into large groups of interest. We start with more crypto gambling-related terms and definitions, and as we proceed, we dive deeper into purely crypto terminology. After reading about the basic and most popular cryptocurrencies, you will see definitions for vital parts of the process; starting with wallets, and then moving on to exchanges.

Finally, we include sections with some of the most common abbreviations and slang used in crypto, finishing with the more technical terms you should be familiar with. All in all, we hope that by reading this glossary, we will help you understand some essential terms so that you make the most out of how to gamble with cryptocurrency.

Kickstart your Cryptocurrency Gambling Terminology

One of the first things you would want to learn is the essential telltale signs, phrases and names to identify crypto-friendly and crypto-gambling sites. It will help you locate more easily bookmakers that accept cryptocurrency as payment. In this section, you will also find some peculiar terms you will not know but will definitely encounter from day one of your crypto-gambling journeys, so we included them, too, for an easier transition from conventional gambling.

• Bitcoin Sportsbook: A sportsbook that accepts Bitcoin primarily as a crypto method of payment. To know more, read our extensive article on the Best Bitcoin Bookmakers.
  
  
• Bitcoin Accepted Here: A phrase and sign used by merchants accepting Bitcoin and cryptocurrencies in general.
  
  
• BTC- Friendly: See above.
  
  
• Crypto Bookmaker: It is the type of Bookmaker that accepts several cryptocurrencies as payment. For more information on this, check our guide on the Crypto Bookmakers.
  
  
• Crypto Casino: One of the first merchants that accepted Bitcoin and crypto as a method of payment, crypto casinos offer a variety of games you would find at a traditional casino, but there you can pay using crypto.
  
  
• Crypto gambling: The type of gambling that keeps rising in popularity, where you gamble using cryptocurrencies as payment in various bookmakers and casinos. Read everything in our guide, Crypto Gambling 101.
  
  
• Crypto sports betting: Same as above, focusing on sports betting.
  
  
• Ethereum Sportsbook: A sportsbook that accepts Bitcoin mostly as a crypto method of payment.
  
  
• KYC: Abbreviation for Know Your Customer. It is a set of guidelines that financial services, including bookmakers and/or exchanges, must follow. Meaning that users have to provide identification and residence proof to get their services. These procedures fall within the scope of banks and the financial system’s Anti Money Laundering practices.
  
  
• Provably Fair: In gambling, this algorithm can be analyzed and verified for fairness on the operator’s part. It is applicable in crypto casinos and thus makes bets that are mathematically proven to be fair, harder to scrutinize and, of course, fairer for the player.
  
  
• Satoshi: Satoshi is the smallest possible unit of measurement on the blockchain of Bitcoin. It is equivalent to one hundred millionth of a single bitcoin.
  
  
• Transaction Fee: The fee that users pay to the miners of the cryptocurrency in use to process their transactions.
  
  
• mBTC: One mBTC or millibitcoin is 0.001 Bitcoin. Since BTC has grown so much in value since its inception and 1 BTC would be a very large amount for a minimum deposit or wager minimum, mBTC is often used in Bitcoin Sportsbooks to measure deposits and bets placed.
  
  
• Faucet: Faucet is a website that rewards users with Bitcoin for solving simple tasks. Tasks can be solving a CAPTCHA, viewing an advertisement, or playing a simple online game. They were created in 2010 by Gavin Andresen, a prominent figure in the early days of the Bitcoin community, to spread the adoption of BTC to people.

Best Bookmakers for Crypto Gambling

In our list, you can find the top-rated bookies for crypto gambling; they offer a wide range of alternative coins, reasonable fees and safe deposit methods for trusted gambling. You can also check the Jackbit promo codes before you start your activity.

Crypto Gambling Terms: Games

Several gambling terms are used exclusively in crypto gambling. Having said that, if you look closely, you will find that it is mostly about everyday gaming terminology you already know, but with a crypto twist or replacing fiat money with crypto. Check out some of the most common ones below.

• Bitcoin Slots: An implementation of the classic casino game, but the twist is you are using Bitcoin to play. Winnings and progressive jackpots pay in BTC. They often offer free spins as well.
  
  
• Bitcoin Minesweeper: Perhaps the oldest, most famous and classic Bitcoin game. It is more of a casual game, but it certainly does have gambling aspects. This is why you can still find it in certain online casinos after all these years.
  
  
• Bitcoin Roulette: Roulette where you play and win in Bitcoin. It is an attractive option to players due to faster deposits and withdrawals and better bonuses than fiat roulette in online casinos.
  
  
• Bitcoin Blackjack: The beloved game of Blackjack, where you bet with Bitcoin. Available in almost every crypto casino.
  
  
• Ethereum Live Dealer Casino: Live Dealer Casino, where you play and win ETH. Apart from finding it in many crypto casinos, nowadays, you can find Live Casino even in dApps.

General Cryptocurrency Terminology

Below you can find general introductory terms related to cryptocurrencies that you will often use if you go on and start gambling with crypto. These are a kind of everyday terminology you will need to familiarize yourself with.

• Address: It is a set of letters and numbers consisting of an alphanumeric identifier for sending and receiving crypto. It is a good practice to use different addresses for your transactions to mask your movements better.
  
  
• Crypto: Abbreviation for cryptocurrency. See below.
  
  
• Cryptocurrency: It is a digital asset designed to be used as a medium of exchange and transaction, using strong cryptography and an online distributed ledger to document every transaction taking place on its network.
  
  
• Cryptocurrency Exchange: The go-to place for purchasing and exchanging cryptocurrencies. The average user can convert cryptocurrencies to conventional currency and vice versa, paying a small fee in exchange for the service. Advanced members use these exchanges for trading cryptocurrencies professionally. Want to know more about crypto exchanges? Check out our guide on the Best Crypto Exchange for sports betting. 
  
  
• Cryptocurrency Wallet: A software application or hardware device which you use to store and transfer your cryptocurrency. Whereas currently, wallets are very versatile, there is not one wallet for every cryptocurrency as some are incompatible with each other. For a more in-depth look at this, see our guide for the Best Crypto Wallet for Online Gambling.
  
  
• Decentralized: One of the fascinating aspects of crypto. In most cryptocurrencies, not one central controlling authority or entity exists; instead, the network relies on the fact that identical copies of it are available in countless computers worldwide. That feature makes cryptocurrencies censorship-resistant, as it is impossible to replicate or double-spend a transaction.
  
  
• Digital Asset: Anything that exists in a digital format, usually with no physical form at all and comes with a right to use. Cryptocurrencies are an example of digital tokens.
  
  
• Fees: This is a reward to an entity or organization for services rendered. Regarding cryptocurrencies, since they often function without intermediaries, banks, for example, the user pays the fee to the computer executing your transaction.
  
  
• Fiat: Traditional currency, which is not backed by any commodity, such as gold, for example, but by the government that issues it. The word comes from the Latin decree “it shall be”.
  
  
• Pseudonymous: This refers to the nature of cryptocurrency transactions. At first glance, they seem anonymous and can stay that way, provided you do not link your personal information to your digital transactions and wallet.
  
  
• Satoshi Nakamoto: The alias of the founder or group of founders of the world’s number one cryptocurrency, Bitcoin. To this day, no one knows who or where Satoshi Nakamoto is, even if he ever existed in the first place.
  
  
• Vitalik Buterin: A Russian Canadian teen prodigy and the main co-founder of Ethereum, the number two famous cryptocurrency.
  
  
• (2FA) Two Factor Authentication: A common, simple, but most effective extra layer of security. An electronic method of authentication that requires the user to successfully present two or more additional pieces of evidence to an authentication mechanism. We strongly recommend you add this when dealing with cryptocurrencies.

Cryptocurrency Terms and Meanings: Coins

There could not be proper crypto-gambling terminology without mentioning actual cryptocurrencies. To be more specific, the number of different cryptocurrencies at the moment exceeds four thousand. We will not mention every coin here. Instead, we have handpicked the most important ones you should know.

• Altcoins: The word derives from the combination of alternative and coins. It refers to all cryptocurrencies other than Bitcoin since it was one of the first and most popular cryptocurrencies. Among them, there are many options ideal for crypto gambling.
  
  
• Bitcoin (BTC, XBT): Bitcoin is the king of cryptocurrency. Founded in 2012, it is a decentralized, peer-to-peer digital currency. Meaning a user can send it to another user with no intermediaries and has no central authority controlling it. It is constantly gaining popularity and rising in price since its inception, and might even replace gold as the number one store of value asset. Understandably, Bitcoin has been among the first coins ever used in gambling and to this day, it remains a good and popular option among bettors. Some of BTC’s flaws regarding gambling can be the slow speed of transactions compared to other cryptocurrencies and the high fees that come with it nowadays. Regarding the latter, bookies tend to absorb them, so it is not a big deal.
  
  
• Dogecoin (DOGE): Dogecoin is a cryptocurrency that started as a joke. It is a clone of Litecoin’s code, based on a meme. It aimed to be a satire of the wild speculation of investors in cryptocurrencies. The funny part is that it has devoted followers and vocal haters at the same time. Most importantly, it actually has excellent features for gambling. It boasts impressive speeds, useful in withdrawals and Live betting and almost nonexistent fees. Doge is a polarizing cryptocurrency but a perfect option for gambling. It is a shame you will not find it as abundant as you would hope among crypto bookmakers. Read more details on this marvellous betting underdog, pun intended in our article for the Dogecoin Betting Sites.
  
  
• Ethereum (ETH): The number two cryptocurrency behind Bitcoin. Ethereum is an open-source blockchain. A unique proposition of an ecosystem with thousands of smart contract applications built on it. People call ETH programmable money and not without merit, as the vast majority of decentralized finance applications are built on Ethereum. It used to be an amazing option for gambling, but not so much anymore. Even though you will find it in almost every crypto bookie, along with the rising value and popularity on Ethereum, so did its high minimums. An often slow, congested network (for cryptocurrency standards) does not make it an ideal option for gambling. Regardless, you should check out the article on this fantastic cryptocurrency and the Best (ETH) Ethereum Sportsbooks.
  
  
• Litecoin (LTC): Litecoin is a decentralized peer-to-peer cryptocurrency. Looking to be an alternative to Bitcoin by offering better speed and lower fees. One of the first altcoins, LTC, is a spinoff on BTC’s code. Another fantastic option for gambling is that it is widely available as a payment method to bookmakers and features low minimums and high speeds. Read more in our article and the Best Litecoin Betting Sites.
  
  
• Monero (XMR): Monero has been the first of cryptocurrency focusing on anonymous transactions. XMR features unique technologies which allow it to be completely untraceable. Besides the obvious fitting role in under-the-radar betting, Monero is a fantastic option for gambling. Apart from the above, it offers great speed, low fees. On the flipside, XMR is often under scrutiny for its potential ties to organized crime, and unfortunately, it is not that widely available in crypto sportsbooks. Read more on this peculiar coin on our article for Best (XMR) Monero Gambling sites.
  
  
• Privacy Coins: This is a name for a group of cryptocurrencies that provide anonymous and fully private blockchains for their transactions. They achieve this using numerous ways, such as grouping the user’s transactions with various others, masking wallet identities, etc. They are your go-to option if under-the-radar betting is what you are looking for. The most prominent privacy coins are Monero (XMR), Zcash (ZEC), Dash (DASH). By the way, check out our article for this very interesting coin and the Best Dash Gambling Sites.
  
  
• Ripple (XRP): This is a primarily centralized blockchain that offers payment solutions and links traditional banking systems and cryptocurrencies. One of the most popular altcoins among new investors and one of the top cryptocurrencies in general. It offers instant speeds and meager fees simultaneously, which makes it one of the best options for crypto gambling. Unfortunately, it is not very widely provided. Nonetheless, read more on this unrecognized champion of crypto betting in our article Best (XRP) Ripple Gambling sites.
  
  
• Stablecoin: This is another group of cryptocurrencies characterized by the fact that their price remains stable, pegged to an actual asset, usually the US Dollar, gold or similar. The main advantage of stablecoins is the lack of volatility in price and their versatility since this allows them to be traded widely with other cryptocurrencies. Kind of like the best of both worlds, traditional money and crypto. The most popular options are a Tether (USDT) and USD Coin (USDC). They are somewhat difficult to find at a crypto bookmaker, but definitely worth it.
  
  
• Tether USDT: One of the most prominent stablecoins. Owned by the shady namesake corporation, Tether is arguably the most used stablecoin in crypto. It mainly operates on the Ethereum blockchain. It has come under scrutiny even by the SEC for not disclosing their holding in USD to prove they are equal to the circulating USDT. Like every stablecoin, Tether is an excellent option for crypto gambling, albeit not very popular among bookmakers. More on that in our article, Best Tether (USDT) Gambling Sites.
  
  
• USD Coin (USDC): Possibly the second most popular stablecoin behind Tether. Contrary to USDT, USD Coin enjoys the blessings of the US government. It is a product of the collaboration between Coinbase, one of the largest crypto exchanges and Circle, a titan corporation providing payment system services. Learn more on this wunderkind of crypto in our article Best USD Coin (USDC) Gambling sites.
  
  
• Zcash (ZEC): Zcash is a cryptocurrency focusing on privacy and fast transactions through cryptography. The third most popular privacy coin, along with Monero and Dash. Somewhat rare as an option for crypto bookmakers. Nonetheless, an interesting option. Read more about it in our article about the Best Zcash (ZEC) Gambling Sites.

Glossary of Cryptocurrency Terms: Wallets

Digital wallets are an essential part when it comes to cryptocurrencies. You need a wallet to store your crypto and initiate transactions from and to that wallet. Be very careful with the seed phrase of your wallet, as it is the only thing that will give you access to your funds, even if you get locked out or lose your wallet. Never share your keys with anyone.

• Cold Wallet: Cold wallet is any cryptocurrency wallet that does not require a constant internet connection. Cold storage is considered the safest option for the long-term holding of cryptocurrencies. Examples of cold wallets are Trezor and Ledger.
  
  
• Desktop Wallet: A software application installed on your computer that acts as a wallet for your crypto. They are easy to use but pose a certain risk in case of loss of the device, laptop, mobile phone, or tablet they are installed on. Notable examples are Exodus and Mycelium.
  
  
• Hardware Wallet: Hardware wallets are basically crypto wallets that are physical devices. They are cold wallets, meaning they can be safely stored away from your device too.
  
  
• Hot Wallet: Hot wallets are all wallets that are constantly connected to the internet. They are the faster and easiest way to manage your crypto transactions but also the least safe. Hot wallets can be either software or an extension to your browser. The most popular and frequently used hot wallet is Metamask.
  
  
• Ledger: A very popular brand of hardware wallets. Ledger wallets are easy to use and look like beefed-up USB sticks.
  
  
• Mobile Wallet: A type of hot wallet for your crypto installed on a mobile device, usually a tablet or smartphone.
  
  
• Paper Wallet: The original cold wallet for your crypto. Widely used in the early days of Bitcoin and to this day considered one of the safest options to store your crypto. A printed piece of paper includes either a QR code or an address where your crypto is stored. Careful not to lose, wet or tear your paper wallet.
  
  
• Private Key: It is a variable in cryptography used to lock or unlock an algorithm. Essential in crypto since you can only access your wallet if you have your private key.
  
  
• Software Wallet: Desktop wallets are software wallets, which are basically a program that is designed to manage cryptocurrency transactions.
  
  
• Trezor: Another very popular brand of hardware crypto wallets. Since the early days of Bitcoin, it has been around and is considered one of the best brands in digital wallets.

Cryptocurrency Terms: Exchanges

Cryptocurrency exchanges are also a very important part when dealing with crypto. Make a habit of using only large, well-known and reputable exchanges with significant liquidity on the coin you wish to purchase or sell. Another good thing to keep in mind is trying not to keep your cryptocurrencies within an exchange, as history has shown that you never know when and if a crypto exchange goes bust along with your funds. We only include in this glossary options that are the biggest and most trusted ones in the field.

• Binance: It is a centralized cryptocurrency exchange based offshore. Founded by Changpeng Zhao, CZ, for crypto fanatics, in 2017, it is a platform to trade and exchange cryptocurrencies. It is the largest crypto exchange in the world based on trading volume. It also offers one of the widest varieties in trading altcoins. US-based users can only use a stripped-down version called Binance US.
  
  
• Bitstamp: A famous European crypto exchange. It has been around since 2011 and was the most active trading exchange for Bitcoin back in the day. Still very reputable.
  
  
• Centralized Cryptocurrency Exchange (CEX): This type of cryptocurrency exchange requires Know Your Customer verification from its users. A CEX is essential and the only way to convert your crypto to fiat.
  
  
• Coinbase (exchange/Wallet): Coinbase is a US-based crypto exchange, one of the largest in the world and the first major crypto entity listed in the US Stock exchange in May 2021. It has also developed a popular software wallet for cryptocurrencies.
  
  
• Crypto Debit Cards: In the last couple of years, many of the most reputable exchanges have issued their own debit card. This is a fantastic gateway to spend your crypto. You issue the card via the exchange, top it up with your crypto and go shopping in the real world. It does not get sweeter than this. Read more on this in our guide for the Best Bitcoin Card for Gambling.
  
  
• Decentralized Cryptocurrency Exchange (DEX): A type of cryptocurrency exchange that is a peer-to-peer marketplace to bring together buyers and sellers. DEXes have grown immensely since 2020, with Uniswap being the most famous, recently managing to surpass Coinbase in trading volume in just a couple of years of operation.
  
  
• Kraken: One of the oldest and most popular US-based crypto exchanges. It provides crypto to fiat trading and is also the price feed for the Bloomberg terminal, a high-end tailored service for professional traders and hedge funds.

Cryptocurrency Glossary: The Basics

This is perhaps one of the most fun and exciting parts of the glossary. Crypto space is full of acronyms, memes, jokes and phrases that encompass all the former. If you wish to have a basic understanding of a crypto conversation, whether online or with friends, you should familiarize yourself with these entry-level terms we include.

• AML: Abbreviation for Anti Money Laundering.
  
  
• ATH: Abbreviation for All-Time High. Used to express the highest price a cryptocurrency has ever achieved in its existence.
  
  
• ATL: Abbreviation for All-Time Low. Used to express the lowest price a cryptocurrency has ever achieved in its existence.
  
  
• Bag holder: The person that holds a ‘bag’, meaning some cryptocurrency. It has a negative ring and refers to when a cryptocurrency collapses, and the investors are “left holding the bags”.
  
  
• Bear (Bearish): Term used to describe a market trend during which investors are pessimistic about the market trend, meaning they expect the prices to be falling. The term is said to have been derived from the way a bear strikes with its claws in a downward direction.
  
  
• Bull (Bullish): Term used to describe a market trend during which investors are optimistic about the market trend, meaning they expect the prices to be rising. The term is said to have been derived from the way a bull attacks, swinging its horns upwards.
  
  
• Dump: Verb used when the price of a cryptocurrency is falling.
  
  
• FOMO: Abbreviation of the words Fear Of Missing Out. Used when the market or an investor enters a trade or buys a cryptocurrency while it has already risen significantly in price, hoping the rise will continue.
  
  
• FUD: Abbreviation for Fear, Uncertainty and Doubt. A propaganda tactic often used in marketing, sales and crypto. It is about spreading negative (mis)information that fuels the above sentiments in the market, aiming to strike fear in investors and make them sell.
  
  
• HODL: Abbreviation of Hold for your Dear Life. Since it is also a misspelt word for hold, it is used to express that someone owns some cryptocurrency, originally Bitcoin, and does not intend to sell under any circumstances.
  
  
• Hodler: a person that owns cryptocurrency, primarily Bitcoin.
  
  
• Moon: It is used as a verb to describe an extreme rise in the price of a cryptocurrency.
  
  
• Pump: Verb used when the price of a cryptocurrency is rising.
  
  
• Whale: A person or entity that owns a very large amount of cryptocurrency. Predominantly used for owners of large Bitcoin amounts, who can move the market by selling their coins.

Technical Cryptocurrency Terms and Meanings

In other articles, we have mentioned that there is a rather steep learning curve when it comes to crypto. Not without merit since the field includes many technological terms and innovations that are borderline jargon. This makes it hard for the beginner user even to grasp the basic meaning of certain words. Kickstart your crypto technical expertise with the terms below.

• Blockchain: One of Bitcoin’s most revolutionary aspects. A blockchain is an online, public ledger where every transaction is documented. Copies of this ledger, which are called blocks, exist in computers worldwide, so there is no way to tamper with transactions and no need for an outside party to control or authenticate them. Nowadays, most cryptocurrencies use blockchains and have applications in industries outside of crypto to prevent election fraud, applications for charity and the UN, and medical records.
  
  
• DAO: Stands for Decentralized Autonomous Organization. It is an organization that is transparent in how its rules and regulations are mandated by a computer program, and all its actions, deeds, and decisions are recorded on the blockchain after being voted on by its participants. DAOs can not be influenced by outside factors such as a central government. They are open platforms where individuals control their data and personal information. A great example of a DAO is Ethereum.
  
  
• dApps: Meaning Decentralized Applications. They are computer applications that run on a blockchain. dApps have mainly been around since the creation of Ethereum, which allowed for smart contracts to be built upon its blockchain. There are thousands of dApps with an enormous scope of applications, especially in finance. One of the first and most popular uses of decentralized applications has been online gambling.
  
  
• DeFi: Stands for Decentralized Finance. It is a group of financial and banking applications built entirely on a blockchain. These applications and products can work without intermediaries such as banks, brokerage firms and similar. Instead, DeFi applications utilize smart contracts for their operation. The majority of DeFi applications are built upon Ethereum’s blockchain. A revolutionary step towards greater transparency and better financial products for the users.
  
  
• ERC-20: This is a set of guidelines for smart contracts built on the Ethereum blockchain. Through these smart contracts, tokenized applications can be released, making it possible to use them in finance. It is arguably the most used format for tokens at the moment. Notable examples that use the ERC-20 standard include USDT, USDC, LINK, and UNI.
  
  
• Fork: In crypto, forks are the situation where the blockchain reaches a crucial point, either from a bug, a hack or simply a disagreement on how things should be done. Then, the community of that blockchain decides whether things continue as they are or changes are implemented, which will solve the issue by creating a new string of that blockchain for everyone to follow. Forks can be soft, allowing its implementation on the coin’s current blockchain or hard, after which the split, a new coin emerges and the holders up to that point receive the precise amount of the old coin in new coins to do as they please. A notable example of forks is Ethereum Classic (ETC), which emerged after a hack on the Ethereum network. Or Bitcoin Cash, which resulted after a disagreement among the Bitcoin community.
  
  
• Gas Fee: The fee that users pay to use a blockchain. Usually, you pay the gas fee in the form of a blockchain coin. Meaning if you wish to transfer Tether on the Ethereum blockchain, you need some Ethereum for gas for the transaction to go through.
  
  
• Market Cap: Market Capitalization. It is a very indicative valuation number of a cryptocurrency. The market cap number stems when you multiply the price of a token by the circulating supply of that token. It is a good measure of a coin’s value within the market.
  
  
• Miner/ Mining: Miner is the computer or group of computers that validate and authenticate the transactions on a blockchain by producing blocks, including incoming and outgoing transactions. This service is 'mining' because miners receive a block reward for their work. For example, validating BTC transactions will get you rewards in Bitcoin.
  
  
• Proof of Stake: It is a process for consensus on a blockchain that selects validators among large holders of the blockchain’s coin for them to validate the transactions. It is considered a much more energy-efficient approach in consensus when it comes to a blockchain.
  
  
• Proof of Work: Another way to reach consensus is when the miners described further above compete for a block reward. They provide proof of work done on the blockchain, and this is how transactions are tamper-proof. It is very energy-consuming. Thus PoW receives criticism for this.
  
  
• Self-Custody: Custody can be described as a financial service a bank or other entity offers to their customers by essentially keeping the client’s assets safe. A very important aspect of crypto is that it allows users to have self-custody, meaning control over their funds. Leading to a much better degree of freedom and ownership but also requires much more responsibility. The reason is that in the case of self-custody, you are responsible for your funds, and no one can help you in case of a mistake. On the other hand, a custodian bank may keep your funds safe but make them more challenging for you to access occasionally.
  
  
• Smart Contracts: It is a set of rules, guidelines and actions executed automatically whenever criteria are met. Smart contracts are performed on the blockchain, and they have become a very popular and efficient way to program applications. A simple example of a smart contract on the blockchain would be to send a certain amount of funds to the user’s wallet on the user’s birthday.