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Crypto 101: Top 5 FAQs about crypto

Crypto 101: Top 5 FAQs about crypto

Crypto 101: Top 5 FAQs about crypto

Thu Jul 27 2023 03:00:00 GMT+0000 (Coordinated Universal Time)

Those new to crypto have many to learn and discover besides the basics. How does a network function, and which wallet should you choose? How do you buy crypto with your credit or debit card? We answer all your top crypto questions in our Diamond Hands series, episode 10 and the sections below. Find out everything you need to know about crypto at Bitcasino.

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The 5 common crypto questions answered

  1. What crypto wallets do you recommend?

Bitcasino doesn’t recommend specific wallets since it depends on your preferences and choices. It’s up to you to decide which wallet you should use. The most common and best crypto wallets are MetaMaskExodus, Coinbase Wallet and Bitbay Wallet. You can access these online wallets on your browser or mobile apps.

One of the highly recommended hardware wallets is Ledger. It’s a non-custodial wallet, meaning you get to keep the master key. It’s different from online wallets are controlled by their respective platforms, which means they can suspend your account or confiscate funds if necessary.

Those who use non-custodial wallets have complete control over their funds and high security. That’s why many crypto users prefer them over online wallets in exchanges. 

  1. How can I buy crypto with my credit or debit card?

The process of exchanging fiat for crypto is called on-ramping. You need a crypto exchange or an on-ramping payment service provider to buy crypto with your credit or debit card. 

Most trusted crypto exchanges and wallets now offer credit or debit cards like VISA or Mastercard as payment options. Additionally, the available credit cards will depend on your location. So if you want to buy crypto, go for trusted wallets like MetaMask or Exodus. 

However, please note that using a credit card to buy crypto may incur additional transaction fees that can be expensive.

How to buy crypto with credit and debit cards using Onramper at Bitcasino

At Bitcasino, you can buy crypto with your credit or debit card through our partner service called Onramper. Here’s how you can deposit using a credit or debit card at Bitcasino:

  1. Click the ‘Deposit’ button at the top right corner.

  2. Choose your active wallet currency.

  3. Click the ‘Buy crypto’ option.

  4. Pick ‘Onramper’.

  5. Select your fiat currency from the 60 options and which digital asset you want to purchase.

  6. Fill in the amount you would like to deposit.

  7. Select a credit card or debit card as your payment method.

  8. Type in your email address or phone number.

  9. Retrieve the code sent to your email or phone and fill it in on the webpage.

  10. Fill in your details and click ‘Continue.’

  11. Review your payment details.

  12. Fill in your card details and proceed.

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  1. What is a crypto network?

A crypto network is a decentralised infrastructure that enables a certain digital asset to function. It includes computers, nodes and servers to validate trades and keep the system running. Each digital asset has its crypto network with different rules, mechanisms and protocols. For instance, Ether (ETH) runs on the Ethereum network. Its members use it to transact within the network.

However, some cryptocurrencies run on multiple networks. For example, Tether (USDT) runs on the Ethereum network and Bitcoin’s Omni and Liquid Protocol networks, among others. At Bitcasino, we support USDT on the Ethereum, Polygon and TRON networks. Our players use TRON most since its network fees are the lowest.

So before you trade and deposit, ensure you know which network you’re using. If you send digital assets to an incorrect network, you can’t undo the action you made. You will lose your crypto permanently.

  1. Can I convert my crypto into another crypto on Bitcasino?

Bitcasino provides the best crypto features in an online casino. However, you can’t convert your crypto to another digital coin here. We’d need a valid licence issued by the local authority to offer this feature. As such, Bitcasino doesn’t have this kind of licence. 

But if you want to convert your crypto to another coin, you can do so on a crypto exchange. The trusted and popular crypto exchanges are Binance and Kraken. But there’s also another option, like swapping them on platforms such as Uniswap or SushiSwap.

  1. What is the Travel Rule?

A Bank Secrecy Act (BSA) rule, often called the Travel rule, requires all financial institutions to pass along information to one another in certain fund transmittals involving more than one financial institution.

It’s regulation to prevent banks and crypto exchanges from laundering money, financing terrorists and engaging in illegal activities. Moreover, per the Travel Rule, institutions must collect some user info.

Regulators want to extend the Travel Rule to virtual currencies to ensure that all crypto tradings comply with the same standards. Collecting info about two transacting parties enhances transparency and security in the crypto industry. Names, account numbers and addresses are a few info service providers collect. 

This means transactions will have a paper trail, written evidence of a sequence of events, to track and examine suspicious trades. 

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Watch out for other Diamond Hands episodes

Bitcasino’s Diamond Hands video series is for crypto enthusiasts who want to better understand the crypto industry and its market. Through these series, we aim to help our players understand crypto’s evolving and developing industry, so you can make sound decisions in investing, buying or selling different digital assets. 

Check out our recent episodes and gain helpful insight into the crypto business. We’ve already released episodes on topics like:

How to watch the Diamond Hands series

Ready to become a crypto expert? Here’s how you can watch our Diamond Hands series:

  1. Go to Youtube

  2. Search for the Bitcasino channel

  3. Head over to the videos or select the Diamond Hand playlist

  4. Choose and click episode 1 to start the series or your preferred topic.

We post a new episode weekly, so subscribe to the channel to stay updated.

Be a crypto expert by watching Bitcasino’s Diamond Hands series

Now that we’ve answered some of your most burning questions about crypto, you can start investing or playing your favourite games with crypto. 

If you’re hungry for crypto knowledge, our team is here to help. Learn all you need about crypto with Bitcasino's Diamond Hands crypto series. Subscribe to Bitcasino’s Youtube channel and watch out for our weekly episode uploads.

Words by: Barbara Menorias

Crypto 101: Top 5 FAQs about crypto

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