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What is Cryptocurrency?
What is Cryptocurrency?
Updated over 2 months ago

What is cryptocurrency?

Cryptocurrency is a medium of exchange that uses blockchain technology, which is basically an advanced encoding technique, to secure and verify the creation of monetary units and the transfer of funds.

Simply put, think about cryptocurrencies like a digital casino chip; it holds value within the digital world, and it can be exchanged for regular currency, it can be used to make different payments or, in this case, to make deposits to your Super Slots account.

What is Bitcoin?

Bitcoin (BTC) is the world’s largest cryptocurrency by market capitalization. It was launched in 2009 and it is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.

What are Altcoins?

An altcoin is an alternate cryptocurrency other than Bitcoin. Like Bitcoin, altcoins are digital currencies but some of them use a different consensus mechanism to produce blocks or validate transactions. Also, some of them provide new or additional capabilities, such as smart contracts or low-price volatility.

What are the advantages of cryptocurrencies?

Using cryptocurrencies is the easiest way to deposit and get paid at Super Slots. It’s very fast and easy to verify. Plus, the low cost associated with the processing of cryptocurrency payments is another one of its benefits and makes this method very appealing. At Super Slots, all Bitcoin and altcoin deposits have zero processing fees (third-party fees associated depend on each crypto and can change at any time).

Are cryptocurrencies regulated?

No, cryptocurrencies are generally not controlled by any bank or government agency, the network is completely decentralized, and the participants are the ones that play the role of controllers.

Are cryptocurrencies legal?

Cryptocurrencies are legal in most countries. However, it is always recommended that you check regulations in your country before joining the network.

Are cryptocurrencies completely anonymous?

Cryptocurrencies are often said to offer complete privacy but only a few are genuinely anonymous. The systems used by cryptocurrencies offer a high level of security and anonymity up to a certain extent; all information is encoded and protected and transactions are identified by unique wallet addresses without publicly sharing personal identifiable data, but nothing is infallible and there are always ways in which a skilled analyst could uncover who is behind particular transactions.

Why are cryptocurrencies cheaper than other forms of payment?

Cryptocurrencies cut the “middle man” from the process of transferring money, which is why it is cheaper than traditional transfers or other forms of payment.

What cryptocurrencies does Super Slots support?

Super Slots accepts:

  • Bitcoin (BTC)

  • Avalanche (AVAX)

  • Binance Coin (BNB)

  • Bitcoin Cash (BCH)

  • Cardano (ADA)

  • Dogecoin (DOGE)

  • Ethereum (ETH)

  • Litecoin (LTC)

  • Polygon (MATIC)

  • Ripple (XRP)

  • Shiba Inu (SHIB)

  • Solana (SOL)

  • Stellar Lumens (XLM)

  • Tether (USDT)

  • Tron (TRX)

  • USD Coin (USDC)

How do I get started with cryptocurrency?

If you are new to cryptocurrencies, we recommend you start with Bitcoin, the most popular and the easiest way to deposit and get paid at Super Slots.

On our Bitcoin 101 article, we will show you the steps to deposit with Bitcoin, but the same process applies for deposits with other world leading cryptocurrencies available in the Cashier.

How do I deposit with cryptocurrency on Super Slots?

  • Go to Cashier.

  • Choose Bitcoin (BTC) or Altcoins and select your preferred cryptocurrency from the range of options provided.

  • Enter the desired deposit amount and click on “Continue Deposit” to get the recipient wallet QR code and address.

  • Simply, scan the wallet QR code with your mobile device to automatically open your exchange’s mobile app and complete the deposit. If you are on your mobile or desktop browser, you can simply paste the wallet address copied from the Cashier to complete the transfer.

  • Back in the Super Slots Cashier, you can now select “I’ve Completed My Deposit”.

In the Super Slots Cashier, only use the generated recipient wallet address once per deposit.

Once you have gotten the required blockchain confirmation, the funds will appear in your Super Slots account balance, in the top right of the screen. This happens usually within 15 minutes.

Are there any fees involved for cryptocurrency withdrawals?

Yes. Please note withdrawals from Super Slots into some customer controlled crypto addresses are subject to network transaction fees, which vary based on network congestion. When congestion goes up, fees will also increase. However, when congestion decreases, the fees will as well. Click here to learn more about withdrawal fees and visit the Cashier to review all payout method options and details on fees.

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