There are a large number of cryptocurrencies in development at the moment. Vertcoin is a promising concept that is being developed to improve on Bitcoin. Some perceived flaws in the original concept, including how it is mined and the anonymity of ledger entries, are being worked on. Gambling opportunities with Vertcoin have been given a big boost by a tool called VertVersa, which allows you to use Vertcoin and pay the merchant in Bitcoin.
This page gives you a complete overview of how to gamble in Vertcoin. First, we explain how this new currency works and how it’s different from existing units like Bitcoin and Litecoin. We then give a rundown of the different ways you can gamble with Vertcoin, followed by a discussion of the pros and cons of gambling with this cryptocurrency.
How Does Vertcoin Work?
The basis of this new currency is the Bitcoin setup. It is a peer-to-peer structure with blockchains, ledgers and wallets to transfer the units. Since it is undergoing a lot of new developments (and several others which are ongoing), it would be unfair to simply label this as another Bitcoin clone.
When you use Bitcoin, your address is entered into the public ledger – meaning if your address is known, your transactions may be searched. Vertcoin gets around this by creating completely anonymous addresses which cannot be tied back to an individual wallet. Mining is more tightly controlled, with the power to mine more than one currency at a time and to ensure that mining power is decentralised.
VertVersa, an instant-exchange feature that you can use with your wallet, is an innovation that many gamblers will find useful. You can use your Vertcoin wallet as a Bitcoin wallet in the eyes of the merchants: you send Vertcoins and they will receive Bitcoins at the same spot value.
At the moment there are only rudimentary dice games available to play directly in this currency. Once you add on the ability to go straight to BTC, the entire world of cryptocurrency gambling opens right up.
Which Gambling Games Are Available With Vertcoin?
Gambling games range from very simple “predict the random number” type sites, created by cryptocurrency enthusiasts, through to fully featured sportsbooks and casinos which are equal to anything you might find for mainstream currencies online.
What you will find with the simple games, which include dice, lottery, roulette and minesweeper-type games, is that they come with provably fair technology. This allows you to take the server string plus a “secret” string provided by your own browser and prove that every deal, spin or roll was random. The house edge in these games – which are not particularly entertaining in their own right – is very small. Deposits and withdrawals are completely free.
There are also basic casinos which have provably fair games that you’ll be able to access using your VertVersa payment system. Examples include SatoshiBet and Bitoomba. Games include roulette, blackjack and video poker, all of which can be proven fair after the event.
The more advanced and fully featured casinos available to play at using Bitcoin (via your Vertcoin wallet) tend to be licensed and externally tested rather than provably fair. The best games come from SoftSwiss – which powers the Betchain casino – and BetSoft, which you can find at the excellent Bitcasino.io. These include cutting-edge 3D video slots as well as a full range of table games, many of which are compatible with your mobile phone.
As gambling for all types of cryptocurrencies becomes established, the range of games available can only improve.
The Pros and Cons of Vertcoin Gambling
At the moment there are 100s of new currencies being developed, mined and used for gambling around the world. The most salient question is: which will survive and become an established currency, and which will fall by the wayside?
However promising Vertcoin may appear (and it does look like the development team have solved a few difficult issues that other virtual currencies have encountered), there is a non-zero risk that the coin will disappear. This is a chicken-and-egg situation in many ways. People hesitate to use a new currency, and because of this uncertainty the traction needed to thrive is not generated.
The ability to trade directly in Bitcoin using VertVersa is a big plus, as it saves having to go through an exchange each time you want to gamble. This does raise the question of why one should not just hold BTC in the first place.
One possible advantage is that Vertcoin has a significant potential upside which could allow you to add some “gamble” to your online gambling. Anonymous addresses on the ledger are certainly another big plus to consider.