Namecoin was the first altcoin; it pioneered taking the Bitcoin protocol, and creating a new use for this – in domain name registration. In addition to the new properties, Namecoin behaves exactly as Bitcoin does. It can be mined, is decentralized and kept in special wallets, and transactions are recorded in a ledger which is available to all users. While this is a popular cryptocurrency, and has multiple uses, the opportunities to gamble directly in Namecoin are sparse. There are a couple of casinos which take this directly, though your best bet is to exchange this for either BTC or Litecoin and gamble that way instead.
This page gives you a complete overview of gambling with Namecoin. First of all I have explained how this works, including the major differences with Bitcoin. After that you’ll find a run-down of the gambling opportunities available with this coin. Finally the pros and cons of Namecoin gambling compared with both mainstream currencies and other cryptocurrencies is covered.
How does Namecoin Work?
What the developers of this coin did is to take the Bitcoin protocol, replicate it, and build some additional functions on top. For the purposes of most gamblers, you can think of this as a very cheap Bitcoin (at the time of writing the US dollar price was just over $1.10).
The innovation came with the public ledger functionality. Since this can hold a whole lot of verified data, the people behind Namecoin came up with using it to hold domain name ownership info. Today the mainstream DNS information is held in a central registry controlled by ICANN, and accessed through DNS servers. With Namecoin, anyone with access to the ledgers can ascertain ownership of a .bit domain. This keeps domains in the public space, taking them out of the control of any central authority.
While this does not affect gamblers directly, anyone with memories of ‘Black Friday’ will know that domain name seizures are a weapon of the US government in their gambling crackdowns. By ensuring domains are free (as well as currencies), this system gives the power back to the people.
At the same time as including this domain resolution function; Namecoin keeps the main advantages of Bitcoin. Games can be provably fair – and transactions are anonymous, free and instant.
Gambling with Namecoin
There are only a few opportunities to gamble directly in this cryptocurrency. To get a better choice of gambling games, which range from the provably fair basic games to amazing 3D slots games, you’ll need to switch over to either Bitcoin or Litecoin instead.
The biggest Namecoin casino is the Bit777 casino – which accepts a wide range of altcoins, in addition to the main Bitcoin games. This casino comes with provably fair games, and a wide choice – including 5 different roulette games and a lot of table games. The basic Dice and wheel games can also be found for the BTC gambling purists.
PeerBet is a sister site of the Bit777 casino. You will find some basic games here, including 0% edge raffles, dice and a wheel of fortune. If you click ‘Casino’ from the header menu, then you will find yourself at the Bit777 lobby. You can use many altcoins here including Litecoin and Dogecoin.
Pros and Cons of Gambling with Namecoin
Thanks to the information storage capability, this coin is the subject of a lot of interest and development from the tech community. This means it is more likely to last than some of the more speculative currencies. In fact, the main function of this coin could be the DNS and information sharing part – with the value of the coins being secondary.
You can play using Namecoin with total privacy thanks to the anonymous registration process. Another huge plus is the transaction charges for casino deposits and withdrawals are zero.
The obvious downside is the lack of opportunities to directly gamble in this currency, with only a handful of casinos accepting it. You can easily use an exchange to buy Bitcoin with your Namecoin, and gamble with that. If you are going to go to this trouble the every time you want to deposit at a casino – then why not just hold the BTC instead?