There are a large number of cryptocurrencies in development at the moment. Vertcoin is a promising concept, which is being developed with a view to improving 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. This 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 of all, there is an explanation of how this new currency works, and how it is different from existing units like Bitcoin and Litecoin. After that a run-down of the different ways you can gamble with this cryptocurrency are outlined. At the bottom of the page you will find a discussion on the pros and cons of gambling with Vertcoin.
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. With a lot of new developments (and many more 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. This means that if your address is known, your transactions could be searched. This currency gets around this by creating completely anonymous addresses, which cannot be tied back to an individual wallet. Mining is controlled more tightly, with the power to mine more than one currency at a time, and to ensure that mining power is decentralized too.
VertVersa is the innovation that many gamblers will find useful. This is an instant-exchange feature that you can use with your wallet. It means 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.
What 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 sting and a ‘secret’ string provided by your own browser – and proves 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 – and all games can be proven as fair after the event.
The more advanced and fully featured casinos available to play in Bitcoin (via your Vertcoin wallet) tend to be licensed and externally tested, rather than provably fair. The best games come from SoftSwiss, who power 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 100’s of new currencies being developed, mined and used for gambling around the world. The biggest question is – which will survive and become an established currency, and which will fall by the wayside?
However promising Vertcoin looks (and it does look like the development team have solved some difficult issues that other virtual currencies have), 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 hesitation the traction needed to thrive is not generated.
The ability to trade directly in Bitcoins using VertVersa is a big plus, this saves having to go through an exchange each time you want to gamble. This does raise the question of why not just hold BTC in the first place.
One possible advantage is that Vertcoin has a big potential upside. This could allow you to add some ‘gamble’ to your online gambling. Anonymous addresses on the ledger are another big plus to consider.