Cryptocurrency Guide

Recently, we hear a lot about cryptocurrency, right?

Yes, it’s also a popular payment method on Mystino.

But it seems kind of difficult to use.

Actually, it’s very simple and not that difficult. Let me explain it on this page.

What is Cryptocurrency?

Cryptocurrency is a digital currency primarily used on the internet, secured by cryptography. Unlike physical money, it does not exist in the form of banknotes or coins and is used for online transfers and payments. Transactions are made directly, without the need for banks, which allows for smooth cross-border payments. There are currently said to be over 10,000 types of cryptocurrency.

In recent years, cryptocurrencies have been actively introduced as deposit and withdrawal methods in online casinos, with the number of users increasing year by year. On Mystino, you can use many different cryptocurrencies, and its ease of use is highly appreciated by players.

Benefits of Cryptocurrency

Using cryptocurrency in online casinos offers many benefits that enhance your gaming experience. The three key benefits are followings.

Transaction Speed

One of the biggest advantages of cryptocurrency is the speed of transactions. For example, bank transfers can take until the next day to process, but cryptocurrency transactions are usually completed instantly or within 30 minutes, and at most within 2 hours. Since the transactions are reflected quickly, you can start playing your game right away without any stress.

Low Fees

Since cryptocurrency transactions do not go through intermediaries like banks or payment processors, the transaction fees are generally lower (fees may vary depending on the exchange, so be sure to check in advance). At Mystino, there are no fees for deposits or withdrawals.

Global Availability

Cryptocurrency is a global currency that is not limited by countries or regions, and it does not require international transfer fees or currency conversion fees. As a result, you can make consistent payments regardless of where you are in the world and which country’s services you are using. When using overseas online casinos, cryptocurrency allows for smooth transactions without the need to go through local banks.

Using Cryptocurrency on Mystino!

Cryptocurrency is a popular payment method on Mystino. With nine types of cryptocurrency available, transactions are smooth, and fees are kept low, making it a very convenient option.

Supported Cryptocurrencies

• BTC (Bitcoin)

• ETH (Ethereum)

• BCH (Bitcoin Cash)

• LTC (Litecoin)

• USDT (Tether)

• XRP (Ripple)

• DASH (Dash)

• LINK (Chainlink)

• USDC (USD Coin)

Deposit Methods

For cryptocurrency deposits on Mystino, payment services such as "Bitpace," "Coin Paid," and "CryptoPay" are used. These services allow you to convert cryptocurrency to fiat money and make deposits. All payment services are free of charge and offer fast transactions.

For more information about cryptocurrency deposit and withdrawal methods, as well as limits, you can refer to the "Cryptocurrency Payment Guide."

Benefits of Using Cryptocurrency on Mystino

• Quick Game Resumption
  By using cryptocurrency on Mystino, deposits are reflected in your account quickly, allowing you to resume your games smoothly. Unlike traditional payment methods like bank transfers, which can take time to reflect, cryptocurrency transactions are almost always completed instantly and, at most, within 2 hours. This means you can skip waiting times and focus on enjoying your games.

• Not Affected by Bank Hours
  One of the great attractions of cryptocurrency is that it operates 24/7, 365 days a year. You can make deposits and withdrawals freely at any time, without being affected by the operating hours of banks or financial institutions. This makes it very convenient for playing on Mystino, as you can enjoy your games anytime, without time restrictions.

• Use Multiple Cryptocurrencies
  Mystino supports a variety of cryptocurrencies, including BTC (Bitcoin), ETH (Ethereum), and XRP (Ripple). This allows players to choose the cryptocurrency they find most convenient for transactions, enhancing the overall user experience.

Cryptocurrency payments are one of the best ways to enjoy gaming on Mystino.

Let’s Start with Cryptocurrency!

Let’s get started with cryptocurrency. The general flow of acquiring cryptocurrency is as follows:

1. Choose an Exchange

2. Open an Account

3. Buy Cryptocurrency

4. Prepare a Wallet

Let’s take a closer look at each of these steps, along with some important notes.

Step 1: Choose an Exchange

To start trading cryptocurrency, you need to open an account at an exchange. When choosing an exchange, be sure to check the following points:

• Supported Cryptocurrencies
  Different exchanges support different cryptocurrencies. Be sure to check if the exchange offers the cryptocurrency you want to use.

• Transaction Fees
  Exchanges charge different fees for transactions, including "exchange fees," "sales fees," and "deposit/withdrawal fees." Compare these fees to minimize unnecessary costs.

• Security
  Look for exchanges with good security, such as licenses, two-factor authentication, and a track record of reliability.

Step 2: Open an Account

Once you’ve chosen an exchange, the next step is to open an account. The process generally involves:

• Registering your email address and verifying it

• Setting up two-factor authentication

• Filling in your registration details and submitting identification documents

• Once the review is passed, your account is created

The order of these steps may vary depending on the exchange. The identity verification process typically takes 1–2 days, but some exchanges allow deposits before the review is complete.

Step 3: Buy Cryptocurrency

Once your account is open, it’s time to buy cryptocurrency.

First, deposit investment funds into your account. You can use 'bank transfer,' 'convenience store deposit,' or 'internet banking' to complete the process, and once the deposit is complete, you can purchase the cryptocurrency.

There are mainly two methods for purchasing cryptocurrency. One is to purchase at a 'sales office,' where you transact directly with a cryptocurrency seller, which tends to be more expensive, and the other is to purchase at an 'exchange,' where you trade with other users, which helps keep the costs lower.

Step 4: Prepare a Wallet

The purchased cryptocurrency is stored in a wallet. You can use the wallet provided by the exchange, but it is generally recommended to use an external wallet for enhanced security.

There are two main types of wallets: 'hot wallets,' which are suitable for frequent transactions, and 'cold wallets,' which are used for offline storage and are ideal for long-term storage. For online casinos, a hot wallet is best due to its speed and convenience in transactions. Transfer your purchased cryptocurrency to a wallet for secure management.

Points to Keep in Mind with Cryptocurrency

There are a few points you should be aware of when using cryptocurrency:

Price Fluctuations

Cryptocurrency prices fluctuate like stocks. These fluctuations can be sharp, and sometimes they can be beneficial for users, while at other times they may not be. Predicting prices is extremely difficult, so it is important to manage your investment and have a risk management strategy. Before making transactions on online casinos, it’s a good idea to check the current price.

Supported Cryptocurrencies

Currently, there are around 10,000 types of cryptocurrency. However, not all exchanges or online casinos support all cryptocurrencies. Be sure to check in advance which cryptocurrencies are supported by the exchange or online casino you are using.

Irreversible Transactions

Cryptocurrency transactions are irreversible once completed. If you make an error with the destination address or confirm a transaction by mistake, it is impossible to recover the lost funds. This is because cryptocurrency transactions are recorded on the system, and once they are confirmed, they cannot be changed or canceled. Always double-check the destination address and transaction details before confirming a transaction.

Glossary

If you’re new to cryptocurrency, there may be many unfamiliar terms that make it seem difficult to use. However, once you understand the basic terms and concepts, cryptocurrency will feel much more accessible.

Here are some basic terms for beginners:

• Blockchain Technology
  This is the secure technology that underpins cryptocurrency. Transaction data is stored in "blocks" and linked together like a chain. This system ensures that any tampering with transaction data will disrupt the consistency with other blocks, making it easy to detect fraud.

• Wallet
  A digital wallet for storing and managing cryptocurrency. There are different types, including "hot wallets" for online use and "cold wallets" for offline storage. You can also use various software, apps, or devices to manage your wallet.

• Private Key
  A crucial key for managing your wallet that should never be shared with others. The private key is used for sending and making transactions. If someone gains access to your private key, they can steal the funds from your wallet. Therefore, it’s important to keep your private key secure.

• Public Key
  A key generated from your private key that can be shared with others. You provide this key to senders so they can send cryptocurrency to your wallet. It is safe to share your public key with others.

• Transaction
  A transaction refers to the act of sending or exchanging cryptocurrency. All transactions are recorded on the blockchain and are permanently stored. Once recorded, transactions cannot be changed or deleted. Additionally, all transactions are public, and anyone can view the history of a transaction.