What Do Crypto Payments Look Like in Space?

Captain Cosmos has taken the lead in this space which means you lay back, relax, and enjoy the view of the universe.

If you’re planning on becoming an astronaut under the command of Captain Cosmos, you need to buy the ticket. And here at Cosmoswin, you can only do it with crypto.

This brings us to the topic of this discussion, crypto payments. The captain of the ship is aware that it’s still not a mainstream channel for payments. So, he has decided to step up and answer as many of your questions as possible before you start the intergalactic journey.

What are Cryptocurrencies?

Unless you’ve been living under a rock in the Sahara desert, you must’ve heard of cryptocurrencies. This has been the talk of the town for the last decade. Now, cryptocurrencies are everywhere. All mainstream industries have decided to adapt these for payments as well as backend operations!

In simple words, cryptocurrencies are decentralized virtual currencies. It’s “decentralized” because there is no single authority regulating the paradigm. To understand how decentralization works for crypto payments, we have to trace our steps back to blockchains.

A blockchain is an independent network of nodes that works a public ledger to facilitate transactions. As it’s a ledger, the data from transactions are recorded permanently and are open for public viewing.

It’s important to understand that when we say transaction, we don’t mean monetary transaction. Rather, the term refers to any sort of agreement between 2 or more parties. According to the Oxford Dictionary, transactions are “public reports of proceedings at the meetings of a learned society.”

In essence, a blockchain is a platform for cryptocurrencies to generate and circulate. If you’ve heard of Web 3.0, it’s a future version of the internet with a twist of decentralization.

The biggest reason decentralization is gaining popularity very quickly is its reliability and safety. A transaction on a blockchain is validated by multiple nodes at once instead of a single authority. It means there’s no one who can pull a scam unless they do it collectively, which is another impossibility.

To manage all of these in a blockchain, there are costs. And the currency to meet these costs is essentially cryptocurrencies. We can say that cryptocurrencies are the fiat currency of a decentralized world.

Why Should You Use Crypto Payments at Cosmoswin

Captain Cosmos is a big fan of crypto and he encourages all astronauts to use them for deposits and withdrawals. But why? What do cryptocurrencies offer that fiat currencies don’t? Let’s find out.

Before that, in case you’re not aware of what “fiat” currency is, it’s the traditional concept of money, regulated by the government and its financial institutions like banks.

Faster than Space Shuttle

Well, it might be a slight exaggeration on the Captain’s part but you get the idea, right? Cryptocurrencies primarily got popularity for their tremendous transaction speeds. Even the slowest blockchain puts traditional banking channels to shame.

For deposits at online casinos, fiat currency methods are not that bad. Even regular bank transfers go in immediately after you authenticate a transaction. However, when it comes to withdrawals, all of them fail horribly.

One of the primary drawbacks is that you need to use the same payment method as the deposit to withdraw your funds. In case you use a prepaid method, you’ll have to deposit again with a method approved for withdrawal before you can actually get the money in your hands.

At Cosmoswin, you get to withdraw with any crypto you want and not limited to the one you deposited with. Your withdrawal requests are the highest priority for us. You can feel it in the promptness of the execution.

Low Cost of Transactions

On paper, fiat currency methods at online casinos are cheaper to use. You’ll notice that almost all operators claim they don’t impose any fees on the players for deposits or withdrawals. And it’s true!

However, if you look at the payment methods you use holistically, there are various different charges. For your bank account, you pay an annual charge. The same goes for your credit card and debit cards.

For e-wallets, you pay fees on a per-transaction basis. Every time you fund your e-wallet or withdraw from it, you’ll have to pay a hefty fee. Even when you buy prepaid vouchers like Paysafecard or Neosurf, you pay a little extra than the voucher’s value.

When compared, the cost to use cryptocurrency tokens is minimal. You only pay gas fees (on Ethereum networks) for the execution of the transaction and that’s about it.

Anonymity

For the majority, banking and other financial data are very sensitive. We want to protect our hard-earned money at all costs and that’s primarily why we go to service providers like banks.

But when you enter your credit card number or bank account number for a casino deposit, what’s the guarantee that these pieces of information are safe? Breach of privacy is currently one of the biggest issues the internet world is dealing with!

All of these anomalies are taken out from cryptocurrencies. You don’t have to use any traditional banking data when you use crypto payments at Cosmoswin. All we want from you is your wallet address, which is public information anyways.

In return, we’ll also share our crypto wallet address. Essentially, the payments at Cosmoswin are wallet-to-wallet transfers. You don’t need to know the Captain’s bank account numbers and he’ll return the favor.

Cross-Border Payments

Before the advent of cryptocurrencies, there were no true cross-border payments. You could surely send money to and from abroad but in exchange for hefty conversion fees. Also, it took an awfully long time.

When it comes to cryptocurrencies, there are virtually no borders between the countries. A BTC token is a BTC token, whether you’re on Earth or on Saturn. This is one of the reasons Cosmoswin has established itself as a very global brand for casino games. Everything is open to you as long as you have crypto tokens in your wallets.

Security

A discussion about crypto payments cannot be complete without the mention of its security. The term “crypto” is derived from cryptography, the strongest of encryptions there are. As the whole concept is based on decentralization and blockchain, room for fraudulent activities is almost non-existent.

The digital assets you have are stored in a crypto wallet and the wallet is protected with a private key. Unless you willingly give up the private key, there’s no way someone can hack into a wallet and steal your funds.

Each deposit you make and each withdrawal you request are verified by master nodes on a blockchain. “Master” nodes are users who stake their digital assets for verifying new transactions. Once successful, these nodes get a cut of the gas fee you pay for the transaction. Essentially, there is a whole ecosystem in place that makes it impossible for fraudsters to succeed.

You can solidify the security even further by investing in a hardware wallet. Also known as cold wallets, these pieces of hardware are disconnected from the internet and come with extreme encryption. This is by far the most effective way to protect your digital assets against all odds.

What are the Best Cryptocurrencies to Use at Cosmoswin?

As of now, there are over 6,500 cryptocurrencies in circulation! Are all of them trustworthy? Of course not! In fact, the number of trusted blockchains and crypto tokens is still very limited. You’d be glad to know that Captain Cosmos has included some of them in Cosmoswin for you!

Let’s go over our favorite cryptocurrencies.

Bitcoin

The forefather of the crypto industry. Bitcoin came out in 2009 based on a white paper by Satoshi Nakamoto but got monetary value in 2010. All future blockchains are forked from the original Bitcoin Blockchain.

Bitcoin is still the top-performing crypto and it’s the choice of token for all businesses, all over the world. needless to say, you can use BTC for deposits and withdrawals at Cosmoswin.

Ethereum

If there’s one blockchain that’s even more popular than the Bitcoin blockchain, it’s Ethereum. Ethereum introduced the world to smart contracts which essentially enabled crypto to be a viable industry.

The original Bitcoin blockchain only had 1 layer and it can handle transactions. It means you can mine, send, and receive BTC tokens on this blockchain. Ethereum, on the other hand, lets users write a contract. Only when the contract is fulfilled, the transfer of ETH tokens will happen.

Most major blockchains nowadays are based on the Ethereum network as it provides a great balance between cost and return. The infamous “gas price” to execute smart contracts is also a proprietary feature of the Ethereum blockchain.

In case you’re wondering, yes, you can deposit and withdraw using ETH tokens at Cosmoswin.

Litecoin and other Tokens

Litecoin is directly inspired by Bitcoin and is an open-source project launched under the MIT/X11 license. It’s also the very first altcoin (alternate coin). It’s virtually on the same blockchain as Bitcoin with a few slight modifications from the original.

Just like Bitcoin, Litecoin, and Ethereum, Cosmoswin allows you to use Tether, Bitcoin Cash, Dogecoin, USD Coin, and DAI for both deposits and withdrawals.

Where to Get Cryptocurrencies for Payments?

Now that you know what cryptocurrencies are and which ones you can use, you might be wondering where you can get them in the first place. Well, Captain Cosmos and his team have got you covered. Check out the steps below to get your hands on some crypto tokens right now!

Here at Cosmoswin, you get 2 separate options to get the crypto you need for playing the games.

1. First up, you need to decide on a crypto exchange. An exchange buys and sells crypto tokens for fiat currency which is the most convenient and fastest method to get started. Do your research and find the best wallet that fits your needs.
2. Or, you can go with our recommendations which include Binance, Coingate, and Paxful. Just visit the “Buy Crypto'' section in your Cosmoswin wallet to sign up for any of them.

Congratulations! You have the funds to buy tickets for the Cosmoswin spaceship and fly under the command of Captain Cosmos. At the same time, you’re now wiser about the crypto industry as a whole and how it works.