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DigiByte (DGB) is a crypto which was built in 2014 by Jared Tate, who is still the project’s lead developer. As DGB is UTXO-based, this means that each coin has an identifier that prevents double-spending issues and keeps the network secure.
The DigiByte Blockchain is decentralized and controlled by any private company. The coin was designed to tackle the problems faced by more mainstream cryptos, such as Bitcoin.
Even though DigiByte is not widely used for sports betting, there are several online casinos that accepts DGB. In this article, you will be able to find out how does online gambling with DigiByte works and what are the main things worth considering before making a deposit.
DigiByte executes transactions like any other crypto, and new ones are added to the block by validating old transactions. But instead of using one algorithm to reach consensus, DGB uses 5, which reduces the block generation time to 1 minute.
As faster block times can create scalability issues, but to avoid such problems, DigiByte implemented SegWit to keep confirmations from information separated and enable cross-chain transactions and single confirmation. DigiByte has a block generation time of 1 min and 15s, with a reward of 608.48 DGB, making it one of the biggest recompenses in the crypto mining world.
DigiByte stands out 5 mining algorithms, SHA-256, Scrypt, Qubit, Skein, and Odocrypt, in order to prevent mining centralization, which can easily happen to single algorithm blockchains. The coin was the first crypto to ever implement Segregated Witness on its blockchain. Today, many popular cryptos have turned to using SegWit to improve the functionalities of their blockchain.
DGB transactions, unlike other blockchain transactions, have a block size limit, which helps speed up the processing, efficiency, security, and throughput of the network.
With more than 5 million blocks, the DigiByte blockchain has proved that it has always put development first and solved any scalability issues it faced so far. Due to its limited block size, DGB is faster and quickly settles transactions.
DigiByte is the most secure out of all other blockchains when it comes to a 51% attack, which makes it ideal for storing valuable data.
But it is worth mentioning that DGB has seen slow progress in terms of price appreciation, adoption, and overall market relevance.
DigiByte is accepted on several casinos, although it is less used on sports betting sites, and punters can use the coin to play a variety of games such as dice, slots, baccarat game, blackjack, and poker. Most options are available for slot players, as there are many titles accepting DGB deposits.
Like with any other crypto, deposits with DGB are easy. From your external DGB wallet or directly from your exchange wallet, you can move your DGB funds into your DGB casino account.
After you have found an online casino that accepts DGB, you look for their DGB wallet address and use this as the receiving address when you make your deposit. Withdrawals follow the same principle, as you put in the address of the wallet you want your funds to be credited to.
Most of the casinos that accept DGB are usually those that accept only crypto, so you may not have fiat withdrawal options. Also, while the casino site lists DGB as one of its available payment options, the platform may not have native DigiByte support. Instead, the website converts the DGB into BTC before it is deposited to your casino account, and you technically gamble with BTC (Bitcoin casinos).Then, your BTC funds are reconverted into DGB when withdrawing.
DigiByte is a very secure blockchain, as it implements a multi-algorithm tactic that uses different proof of work (PoW) mining methods, which improves mining capacity and, as a result, making DigiByte mining pools more accessible. This way, the network becomes more secure and decentralized against a 51% attack. DGB is thus considered one of the most reliable cryptos from this perspective.
While it does not have advanced anonymity implementations to completely mask the public addresses of the sender or the receiver, like Monero casino, DGB is safe to use online when funding a DGB casino or DGB sports betting account.
Most crypto-only casinos have a provably fair policy, which randomizes the outcomes of their games by the use of cryptography. This ensures that none of the casino owners or staff can pre-set the values or manipulate the games to their advantage. On provably fair casinos, you can look up the entire list of game results, as they are publicly available for all players.
The first thing you will be required to do is to download a DigiByte wallet. It is recommended that you opt for "core" desktop wallets, as they are regarded as the most stable and secure because they operate as "full nodes."
The easiest way of getting DigiBytes is to sign up on an exchange that supports the crypto and to buy it with either fiat or other cryptos. Even if there are only a few dozen exchanges that support DGB, some of the most popular ones are KuCoin, Bittrex, Bitfinex, HitBTC, Huobi, and Okex. The most common pairings for DGB are BTC, ETH, and USDT, with some options trading against XRP, DOGE, and BCH.
There are fewer possibilities when it comes to fiat pairings for DGB. So that you can buy DGB with EUR on CoinField, LiteBit.eu, Bitvavo, and Bittylicious. USD options are available on Bittrex, Bitfinex, Yobit, and CoinField. In case you are interested in buying with GBP, there are CoinField and Bittylicious. South Korean users can buy using the KRW on UPbit and ProBit.
As most of the fiat pairings do not have high liquidity or volumes, it is better to first buy BTC and then trade it for DGB on the aforementioned exchanges.
After signing up on the exchange, you will have to provide the required ID information for your account verification. Exchanges that deal with fiat pairs usually have stricter identity verifications.
DigiByte is not among the most popular cryptos, even if it has been on the market for 6 years now. Punters that own the coin will not have so many options when it comes to casinos and betting sites.