INTRODUCTION TO BITCOIN
Online casinos have always used regular currency like the South African Rand, Euro, US Dollar, or GBP to enable players to make payments and also withdraw their winnings from their casino accounts. In recent times, quite a few online casinos many of them run by well-known operators have started accepting a new form of digital currency the Bitcoin.
On this page we will discuss the different aspects of Bitcoin including:
- What it is
- How it works
- What are Bitcoin casinos
- Bonuses available at Bitcoin casinos
- Making payments and withdrawals
- Basic Bitcoin FAQs
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WHAT IS BITCOIN?
Bitcoin is a cryptocurrency a form of digital currency that players can use to transact at online casinos. It was first mentioned in a Cryptography mailing list by Satoshi Nakamoto an anonymous entity that could be a person or group of people in 2008.
- It is digital and created electronically using mathematics and a computer.
- It cannot be printed on hard paper, unlike traditional currency.
- It is completely secure.
It can be split into smaller units:
- Millibitcoin or mBTC which is one-thousandth of a bitcoin (0.001 BTC)
- Microbitcoin or µBTC which is one-millionth of a bitcoin (0.000001 BTC)
Satoshi or one-hundred-millionth of a bitcoin (0. 00000001 BTC), which is the smallest Bitcoin sub-unit
- It ensures instant transactions, be it making payments or receiving funds.
- It is completely decentralized and therefore not controlled by any government agency or financial body.
It is coded in a way that ensures:
- There is no inflation and that it is self-sustaining.
- There is no flooding of the virtual space with Bitcoins; the maximum cap by 2140 is 21 million bitcoins.
- It is available for purchase at Bitcoin exchanges.
You need a Bitcoin wallet to be able to transact with it.
- It offers players complete anonymity while conducting transactions.
There are no transaction fees chargeable when transacting with Bitcoin.
HOW BITCOIN WORKS
To use Bitcoin at an online casino you have to first buy it.
- You can buy them at a Bitcoin exchange, a Peer-to-Peer (P2P) environment.
- Register with the Bitcoin exchange.
- Click the Sign-up button.
On the resultant screen, provide your basic details like:
- E-mail id
- Choose an appropriate password.
- Click the Terms and Conditions checkbox.
- Click the Register button to complete the basic registration process. The exchange sends confirmation data to the e-mail id you have provided.
- Provide the confirmation data on the Bitcoin exchange to complete the registration.
Once you are registered with the Bitcoin exchange you can get bitcoins using one of the following ways:
- You can buy them from Bitcoin sellers listed on the exchange. The exchange provides enough information about the seller for you to confirm his credibility before purchasing bitcoins from him.
You can buy them for the given exchange value using:
- Credit card
- Debit card
You can get them as exchanged items from a seller or other peer :
- You need to exchange them for goods and services you provide.
You can mine them yourself.
- Use your computer to hunt for 64-digit numbers.
- You can get these numbers by solving complex mathematical problems.
- You compete with other miners to get the correct 64-digit number as you repeatedly solve these math puzzles.
- Once you generate the correct number you get 25 bitcoins as a reward.
You need a bitcoin wallet to store your bitcoins.
- The wallet itself does not store the bitcoins.
- It stores a pair of keys the public and private keys that allow you to access your bitcoins.
- The bitcoins are stored on the blockchain, a virtual ledger of sorts that has details of all Bitcoin transactions.
You can store your bitcoins in one or more of the different kinds of wallets simultaneously:
- Hardware wallets
- Web wallets
- Desktop wallets
- Mobile wallets
- Paper wallets
- Brain wallets
You can access the bitcoins from any of your bitcoin wallets to make payments at your favorite online or mobile bitcoin casino. There are wallets for bitcoin online casinos and also separate wallets specifically for bitcoin mobile casinos.
Popular wallets for bitcoin online casinos include, among others:
- Bitcoin Core
Popular bitcoin wallets for mobile casinos include:
- Bitcoin Wallet (for Android)
- Green Address