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What is Bitcoin?

Bitcoin is a form of cryptocurrency that enables users to make payments without passing through banks or regulatory authorities. It is created and operated electronically so that there is no printed money in the form of Euros, Dollars or other denominations.

Satoshi Nakamoto is credited with developing this electronic payment system that is based on mathematical algorithms. The premise was to create a means of exchange that operates independently from the central authority and could be transferred in a safe, immutable and verifiable way. A user can use this payment system to purchase items just as common currency; the only difference is that it is traded digitally.

Bitcoin Information

Company Name Not regulated
Founder Satoshi Nakamoto
Established 2009
Regulated not regulated
Facts the most famous cryptocurrency
Website www.bitcoin.org

How does It work?

A transaction is completed when the value is transferred between wallets that are included in the blockchain. Also, a private key is used to sign the transaction and generate mathematical proof that the operation originates from the owner of the wallet. Since each block is connected to another one before it, it is impossible to spend the same coin twice.

A public key is generated to help you receive money from other users. The private key is your identity on the blockchain and is used to access your ‘monies.’ The blockchain is a shared public ledger where all the transactions are recorded and allow cryptocurrency wallets to calculate the available balance so that new transactions are verified. A signature is also generated to prevent another party from altering the transaction. All the operations are broadcast to the blockchain network and are confirmed within ten to twenty minutes using a process called mining.

Mining is a decentralised system that confirms pending transactions by incorporating them into the chain. It applies a chronological order in the blockchain to protect the anonymity of the network while letting computers agree on a true ground of the system. The transactions are arranged in a block that follows strict cryptographic rules that are verified by the network. It is these rules that prevent previous blocks from getting altered by unauthorised persons. The mining process also prevents the addition of new blocks, creating a standard competitive lottery.

How to Use this Payment Method with Online Casinos

Bitcoin MobileIt is the only cryptocurrency used to make payments on online casinos. Deposits and withdrawals from digital casinos are pretty straightforward. You only need to open a player account with the desired casino and make a deposit through your wallet. The casinos keep the coins in the virtual currency form. However, the currency may be converted to the normal currency that is used by the casino or other vendors. The reverse is true when making withdrawals.

One advantage of using this form of payment is the anonymity of the transactions since players don’t need to share their personal or banking details. As such, their identity and the remaining funds remain secure. Another benefit of this form of payment is that it provides a fast way of making deposits and withdrawals. As earlier highlighted, blockchain technology ensures the transactions are reflected within ten minutes, unlike regular payment methods where players need to wait for days to receive cashed out monies.

Do Casinos Offer Welcome Bonuses when Using this Cryptocurrency?

Yes, they do. Online casinos that use this form of payment offer higher welcome bonuses. Traditionally, online casinos provide 50%-100% match up bonuses for the first deposits. This changes when you pay with Bitcoin. The casino gives you 100% match up bonus and sometimes up to 5BTC. Here are some bitcoin online casinos that offer the best welcome bonuses:

  • CloudBet: It offers the best welcome bonus for new players using this payment method. It gives 100% match up of up to 5BTC upon making the first deposit.
  • BitStarz: The casino matches up the initial deposit 100% up to 1BTC, and players get 180 free spins.
  • Mbit Casino: This online casino offers a welcome bonus of up to 1BTC with a matchup of 110% of the initial deposit.

How Bitcoin Works

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Is the Cryptocurrency safe?

Yes, it is safe. As earlier highlighted, an online casino does not ask for the player’s personal information except the cryptocurrency username and address. Additionally, the decentralised nature of the Bitcoin payment method ensures the player’s details are not visible anywhere.

How do I make a payment?

The player only needs to follow the simple prompts on the banking page and choose whether they can deposit or withdraw and indicate the amount they want to move. When making a deposit, a user should enter the casino’s receipt address on the wallet.

Can I convert It to cash?

Yes, players can convert it into cash. While it is essential to hold cryptocurrencies in the online betting account especially when the prices are soaring, players should also consider converting the coins to cash. Sometimes prices drop drastically, causing the wins stored in this form to lose value.

What Online Casinos Accept it for Payment?

Today there are many bitcoin online casinos. Here are some examples:

  • BetChain: This online casino offers a high-roller welcome bonus where if the player deposits 2BTC, he or she gets a 75% match of up to 3.75BTC.
  • BitCasino.io: It is a bitcoin-only casino, so players can only make deposits and withdrawals using this cryptocurrency.
  • Ignition Casino: The casino offers a generous welcome package for new players in the form of a 200% match bonus of up to 2,000 using a specific promotion code.

How do I Open a Bitcoin Account?

To get started, you need to install a Bitcoin wallet on your mobile phone or computer to receive a private and public key. The keys comprise sets of long numbers and letters and are used to make and receive payments from other users. These instructions should help you set up the wallet:

  • Visit the blockchain service website and click on new digital currencies
  • Type in the email and password
  • Click on get started
  • Create address you will use to receive payments by hitting on the ‘Request’ button

What is the Fee for Using Bitcoin?

Most users claim that no transaction fees apply when they send Bitcoin payments. It is not true. The difference between the amounts received and spent makes up the transaction fee. There is no actual estimate for this fee as it depends on the miner.

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