Getting started with crypto: What is Bitcoin?
Considered to be the first cryptocurrency, Bitcoin has taken the world by storm when it was first released in 2009. Today, despite the speculations and its high volatility, Bitcoin remains to be the largest digital currency with a market capitalization of $898,823,125,044 as of writing.
Unlike fiat currency, Bitcoin is a decentralized digital asset. Meaning to say, you can buy or sell Bitcoins without an intermediary like banks or financial institutions. Instead, it relies on cryptography and peer-to-peer software to process transactions in just a matter of minutes.
The creation of Bitcoin has also given birth to more than 7,000 cryptocurrencies known as altcoins. This includes Ethereum, Litecoin, Cardano and Ripple.
However, most people still wonder how cryptocurrencies like Bitcoin found their place on the market. During the Great Financial Crisis of 2008, the shortcomings of banks became much more apparent. As a result, people demanded better security and less reliance on central authorities when it came to transactions and safe storage.
This, in turn, has led Satoshi Nakamoto to launch the Bitcoin protocol. However, despite the popularity and hype of the cryptocurrency through the years, you might have still wondered: What is Bitcoin?
To know more about this cryptocurrency, its benefits and how it revolutionized industries, continue reading below!
The father of Bitcoin: Who is Satoshi Nakamoto?
Satoshi Nakamoto is the pseudonym of the person or group who authored the original Bitcoin paper and designed the first blockchain database. However, little is known about Nakamoto.
Three years after launching the first digital currency, he disappeared. Until now, his identity has remained unknown, making it one of the greatest mysteries in the history of cryptocurrency.
Benefits of Bitcoin
There is no doubt that the creation of Bitcoin had been a game-changer. As Bitcoin continues to gain traction, various investors and industries are entering the world of cryptocurrency.
Multinational companies like Microsoft, Shopify and Wikipedia are now accepting Bitcoin as a payment method. Aside from that, you can use Bitcoin for better security and privacy to play your much-loved online casino games here at Bitcasino.
Take a closer look at the benefits of Bitcoin that you can take advantage of:
Take a look at the advantages of using Bitcoin in online gambling:
How to play with Bitcoin at Bitcasino
There is no better way to enjoy playing casino games than making Bitcoin your primary payment method. With ironclad security and quicker transactions, you’d have more confidence when betting on your favourite online slots and table games.
Here at Bitcasino, things are made easier for you. Say goodbye to lengthy verifications and deposit your funds in just a matter of minutes!
Depositing in BTC
To start playing at Bitcasino using Bitcoin, make sure to follow these steps:
- Log in to Bitcasino using your account information.
- In the upper right corner of the page, click ‘deposit’.
- Select BTC on the Funds tab. Once done, click the small circle on the left side of Bitcoin (BTC) to activate your chosen crypto and make a deposit.
- Once a menu appears, copy the account link and paste it into the address book of your e-wallet to start the transaction. For an easier process, you can just use your smartphone’s e-wallet app to scan the QR code.
- You will receive a notification once your transaction is complete.
Take note that the minimum deposit is 0.0005 BTC.
Play within your means! Bitcasino does not require a maximum deposit amount so it’s up to you to decide how much money you’re willing to lose. However, players are highly encouraged to practice responsible gambling.
Deposit via Moonpay
At Bitcasino, you can also deposit cryptocurrencies like Bitcoin via Moonpay. Here are the following steps to keep in mind:
- Log in to Bitcasino with your account details.
- Click ‘deposit’ on the top right of the screen.
- Once you’re directed to the deposit page, scroll down and click ‘purchase crypto with Moonpay’.
- Select the amount of BTC you want to buy. The exchange rate will be displayed at your disposal.
- Under the section ‘Send your bitcoin deposit to’, copy the bitcoin address. Then, enter it into the Moonpay frame under the section ‘wallet address’.
- Once done, Moonpay will transfer the money to that address. Just make sure that the wallet address you’re using is compatible with BTC.
- A one-time Moonpay code will be sent to your registered email address. Copy the login code and enter it under ‘verification code’.
- Enter your details. Make sure to upload identification documents such as a passport or driving license.
- Upload your most recent image.
- Input your credit card details.
- Confirm your payment.
Making a withdrawal
To withdraw your Bitcoin winnings, here’s how you make a withdrawal:
- Log in to Bitcasino.
- Click on your username located at the top right corner of the page.
- Once the site directs you to your Funds page, choose BTC and enter the amount you want to withdraw.
- Enter your wallet address.
- Click the withdraw button.
Switch to Bitcoin gaming at Bitcasino
At Bitcasino, aside from the wide array of games that you can enjoy, safe payment methods such as cryptocurrencies (BTC, ETH, LTC, etc.) are at the tip of your fingers.
Now, you can enjoy a more private and secure gaming experience that gives you full control over your funds. If you cannot wait to bet on your favourite casino games, deposit BTC now and start playing!