What is Bitcoin?
Bitcoin is electronic money which you can use to pay online without any interaction from a financial organisation, like a bank. You manage the bitcoins in a digital wallet and there are different wallets available. When you have a digital wallet you can receive bitcoins, transfer bitcoins and save them.
Bitcoin was born out of an experiment on the internet which started very slow but at the moment it's growing fast and it's becoming more and more popular. Basically it's a network or community of millions of people who agreed with eachother to pay with Bitcoins.
Bitcoins exist on a big network of computers who constantly make calculations to take care that all Bitcoins are invariable and stored safely in the network.
The value of 1 Bitcoin is between 300 and 500 euro and varies a lot. Next to paying online with Bitcoins you can also trade Bitcoins.
Open a Bitcoin Wallet
To make transactions with Bitcoins you need to open a Bitcoin Wallet. You can open a Bitcoin wallet by downloading a software from a site so you have the wallet on your computer or control your bitcoin wallet online. The advantage of having your Bitcoin wallet on your computer is the fact that it's more safe against hackers and if the Bitcoin site where you have you wallet will close you might lose your Bitcoins. A disadvantage is when somebody steals your laptop that you also give access to your Bitcoin Wallet.
Once you open a wallet you get an unique address, existing of 23 letters and numbers. In every wallet you can make new addresses. Transactions in the Bitcoin Network are public but anonymous. So the unique address is always visible but not with the connected person.
How to get Bitcoins?
There are a few ways of getting Bitcoins in your wallet. The easiest way is to buy Bitcoins by depositing money from your bank to your Bitcoin wallet. You need to have an exchange to make these kind of transactions. A very reliable exchange site is Kraken.com (https://www.kraken.com). You need to verify your basic details before you can make a transaction but this is for your own security.
Once everything is verified you can make a deposit and get bitcoins in your wallet. The deposit needs to be done by Wire Transfer and has a minimum deposit (in case of Kraken.com it's €50).
Other ways of getting Bitcoins is doing jobs online and earning Bitcoins or have Bitcoins send by a friend or relative.
How to make a deposit with Bitcoin in an online casino?
First you need to find a casino which accept Bitcoin as payment method. We take as example a deposit in Omni Slots. You open an account with the casino or login if you already have an account and visit the cashier to pay with Bitcoin. You follow the steps from the cashier and choose Bitcoin as payment method. When you click submit you will be redirected to a Bitcoin payment site in this case coinfy.com.
When you have a bitcoin wallet you can copy the bitcoin address (for example: 1JpURt9EuGdP96freX7krk4kWmpQU2F1SW) in your bitcoin wallet page and make the transaction. Or you can click on the big button which says 'Pay using Bitcoin client. The last option is to click on the link below the button when you don't have bitcoins yet.
When you have a Bitcoin Wallet you copy the address and paste it in the 'Pay to' field. You give a name in the Label field for your address book and select the amount you want to pay. Then you click send and the casino will receive the bitcoins and your account will be credited with the correct amount.
Withdraw money with Bitcoins
When you want to withdraw your winnings to your Bitcoin Wallet you need to select Bitcoin as withdraw method in the casino and fill in the fields. You need to choose the amount you want to receive and fill in your Bitcoin address. The casino will then send the bitcoins to your Bitcoin wallet.
In order to convert Bitcoins to Euros you need to use the exchange again like you also did with depositing money. Off course you can also keep the Bitcoins in your wallet and use it on other sites.
The future of Bitcoins
There is a lot of attention from the media which has positive effects on the conversion rate of Bitcoins. Some experts expect the value of Bitcoins to increase to thousands of euros. But the big fluctuation in the conversion rate is still a bit problematic.
Bitcoin video slot
Software provider Endorphina produced in July 2015 a video slot with a Bitcoin theme. Satoshi's Secret has bitcoin related symbols and an amazing bonus game where you have to hack passwords to collect awards. These awards can be converted into Bitcoins to keep it away from security forces.
Another feature of this game is to predict the exchange rates of the Euro, US Dollars and British Pounds. Satoshi's Secret is available at all casinos who use Endorphina software.