Bitcoin is everywhere, mate! It is not possible to imagine a digitalised area without it. But what is it?
Bitcoin can be used to invest and to increase its market value. But that is not all Bitcoin does. You may even use Bitcoin and co. to deposit and withdraw at Ozwin Casino, but bloody hell…
What is Bitcoin and Cryptocurrency in General? 🤔
For the first time seen in the wild, Bitcoin appeared in 2009. Since then, it has been the biggest and most known cryptocurrency.
Cryptocurrency is money available online only, meaning no bank or governmental institution included, in lingo; decentralised. Being decentralised, cryptocurrency is available 24/7/365 around the globe. You can send and receive transactions to and from another user in Australia, the States, Asia or Europe; you only need an internet connection and an e-wallet. We’ll cover the latter in another step, explaining in detail what it is and how to use it.
Bitcoin Creation ₿
With money printed easily when needed, the schedule of new bitcoins was predetermined back in 2009. Every four years, the number of new coins created and mined every 10 minutes is cut in half. With 50 new coins at the starting point, we are now at 6.25 coins mined every 10 minutes.
Newer coins created are mined and processed by Bitcoin mining machines. One can imagine it as a game of who presses the button in front of them the fastest. The ones pressing the buttons are the miners. With every press of the button, a random number is generated. The one whose button generates first a number below ten wins. After that, the next round with the same conditions starts.
In the starting days of Bitcoin, it was referred to use a general computer, but nowadays, these mining devices are highly specialised to fit the needs.
Is There More?
Yeah, fair dinkum, there is! While credit and debit cards are still used for purchases, digitalised money is growing with many … and we mean tons … of other cryptocurrencies. Bitcoin’s best runners-up are Bitcoin Cash and LiteCoin. Ethereum is getting more recognition, too, and thus should not be forgotten. As an online casino, it is crystal clear that Ozwin Casino offers its players the most up-to-date payment method to fund their gaming accounts and enjoy their winnings fast.
How Can I Use This Highly Developed Payment Method?
Banks are having a hard time maintaining the given trust at the moment. So, now is the perfect time to use Bitcoin and other cryptocurrencies. Simply set up a Bitcoin wallet such as Exodus. This wallet will then provide you with a private key that must be kept confidential at any point!
This private key gets anyone access to your wallet. The same rule as with passwords or credit card pin codes applies: do not note it down on your phone or computer. Do not take a picture of it! If you need to note it down, don’t let it lay around that others could see.
From this wallet, you would create a public key that allows you to transfer or receive funds from around the globe. Even if you are on vacation, you will have no problems as you access it online, and no bank is involved. With governmental institutions included, they may track the action request coming from. This can cause delays as they may ask for clarification. Not so with Bitcoin.
Your crypto advantage you definitely don’t wanna miss out on, cobber:
- No governmental institutions involved
- You stay anonymous
- Fast transactions
- Secure and unhackable system
- Low to zero transaction fees
- Boosting ‘coin bonuses!
If those advantages aren’t something that punches you off the stool, then we don’t know what will. Maybe your next winning spin on the pokies will?
As we talk about cryptos and stuff, there are many talks about Bitcoin Lightning. Stay tuned and check out the blog, as we might check in on that topic sooner than you think!
Start spinning and winning, cashing out your funds with Bitcoin in zero time!