ABOUT BTC

WHAT IS BITCOIN?

Bitcoin or BTC is the first virtual currency ever created. This cryptocurrency exists only in the Internet space and is used for digital payments. Similar to fiat money, people can purchase, trade, and sell Bitcoin using special online services. BTC transactions run on the decentralized blockchain network.

BRIEF HISTORY OF BITCOIN

Bitcoin made its debut in 2009. Satoshi Nakomoto is the acknowledged inventor of Bitcoin. It is still unknown whether Nakomoto is a real name or pseudonym. Satoshi started writing code for the first digital currency following the global economic crisis in 2008.

Nakomoto’s goal was to create an alternative payment solution without third-party intermediaries. He wanted to produce an asset with immunity to volatility and inflation. Satoshi hoped that cryptocurrency would become a great replacement for paper banknotes and metal coins.

HOW BITCOIN IS DIFFERENT FROM TRADITIONAL MONEY

The primary difference between Bitcoin and physical money is that you can’t actually hold it in your hands. In contrast to fiat money and coins made of metal, Bitcoin is a kind of coinage that exists on the World Wide Web only.

Bitcoin is totally decentralized. It is the first successful example of a cryptocurrency that remains the focus of media attention even now. Bitcoin holds leading positions in the fast-evolving digital money movement.

WHAT IS BITCOIN MINING?

Bitcoin is produced in the process of mining. Bitcoin mining indeed resembles an excavation procedure, but it occurs in the virtual space. Bitcoin is the data block created by coders through special software and a multi-stage programming process. That is what BTC mining means.

Bitcoin miners are specialists who solve complicated computerized puzzles to dig up a new block and create new coins. Newly generated BTC blocks are then added to the blockchain network. No need to say that to become a Bitcoin miner, a person must have a solid background in coding and strong analytical and mathematical skills.

HOW TO GET STARTED WITH BITCOIN

A lot of people mistakenly think that using Bitcoin requires fundamental knowledge and mastery. It is not so! You don’t need to be Einstein to figure out what Bitcoin is and how to start with it. Buying your first BTC is easier than you think. Just follow these instructions:

  • Open a digital wallet. – Just like with traditional money, you will need a wallet to store your Bitcoins. There are many services to pick out from. The most popular and trusted are Coinbase, Copay, and Coinjar.
  • Purchase some Bitcoins. – Now, when you have a wallet, it’s time to buy cryptocurrency. You can do it simply by connecting your credit card or bank account to the Bitcoin wallet. You may also buy Bitcoin with PayPal.
  • Join an exchange service. – The brilliance of Bitcoin is that you may convert it into another currency. Use proven online exchange platforms, like Kraken or Bitfinex. You may also check the current value of BTC using an online Bitcoin calculator and a Bitcoin converter.

ADVANTAGES OF BITCOIN FOR CASINO PLAYERS

So, why use Bitcoin in online gambling? Playing with BTC gives crypto casino gamblers multiple privileges compared to any other currencies.

Powerful Security

Blockchain network guarantees 100% safe and secure financial transactions. Users only need to provide a one-off key to complete payment via a ledger system. This peer-to-peer protocol shields Bitcoin transactions from fraud and hacker attacks. No other alternative payment method will compete with cryptocurrency in terms of security.

Lightning Speed

Traditional types of transfers often suffer from delays and aren’t protected from human error. The blockchain network allows fast and automated processing of payments. BTC transfers from any part of the globe take no more than 10 minutes. Neither a bank with its slow-going processing nor the human factor will prevent you from making a payment as fast as possible.

Total Anonymity

A lot of people have concerns about revealing their bank and credit card details on different Internet sites. It is understandable as nobody knows how these sites store your confidential data. Bitcoin transactions run without any intermediaries, allowing gamblers to keep their anonymity. They only require a unique code known to a sender and a receiver.

Smaller Fees

You will unlikely enjoy paying a fee for money transfers even when it is relatively low. One of the main distinctive features of Bitcoin is zero-fee transactions. You don’t need to pay any commission to banks. You may only pay a fee voluntarily to speed up the processing time. Even in this case, it is much lower than wire transfers or other online payment systems.

High Liquidity

Liquidity is one of the key factors that define whether an asset is stable or not. That’s where Bitcoin wins over fiat currencies. There is always a demand for Bitcoin. The vivid proof is multiple trading and exchange services that appear on the market. Thus, you can always monitor the value of BTC to buy or exchange it at the most favorable price.

Full Control over Your Finances

Since every bank has an owner, you and your funds become dependent on someone else’s interests. If your bank goes bankrupt one day, you risk losing all your fortune. In contrast, Bitcoin is independent. Cryptocurrency doesn’t belong to banking establishments and authorities. You are the one who takes overall control over your finances.

HOW TO PLAY CASINO GAMES WITH BITCOIN

At 7BitCasino, you may deposit, bet, and cash out your winnings with Bitcoin. You may even replenish your balance when you are away from your PC. Just install a Bitcoin wallet app on your mobile device. Select games to your liking from our rich online BTC games collection:

Our players may count on Bitcoin casino bonuses to make their gaming experience outstanding. We also have a VIP club that gives additional privileges to 7BitCasino members. In case you have some questions about Bitcoin gambling, you may contact our 24/7 customer support team.

MYTHS ABOUT BITCOIN

Numerous bizarre myths surround Bitcoin since its appearance. We want to shed light on what is true or false.

Bitcoin is a tool to launder money

FALSE! Is Bitcoin legal? It is the No.1 question that worries people. Bitcoin is legal in most parts of the globe. It’s a myth that BTC is used by criminal organizations to launder money. Many global giants (including Microsoft) render cryptocurrency solutions to customers.

Bitcoin can ‘die’ any moment

FALSE! The modern world is so fast-changing that it’s hard to forecast anything. The COVID pandemic in 2020 almost crashed the global economy. Some international banks even went bankrupt. In contrast, Bitcoin has proved its stable position even in the darkest period.

Bitcoin and blockchain is the same thing

FALSE! When Bitcoin first stepped into the global arena, people mistakenly considered blockchain a second name for BTC. In reality, blockchain operates as a bridge between digital nodes to deliver cryptocurrency from sellers to buyers.

People can’t buy stuff with Bitcoin

FALSE! People can pay for food, clothes, and services with cryptocurrency. Many global industries integrate Bitcoin solutions: tourism, software manufacturing, food & beverage companies, and, of course, online gambling.

BITCOIN FAQ

What is Bitcoin and how does it work?

Bitcoin is a cryptocurrency that exists only in the virtual space. BTC transactions are processed via a decentralized blockchain network.

Where to buy Bitcoin?

You may purchase Bitcoin on special online trading services. There are many options available on the market. Just find the one fitting your criteria.

Is Bitcoin safe?

Yes, Bitcoin is wholly safe. The independent peer-to-peer network protects BTC operations from information leaks and hacking.

Can I buy a part of Bitcoin?

Yes! Bitcoin consists of encoded data blocks. You don’t have to buy an entire unit. Instead, you can split it like a bar of gold and purchase only a part of the Bitcoin block, depending on your budget.

What is a Bitcoin miner?

Bitcoin miners are coders that apply special software and a multi-stage programming process to produce new coins. This process is called Bitcoin mining.

What is the best Bitcoin wallet?

It is essential to choose trusted and time-tested crypto wallets for storing your Bitcoins. The popular e-wallets are Coinbase, Copay, and Exodus.

What is the best Bitcoin exchange?

The best Bitcoin exchange services are Kraken, Gemini, Bitfinex, and Bitstamp.

What is my Bitcoin address?

A Bitcoin wallet address is a combination of 34 characters. You need this address to manage operations with BTC.

Can I convert Bitcoin into other currencies?

Sure! You may convert Bitcoin into any other currency with the help of online Bitcoin converter tools. Just monitor the Bitcoin value to exchange your cryptocurrency at the most favorable price.

What is the price of Bitcoin?

The value of Bitcoin varies. When Elon Musk said that BTC is a “good thing,” the value of cryptocurrency significantly increased. You can always check the current price of Bitcoin on our site.

What is Bitcoin used for?

You may use Bitcoin for buying food and stuff, paying for different services, and online gambling.

How to cash out Bitcoin?

Go to the balance page of your casino account. Select BTC in the currency field and link your digital wallet address. Specify the amount you want to withdraw, and confirm the payout request.

What is the confirmation time for Bitcoin?

The processing time of Bitcoin transactions takes around ten minutes.

Is it legal to use Bitcoin for online gambling?

Yes, online gambling with Bitcoin is legal. It gives proven benefits to residents of the USA, as they often have to deal with restrictions on traditional gambling in local casinos.

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