Bitcoin

What Is Bitcoin?

Bitcoin is what is referred to as a cryptocurrency, or better understood as a virtual or digital currency. The thing with digital currency is that unlike traditional forms of money it can’t be printed or even felt, it exists only online through a series of unique numbers and advanced databases.

To better understand what we are talking about, think of a single Bitcoin as an arcade token, each token has its own unique number, kind of like the ID number we have to identify who we are. These “ID Numbers” are then kept safe in databases on computers all over the world. When it comes time to buying, selling, or trading your Bitcoin, a technology known as blockchain will then ensure that the Bitcoin is transferred from one database to another, this is how crypto manages to exist without the need for traditional bank intervention.

The origin of Bitcoin is unclear, but what we do know is that it is said to have been created as far back as 2008 by an unknown person or group of people under the name of Satoshi Nakamoto. Since its inception, Bitcoin has quickly grown in popularity, and as a result, adopted the title as the very first openly used cryptocurrency. Many actually say that Bitcoin was the sole driving force behind the explosive entry of cryptocurrency into the modern-day financial world.

How Does Bitcoin Work?

As briefly mentioned, not only Bitcoin but all Cryptocurrencies work slightly differently from the conventional forms of financial payment you would have come to know of. With Bitcoin, everything is managed across those vast networks of computers we mentioned, known as a blockchain. Blockchain is actually the real innovation behind the success of cryptocurrencies, simply because it is thanks to this piece of tech that digital currencies can be recorded and distributed without the need for a bank’s help.

Bitcoin is bought, managed, traded in what is known as a CryptoWallet, or virtual wallet. There are hundreds of CryptoWallets available, all of which carry with them their own unique advantages and disadvantages, so it’s not to say that one is better than the other, it really just depends on your needs and preferences.

When it comes time to purchasing Bitcoin all one would need to do is simply login to their CryptoWallet and purchase using one of the available payment methods, because one Bitcoin is extremely expensive, most people only purchase a percentage or portion of one.

Similarly, when you are looking to send or sell your Bitcoin, all you need to do is log into your CryptoWallet, you can then either enter the unique address you would like to send to or alternatively pay seamlessly using the built-in QR code reader.

Pro’s Of Using Bitcoin

• No Banking fee’s – Because Bitcoin makes use of its own technology in the form of blockchain there is absolutely no additional bank fees or charges.
• No need for credit cards – Thanks to the use of your CryptoWallet, making use of Bitcoin requires no need for any type of banking cards, credit or debit.
• Seamless Integration – Because Bitcoin integrates directly from your CryptoWallet to the payment solution loaded by the casino, the entire process requires no sensitive information, or drawn out login processes, the entire transaction process is completely seamless and incredibly fast
• Safe & Secure – The encryption techniques and blockchain technology that Bitcoin uses to transfer and store virtual currency are extremely safe and secure. This makes depositing into an online casino using Bitcoin one of the safest payment methods around.
• Trading advantages – Crypto is not just a virtual currency that you can make payments using, it is a currency which is constantly being traded. For this reason the Bitcoin value you buy is constantly changing, so you can make more depending on the market. Additionally, you can also sell your Bitcoin for cash, you can buy online, and even transfer Bitcoin to someone you know.
• Free to start – Getting started with your very first CryptoWallet is completely free, no setup fees required

Cons Of Using Bitcoin

• Cryptocurrency is not available everywhere – Because the use of Cryptocurrency is still slowly being adopted into our everyday financial system it may not be available at all Online casinos you may wish to deposit with.
• Market volatility – Bitcoin is a currency which is constantly being traded on the market, therefore its value is continuously changing everyday. There is the chance that your Bitcoin may be worth less, or more, than it was yesterday
• Forgotten Password – Because Bitcoin is housed completely online, if you happen to loss or forget your password to access your Bitcoin they cannot be retrieved.
• Hacking & Scams – Like most things, Bitcoin is subject and susceptible to any form of online hacking or potential scams, the technology is fairly new and therefore constantly being developed, this does leave it somewhat vulnerable to potential threats.

Getting Started With Bitcoin

Before you can start depositing at an online casino using Bitcoin, you of course first need to get yourself some Bitcoin. To help you on the way we have compiled a very quick and easy few steps showing you exactly how you can go about acquiring your very first portion of Bitcoin.

Step 1:

You are going to need to sign up for what is known as a CryptoWallet. Your CryptoWallet is essentially the virtual wallet that will then allow you to not just buy, but sell, and pay using Bitcoin. CryptoWallets are free and accessible using all major devices and operating systems.

There are hundreds of great CryptoWallets available, all of which carry their own unique functions and features, the choice of which wallet you have depends entirely on your needs. Choosing the right CryptoWallet may seem like a daunting task, so we recommend the best place to start when looking for the right CryptoWallet is the Bitcoin website.

Bitcoin has laid out some pretty amazing functions that allow you to filter through the various CryptoWallets using criteria that best align to your specific needs and preferences, these include things such as, the device you will be using, the operating system, the level of control you would like, your level of experience, and the security features you may need.

Step 2:

Now that you have chosen your CryptoWallet, it is time to load your wallet with funds. For this step of the process, we recommend that you load the app of the CryptoWallet you have chosen onto your tablet or mobile device. When it comes time to deposit with an online casino of your choice, your mobile device will then help to make the process much simpler.

Loading funds onto your CryptoWallet is easy and can be done using either Instant EFT or Bank transfer, depending on the crypto wallet you may have the deposit methods may differ slightly. For our example, we are using Luno as our chosen CryptoWallet

Go ahead and select deposit, then proceed by entering the amount you would like to deposit

Step 3:

So you now have your CryptoWallet and you have successfully loaded it with funds, great! We can now go and purchase our Bitcoin. To do this, simply go into your CryptoWallet and select “buy”, the app will then ask you which crypto you would like to purchase, go ahead and select “Bitcoin”. You will then need to select your ZAR wallet as the payment source ( this is the source you loaded with funds in step 2).

Select the amount of Bitcoin that you would like to purchase in ZAR, the app will then tell you the amount of Bitcoin that this amount will get you, and then select “Next”.

Congratulations! You have just bought your first portion of cryptocurrency. You will receive a confirmation email of your purchase, and your Bitcoin will now be reflected in your CryptoWallet. You will be able to view this whenever you want to see how it is doing.

How To Make A Casino Deposit Online Using Bitcoin?

So at this stage, you should have not only been successful in setting up your very first CryptoWallet but also managed to purchase your very first portion of Bitcoin, congratulations! Welcome to the future of online transactions.

To help make the Bitcoin deposit process extra simple, we have created both a step-by-step video tutorial, as well as an easy-to-follow written guide to help get you started.

Getting your CryptoWallet deposit ready:

There are a few small tricks regarding Bitcoin deposits that most people don’t know about, but they will definitely help make the entire experience that much easier. So to help eliminate tons of frustration and wasted time we have compiled a quick to-do-list for you to complete before getting started:

• Make sure that you have your phone on hand, you will need this to make your deposit
• Make sure that your phone is connected of course to the internet
• Make sure your CryptoWallet app is installed on your phone
• Ensure you have purchased a sufficient amount of Bitcoin to be able to deposit
• In order to deposit using Bitcoin, your CryptoWallet needs to have the “send” feature enabled. To do this simply login to the CryptoWallet and click the “Send” option, the app will then ask if you would like to enable this feature and you will then confirm “yes”
• It takes up to 24hrs for this feature to be enabled, so make sure that you do this a day or two prior to making your deposit at the online casino you may have chosen.

Step 1:

Now that you have your CryptoWallet setup to send Bitcoin, you’ll need to find out which online casinos actually accept Bitcoin deposits, you can do this by visiting our handy Bitcoin section for guidance.

Once you have the casino you would like to deposit with, you can now either login to your players account if you have already registered with that casino in the past, or alternatively, you can go ahead and create your brand new players profile to get started. We will be using Punt Casino for this tutorial

Step 2:

Once you have logged into your player account navigate your way to the top right hand of your screen where you will be able to select “Cashier”, this will bring up all the various deposit payment methods available to you, scroll down until you find Bitcoin and click on it to start the deposit process.

Step 3:

Next, you will need to enter the amount that you would like to deposit, now the min and max amount to deposit do differ from casino to casino, so just make sure to find this out beforehand otherwise the deposit will fail. When it comes to Punt Casino the min deposit amount using Bitcoin is R100, and the maximum is R100,000. Go ahead and enter your amount and click “Next”

Step 4:

It is now time to get your mobile phone handy so that we can actually make our deposit. On your phone navigate to your recently downloaded CryptoWallet, as mentioned we are using Luno, Login to your app. Once you have logged in, navigate to the “send” button located in the menu bar, click on “send” and you should now be redirected to a screen that will ask who you would like to send Bitcoin to.

When it comes to actually sending Bitcoin this can be done in two ways, you can either make use of the built-in QR code reader, which you will find in the top right-hand corner, or alternatively, you can enter the unique Bitcoin ID located on the casino deposit page, into the “send to” bar. Personally, we love the simplicity of the QR code reader.

With your CryptoWallet still open on your phone, head back to the casino page, here you should see 2 things, firstly a unique QR code, and secondly the specific Bitcoin address of the casino. At this stage, you can either use your phone to scan the QR code displayed on-screen, or alternatively you can simply enter the Bitcoin address into your CryptoWallet bar.

Step 5:

In the final step of the process, your CryptoWallet app will ask you how much you would like to deposit, it will also ask if you’d like to add a reference, go ahead and enter the same amount and confirm the purchase.

Depending on what wallet you are using you will normally be sent an SMS to authorise the payment, once you authorise the payment the casino will process your payment. 

Most transactions will be credited to your account within 10 minutes of submission. But this timeframe can vary depending on the Casino.

Popular Bitcoin FAQ’s