What is Bitcoin?
Our goal for this page is to build an in-depth bitcoin guide that covers the most important things you need to know about it. We provide you with information about what bitcoin is, how it works and how its used at online casinos.
Bitcoin is a peer-to-peer electronic payment system known as a cryptocurrency. Bitcoin (BTC) was first though of by Satoshi Nakamoto in a white paper first published in 2008 and development on Bitcoin first started in 2009. Bitcoins transactions are distributed over a public ledger called to blockchain. All transactions on the blockchain must be verified through a series of confirmation across multiple computers to certify that the transaction is legitimate. Exactly who Satoshi Nakamoto really is has been the source of much controversy.
How are Bitcoins Created?
Bitcoins are created when a block of blockchain transactions has been verified. High speed computers work to certify that the scrambled transaction data when has been encrypted. Each time a bitcoin transaction takes place some of the data is encrypted and sent to the receiver. In order for a transaction to be valid this layer of encryption must be confirmed through a series of network confirmations. Each transaction contains some data from the previous transactions which were also sent over the same bitcoin blockchain so it is impossible to create fraudulent transactions. A group of multiple transactions is is sent to the blockchain in a "block" and must be certified to validate the bitcoin transactions. When a block is verified a reward of bitcoins is sent to the computer that verified the block as a reward.
What is Bitcoin Mining?
Bitcoins are created by miners who mine them with high speed computers that work to solve encrypted transactions over the blockchain. Read more about how it all in the Bitcoin White Paper on Bitcoin.org.
Bitcoin Slot Machines
Listed below we have provide links to some of the best Bitcoin casinos when you can play slot machine games for a real chance to WIN Bitcoins. Each one of these online casinos accept bitcoin payments and allow you to make cashier withdrawals in BTC.
- Slots LV - $7,500 Bonus
- CryptoSlots - 111% Bonus up to $500
- Bitstarz - €500 Bonus or up to 5 BTC
- Casino Max - $9,000 Bonus over 3 Deposits
- Bovada Casino - $4,500 in BTC
- Cherry Jackpot - $20,0000 in Bonuses over 10 Deposits
- Lucky Creek - $500 Bonus + 20 Free Spins
- Cafe Casino - 500% Bonus up to $5,000 in BTC
- Jackpot Wheel - 200% Match up to $600 in Bitcoin
- Liberty Slots - $777 Free on your first 3 Deposits
- SlotoCash - 200% Match plus 100 Free Spins
- Uptown Aces - $8,888 Bonus + 350 Free Spins
- Lincoln Casino - $5,000 Bonus on your first 5 Deposits
- Slots Capital - Deposit $25 and Play with $125
How do I Buy Bitcoin?
You can buy Bitcoins at any of the major Bitcoin exchanges or on resale sites like Coinbase.com. If you want to play slots with Bitcoin you will first need to get a wallet and purchase BTC before making a deposit with an online casino.
Is Bitcoin Gambling Legal?
Since Bitcoin is relatively new and BTC is not considered a currency or money it is not illegal to gamble with BTC in most places throughout the world. Players should always check their local gambling laws before playing slot machine games with Bitcoins.
Crypto betting has been on a steady rise for the past 6 years. Stay current on the latest Bitcoin/crypto casino site news in the gamblerock bitcoin gambling forum There you'll read the day's discussions ranging from reviews of famous crypto casino sites to Bitcoin trading BTC/USD on the cryptocurrency exchanges.