Bitcoin Bonuses & Welcome Packages
Bitcoin casinos can offer much larger bonuses, as without major banks involved – their financial transaction costs are basically zero. Aside from that, their bonuses mostly work in the same way as other online casinos do. We picked out some of the best for you to compare, below:
How Bitcoin Works
Bitcoin was born out of the desire to make a payment system free from third party interference between the people who transact – these third parties are banks or debit card companies. With traditional currencies, banks hold onto an electronic ledger of all their customer’s funds and if you want to move money somewhere else – you (or your bank or debit card supplier) have to contact both banks and get them to update their respective books. On each end, there is the opportunity for delays and fees; or possibly even corruption, bankruptcy or worse. With Bitcoin, the ledger is shared as a copy between hundreds or thousands of users and is automatically updated when a transaction occurs. This eliminates the need to go to a bank, government or other third party to make the transfer and ensures it will always remain free (or very close to that). Smart readers may have noticed the problem here – if everyone has their own copy of the ledger, won’t everyone be able to see each other’s details? Well, yes and no. You can see lots of accounts, but no names. All you actually get is a long number – the encrypted key to your bitcoin wallet. This number is also used to generate other key numbers when you make a transaction, to guarantee that it actually came from your wallet. Obviously this is quite reductive, but if you want to learn more about how it works before you invest (or are just curious) there are plenty of educational videos online you can watch!
Best Places to Buy BTC
There’s a lot of choice out there when it comes to buying Bitcoins. Some of the things you may want to think about before making a choice are security, reputation, locality (some banks will blacklist foreign bitcoin exchanges) and how anonymous you want to be. Three BTC exchanges we looked at were:
- Bit Panda
- LUNO
Best Wallets to Store Your Bitcoins
Similarly there are a lot of bitcoin wallets to choose from to. Do you want to use the same company you bought them from, to save time and keep all your info in one place? Again, focus on security, reputation and anonymity. Several bitcoin wallet sites have been hacked in the past, so keep an eye out for top level security features such as triple factor authentication and other technical wizardry. Some reputable bitcoin wallets we found were:
