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Bitcoin is one of many digital currencies, but has become the most well known as it was the first, and is currently the biggest and most valuable. This new breed of digital currency is known as cryptocurrency. It is entirely digital and there are no physical notes or coins. There is also no central authority, reserve bank or government behind cryptocurrencies and it is controlled entirely by the public through a decentralized peer-to- peer (P2P) network.
HOW DOES BITCOIN WORK?
It is important to understand the underlying principles and technology of cryptocurrencies first. Conventional technology has always focused on storing and / or processing data through central servers, with an organization responsible for this infrastructure and maintaining its security. However, as history has proven, and almost every day, these existing systems are being attacked, hacked and data is compromised or stolen. These traditional payment solutions are also expensive.
Bitcoin is built with a technology called blockchain which challenges this conventional wisdom and uses a public ledger that records every transaction. This public ledger is available to anyone within the network. Now, logic says this would be less secure, however because the complete blockchain sits on thousands of computers around the globe, each time a transaction takes place, it gets verified and updates across every node, plus each transaction is encrypted using a complex algorithm i.e. cryptography, hence the name Cryptocurrency. In order for the integrity of the data to be compromised, hackers would have to compromise multiple nodes and the encryption simultaneously with precision timing. This approach to securing data makes this type of technology far more secure than conventional systems, faster and cheaper, and virtually impossible to hack.
WHY IS BITCOIN VALUABLE?
The reason that Bitcoin is valuable is a combination of the limited supply (21 million), high demand, excellent security and most importantly, the ability to move value (transact) across the world, anonymously, direct to someone without the need of intermediaries, such banks, governments or authorities. The Internet, and transacting over the Internet securely has become an integral part of our lives and now, cryptocurrencies are making all of this possible faster, cheaper and more securely.
WHERE TO BUY AND SELL BITCOINS?
Bitcoins can be bought through cryptocurrency exchanges. These exchanges convert your fiat currency (USD, Euro, GBP, etc.) into digital currency like Bitcoin. You will also need a digital wallet to store your cryptocurrency, however many exchanges offer you a free wallet, either accessible via their website or as an App for your phone.
|Jaxx||Jaxx is a simple tool for you to use to hold, control, and trade your Bitcoin, You can start using Jaxx immediately, for free, without having to register or sign up for any service. The Jaxx wallet gives you complete control of your 'private keys', which you can use with any other cryptocurrency wallet or software. You can access your Jaxx wallet on any of the platforms we support. For instance, changes you make in Jaxx in our iPhone app will be visible the next time you open Jaxx on your desktop or laptop, simply by pairing your devices one-time with the Jaxx 12-word backup phrase.|
Disclaimer: Before you start using Bitcoin, be sure to read what you need to know about the wallet option of your choice and take appropriate steps to secure your wallet and adopt good practices in order to protect your money.
|Cubits||Cubits is a UK based company that offers you the ability to buy and sell, plus they also offer The Cubits Wallet to securely store your currency and make payments and transfers.|
|Coinbase||Coinbase is a well-known exchange from the USA, that also offers a comprehensive buying and selling platform, plus a wallet.|
Disclaimer: The provided information does not construe investment advice and is for informational purposes only. Be sure to understand the volatility of cryptocurrencies and how to store and secure your cryptocurrencies.
A STEP BY STEP GUIDE TO USING BITCOIN WITH YOUR SLOTPOWER ACCOUNT
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- Click on the button “PAY WITH BITCOIN WALLET”. You will see the amount of regular currency you wish to deposit and the amount due in BTC (Bitcoins).
- Copy the 'Send to' address displayed and paste to the 'send' section in your wallet
- Copy the exact BTC amount to send and paste it to the amount to send in your Bitcoin wallet.
- Press 'Send' in your Bitcoin wallet.
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Please allow 10 to 15 minutes for the transaction to complete and your casino account balance to update.