How do Bitcoins work?
Bitcoins are a digital currency that can be used very similarly to how cash works. Bitcoins are generated by a process called 'mining' by computer programs around the world do complex maths algorithms. There is a finite amount of Bitcoins so eventually all the Bitcoins will be made, so as long as there is demand for the crypto-currency the value should be safe.
You don't have to do the mining yourself, you can just buy existing Bitcoins from an online Bitcoin exchange. The value of a Bitcoin can vary and has seen wild fluctuations, ideally you want to buy at a low price and sell when they are in high demand so you get more cash for each Bitcoin.
Normally, it is best practice to store your Bitcoins in an online wallet, this makes it easier to buy and sell more Bitcoins as well has using it to pay for things online such as depositing your bankroll into an online casino. These wallets are often part of the service provided by online Bitcoin exchanges.
The value of a single Bitcoin is now gone to such a large amount that you will mainly be trading in portions of a Bitcoin. Similar to how dollars is broken down into cents, the same applies with Bitcoins but called 'satoshis' or 'micro-bitcoins'.
Play online slot machines with Bitcoins
Using Bitcoins is very straightforward once you have got your Bitcoin wallet setup. So find a Bitcoin exchange and setup a wallet, once you have done that you can head to the cashier part of your selected online casino that accepts Bitcoin and deposit how much you want.
Online Bitcoin slot machines work the same aas all the other online slot machines, the only real difference is when you come to deposit and withdraw the money. It will be to and frm your online wallet as opposed to your credit card or bank account.
Bitcoin safety concerns
It can be quite daunting if you have not used Bitcoins before, especially when you hear things in the media about servers getting hacked and millions of Bitcoins are stolen. These situations are rare and are not in relation to online casinos.
Using Bitcoins themselves online actually adds a layer of extra security as they are anonymous, so you personal details such as credit card numbers and bank account details are never uploaded to the casino.
Advantages of using Bitcoin on casinos
Bitcoins are anonymous, so you have an extra layer of safety a your payment details will never be uploaded or stored. The is no central bank involved with the transaction process, so there are no banking fees, although there maybe a small fee from either the casino or you online Bitcoin exchange. Although a disadvantage as well as an advantage, the value of a Bitcoin can be volatile, but you may getting a second win if the value of the Bitcoin goes up whilst it is you possession, and if you are lucky enough to win more Bitcoins too.
Disadvantages of using Bitcoin on casinos
Very much like the advantage, the value of the Bitcoin can suddenly drop, which means if you have spent money building up Bitcoins but the value drops then you may have less money, even without gambling anything. Also, much like a real wallet, there is the possibility of it being stolen or hacked, but this is quite rare. The final disadvantage is the that Bitcoin is not widely accepted by casinos, so you may not get to play at your chosen casino.