HOW TO BUY AND USE BITCOINS

BITCOIN OVERVIEW

Bitcoin (BTC) is a digital crypto-currency released back in 2009 which later reached the mainstream currency market around 2011. Bitcoin is a decentralized currency, this means the use of Bitcoin does not require third party services from banks or other financial institutions in order to manage the money. No bank, central authority or government interferes with your Bitcoin profits. The Bitcoin network is public to the world and operated only by those who use it.

People who own Bitcoins interact directly with others who own this form of currency, this includes businesses known to accept the currency. Let’s say you found a clothing store with nice stuff and the store confirms they accept Bitcoins. You can purchase what you want and be charged what the price tag says ignoring additional bank fees since the 2–3% credit card processing fee for using a credit or debit card does not apply. Remember, banks are the ones who offer credit or debit cards. So, if you use Bitcoins you can say goodbye to unnecessary banking fees.

As of 2014, tens of thousands of businesses across the globe accept bitcoins. This includes some of the largest online retailers worldwide, such as multinational computer company Dell and online furniture retailer Overstock.com which are two of the biggest companies currently accepting bitcoins for purchases. Other companies accepting Bitcoin are Expedia, MGM Resorts International, Subway, Quiznos, Burger King, Lamborghini Newport Beach, Land Rover Redwood City, AMC Theatres, NBA Sacramento Kings, NASCAR, WordPress, Timberland, Victoria's Secret and the list goes on.

HOW TO BUY AND USE BITCOINS

Bitcoins can be managed using a computer, tablet or mobile phone device. The first step to get started is creating an online wallet where you can store Bitcoins. The internet offers several online wallet services to choose from. Among the top 5 most solicited are Coinbase, Blockchain, GreenAddress.it, MyCelium and Armory. Below are the URLs for each option mentioned so you can take a look and choose the best option based on your own preference.

  • https://www.coinbase.com/signup
  • https://blockchain.info/wallet
  • https://greenaddress.it/en/
  • https://mycelium.com/index.html
  • https://www.bitcoinarmory.com/

There are different ways to acquire bitcoins, a direct purchase is among the easiest methods to start funding your online wallet. This is done throughout trusted online bitcoin exchange services. However, there are other options you may consider as well which allow you to purchase bitcoins such as the following below:

  • LocalBitcoins.com - Find people near you who are willing to sell bitcoins face to face.
  • Physical Bitcoin exchanges - Find your local and most secure bitcoin exchanges.
  • BTCXE - Secure Bitcoin online exchange transactions offering 28 different fiat currencies to choose from.

Once you already have a Bitcoin online wallet and an available balance, you can finally move on to making a purchase. Bitcoin transactions are pretty straight forward and simple. When you purchase anything online or at a physical store that accepts Bitcoin, you will be given a “Bitcoin Address” to send the bitcoins to. The Bitcoin address in question is how a Bitcoin wallet is identified, all active Bitcoin users are assigned with a unique “Bitcoin Address” for each online wallet created. All you need to do is access your online wallet and send the desired amount to the address provided.

To deposit Bitcoins in your Betbit Casino account, simply send the amount of your deposit to the “Bitcoin Address” listed on our Cashier page and the deposit will show up in a matter of just a few minutes.