There’s a pretty good chance you’ve already heard about the digital cash revolution, known as cryptocurrency. The buzz on Bitcoin is at an all-time high, and while some of these alternative digital currencies are definitely fads, others are here to stay. Today, almost 50% of all cryptocurrency transactions involve Bitcoin and this virtual form of cash is slowly but surely leading us into a financial revolution. Alternative money is paving the way into the future and the iGaming market is at the forefront of this transition. Like many casinos, Jackpot Capital is accepting deposits in Bitcoin, so if you’re not fully informed on what all the hype is about, be sure to check out our Top 5 Bitcoin Facts!
So, you think you know Bitcoin? Maybe not, perhaps you’re a total crypto novice, but not to worry - We’ve got you covered when it comes to making a Bitcoin deposit at Jackpot Capital, or if you want to advance your knowledge on this ever-thriving industry. The intangible digital currencies take place only in electronic form, using the Blockchain technology. These currencies can be for use of a specific service or product, or, for general use, such as with Bitcoin and Bitcoin Cash. Check out our Gaming with Bitcoin post for more specific instructions. For now, let’s indulge in some juicy Bitcoin facts!
Let’s start with the basics. A lot of the confusion surrounding cryptocurrencies is caused by a lack of understanding of how they were made. Bitcoin operate on an open source network, which is used by people who mine (or generate) them. Each miner is basically a server helping the network by verifying transactions and in doing so, is rewarded with Bitcoin. This system provides a way to exchange tokens of value online without having to rely on a centralised intermediary, like a bank.
You now might understand how BTC are made, but you might still not grasp how they are valued. The price of Bitcoin is based on a supply and demand model and like all currencies, digital or not, there is a finite amount of BTC, and that amount is 21 million. All Bitcoin are expected to be in use by 2140, which really goes to show that this is the money of the future.
Make that 21 million, minus 150…
When you install a bitcoin wallet on your computer, several important files are placed on the hard disk, including a data file containing a private key generated by the user, associated with the wallet address. This file sits in a folder that you should always make a backup of, on paper. Otherwise you risk losing everything you earned, like one unfortunate man from the UK, who lost $67,000 USD worth of Bitcoin when he upgraded his computer and accidentally trashed his old hard drive, during an apartment move. This unlucky chap accumulated 150 BTC, which were then worth only $11 USD back when he mined them.
What was then worth $1.3 million, today is worth... over $47 Million.
This man known as ‘Nakowa’ gave himself a title which no other person on earth may claim; he won the most BTC ever through an online gambling site! Without revealing the exact website, we can hint that this man was playing various Dice games on a European-based site, where he initially was on a losing streak. Not for long, apparently. Now, he’s worth a fortune!
While much of the world is embracing this amazing financial phenomenon, some countries do not favor it so highly. At this point in writing, Bitcoin is Illegal in Saudi Arabia, Bolivia, Kyrgyzstan, Ecuador, Morocco, Nepal, Algeria and Bangladesh. But, with rapid change in the industry, this may likely change. Additionally, lucky for you, Bitcoin is totally legal at Jackpot Capital, so why not check out this new deposit method and try it out for yourself; keep reading for more!
In accordance with keeping up our reputation as fast, flexible, and diverse we’ve made it possible for you to conveniently add funds to your account, using Bitcoin or Bitcoin Cash - the leading virtual currency. This allows players to make transactions with the site much easier than ever before - with Bitcoin, the transaction time for deposits is almost instant, with a $10 minimum deposit amount.
In order to make a deposit with Bitcoin, you’ll have to create your Bitcoin wallet first. Make sure you use a trusted site, like Blockchain.com. Crypto can be bought at Bitcoin ATMs, via e-wallets, or on exchange sites. You can also always try mining! Once your e-wallet is set up, follow our instructions and get ready to play! Easy peasy, right? Next head over to the reels of your favorite slot and test your luck!
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