What is Bitcoin?
If you are visiting our website in the hope of finally getting your head around what Bitcoins are and how they work in relation to online poker sites and casinos then you have come to the right place! Below is a quick glance guide which will answer that often asked question, what is Bitcoin?
Bitcoin is quite simply a virtual or digital currency, it is not backed by any bank, government or precious metal, however that can often put a lot of people instantly off using it as they may feel it is somehow a worthless currency and not one they would consider using.
However nothing is further than the truth, as being a digital currency it offers a much higher level of security than banks for example or even governments as the recent financial downturn has proven neither of these two institutions are impervious to a meltdown.
Neither are precious metals such as gold or silver as their respective values are always going up and down minute on minute! When you are interested in using Bitcoin you first need to download a Bitcoin Wallet onto your computer, this is where all of your Bitcoins are safely and completely securely stored and as such you can transfer them online and instantly 24 hours a day to anywhere accepting them, such as all of our Bitcoin Poker and Bitcoin Casino sites. You can also register at an online wallet, but be sure to choose a reputable one such as Blockchain.info.
You will of course first need to purchase some Bitcoins to fund your Bitcoin Wallet and once again this is a fairly straight forward yet highly secure process, you simply need to visit any one of many different Bitcoin Trading Exchanges. Our top recommendation for Bitcoin exchanges is Bitstamp. Bitstamp.net is fast, secure and with low fees. Once you have purchased your desired amount of bitcoins at your chosen Bitcoin exchange, you can easily transfer this amount out of the exchange to your newly created Bitcoin address in your bitcoin wallet. It is not recommended to hold significant amounts in an exchange, so transfer the bitcoin funds over to your wallet at your earliest convenience for safety and practical reasons.
You can purchase Bitcoins using one of many different methods and by using many different currencies. It is even possible to purchase bitcoins in almost any local currency via a popular exchange called LocalBitcoins.com. Once purchased they can be sent instantly and in real time to your Bitcoin Wallet. Once you have purchased your Bitcoins you are free to use them whenever you choose in complete safety and more importantly anonymously.
At any time you can turn your Bitcoins into physically currencies by simply revisiting any Bitcoin Exchange where you can sell them for any currency you so desire, and as such if you have had a winning session playing Poker or Casino games and want to turn your Bitcoins into cold hard cash this is a very straight forward instant procedure.
Playing Poker Using Bitcoins
It should be noted that when you are playing at a Bitcoin accepting online Poker site you will not be playing in the Bitcoin currency, instead when you fund your Poker room account using your Bitcoin Wallet the Poker site at which you are playing at will convert them into the base currency of your Poker room account.
When you initially set up an online Poker site account at any of our Bitcoin Poker sites you will be given the option of choosing one of many base currencies at which you will then be playing all of their respective Poker games and Poker Tournaments with.
The exchange rate you will get for exchanging your Bitcoins into the currency you have opted to set your Poker site account too is always clearly displayed on the respective Poker sites banking interface so you will always be able to instantly see if you are getting a good deal or not, as the case may be!
Playing Casino Games Using Bitcoins
The procedure for playing online and mobile casino games when you are using your Bitcoin Wallet is identical to the above Bitcoin Poker sites and as such your Bitcoins are always exchanged to your base currency and whenever you make a withdrawal you can of course request your winnings are sent back to your Bitcoin Wallet.