All About Crypto: How to Use Bitcoin

There’s a lot of talks these days about digital assets – think of NFTs (Non-Fungible Tokens), where an NBA Top Shot video clip of a LeBron James dunk can be turned into a unique collector’s item that recently sold for over $200,000. The technology that makes NFTs possible is also the reason we have Bitcoin today. Cryptocurrency is a digital asset, too, and it’s easily the best currency for making deposits and withdrawals online, including right here at Slots.lv.

If you’ve been avoiding the “crypto space” because it seems too complicated, you’re not alone. But just like any other type of money, you don’t need to know everything about how Bitcoin works in order to use it. Our latest guide will show you how easy it is to join Slots.lv and deposit with Bitcoin; we’ll also go over the very basic elements behind cryptocurrency, to give you a better idea of what makes Bitcoin so useful.

 

A Brief History of Bitcoin

Where would civilization be today without trade? The human race is built on the exchange of goods and services – either somebody gives you the things you need, or you trade for them. Back in the day, if you were a chicken farmer in need of a goat, you might trade 20 hens for it. Eventually, they came up with the money to help make these exchanges easier and more secure. Now most of us work for money instead of living off the land, then we buy what we need.

Today’s currencies haven’t changed much since they were introduced thousands of years ago: It’s still slabs of metal and pieces of paper. But thanks to the internet, we can do better than that. Bitcoin was released in 2009 as part of a larger computer program designed for digital trading; it lets people exchange goods and services quickly and securely, without the need for banks or government agencies. Other cryptocurrencies would follow, including Bitcoin Cash, which was launched in 2017 and uses an upgraded version of the same program that’s behind Bitcoin. You can use both versions at Slots.lv.

 

What You Can Do With Cryptocurrency

Using cryptocurrency is exactly the same as using any other form of currency – as long as the buyers and sellers both accept this medium of exchange. For example, you could go online right now and use Bitcoin to buy one of those NBA Top Shots, or maybe a Tesla. Or you could simply purchase some Bitcoin as an investment, as many people have done.

The most useful purpose for Bitcoin today is moving money from one place to another. Because it’s digital, and you don’t have to worry about paying extra banking fees, cryptocurrencies let you make fast transactions for very little cost. You also don’t have to worry about your credit card provider getting cold feet when it comes to online gaming. Most importantly, because all Bitcoin transactions are on public record, your deposits and withdrawals will be more secure than ever before.

 

What Is a Blockchain?

If you’re a person of a certain age, you might remember those giant ledger books that bankers would use to record their transactions. A lot of this work is done on computers now, but keeping a ledger is still absolutely vital when it comes to doing business. Bitcoin has a ledger, too, a digital one called a blockchain. Every time a transaction is made, the details are recorded as a block of information, which is linked to the blocks that come before and after it – thus the blockchain.

Once a transaction has been entered into the blockchain, it can’t be altered, just like those LeBron James NFTs can’t be altered. Again, you don’t need a banker or the government to intervene and make sure everything’s in order; this is why Bitcoin transactions are both fast and secure at the same time, with much lower fees than other methods.

 

How to Deposit With Cryptocurrency

Slots.lv has been part of the Bitcoin casino scene from Day 1. We’ve made it as easy as possible for you to use cryptocurrency on our website, but before you do, you have to make sure you’ve got all the tools you need. Start by downloading a Bitcoin wallet, which you’ll use in much the same way as a standard wallet. Then, sign up for an account at a registered cryptocurrency exchange. Use your debit card to move funds from your bank to the exchange, convert them into Bitcoin (or Bitcoin Cash), then use your Bitcoin wallet to move those funds from the exchange into your Slots.lv account.

By the way, if this will be your first time making a deposit with us, don’t forget to claim your Slots.lv Bitcoin Welcome Bonus. We’ll match that deposit by 300%, for up to $1,500 in free bonus cash; then, we’ll match each of your next eight Bitcoin deposits by 150%, for up to $750 each. Keep an eye out as well for all the other generous Bitcoin bonuses you can collect while you play.

 

Different Crypto Methods at Slots.lv

At press time, all the crypto casino action at Slots.lv is done using Bitcoin or Bitcoin Cash only. Other forms of cryptocurrency might be added to the list over time; consult our Bitcoin Casino FAQ to see what the latest developments are, and to answer the most common questions our customers have.

Congratulations! You now have all the basic building blocks you need to get started using Bitcoin at Slots.lv. Of course, the more you know, the better, so check out our video tutorial series to find out even more about how to use cryptocurrency to make your deposits and withdrawals. Once you start, we think you’ll agree that there’s no better way to do business; in the meantime, keep checking in with us at Slots.lv articles section, and we’ll see you at the tables.