Many casino players are eager to join the masses by hopping on the Bitcoin bandwagon at Slots Casino. After all, when you deposit with Bitcoin, you get access to top-tier casino promotions, like our series of Bitcoin Welcome Bonuses worth up to $7,500 in bonus cash and the Bitcoin version of our Double Up promotion. Beyond the copious bonus cash, Bitcoin makes for easy deposits and quick withdrawals, which lead to an improved overall experience.
The first step to figuring out how to deposit Bitcoin at Slots Casino is setting up a digital wallet on your smartphone. We’ll explain how to do this and more in this bite-sized Bitcoin Guide. If you’re already familiar with cryptocurrencies, you may want to skip the first section of the guide entitled what is Bitcoin?
What is Bitcoin?
Bitcoin is a purely digital currency (a cryptocurrency) that operates on a peer-to-peer network, without the interference of banks or governments. BTC and mBTC transactions are recorded on a permanent ledger, called the blockchain, with the help of a miner, who solves a computational problem in order to encode the transaction. Miners are compensated with Bitcoin.
Once a transaction is verified and posted, it becomes immutable, which is why the blockchain technology is able to operate securely without intermediaries. The ability to operate independently is of utmost importance because the original motivation for creating Bitcoin was to simplify online global transactions by removing third parties, and as a result, decrease transaction fees.
Setting Up a Bitcoin Wallet
Before you can buy Bitcoin, you need a digital wallet downloaded onto your device. This is what “stores” your Bitcoin. Bitcoin wallet apps are a dime a dozen in app stores, and the best ones double as an exchange platform. Downloading a wallet and installing it on your phone simply requires an email address and password. Examples of wallets currently on the market include Blockchain and Coinbase—both also offer exchange services.
Buying Bitcoin from Exchanges
With your wallet downloaded, you can move on to the next step, which is creating an account with a reputable exchange server. All Bitcoin exchanges need to verify the identity of the account holders, so verifying a piece of ID will be part of the account set-up process.
Once you’re in the exchange, you can either buy Bitcoin using a credit card at the exchange itself, or load money into your digital wallet and use that to buy Bitcoin at the exchange. It’s a good idea to send purchased cryptocurrency to your personal wallet instead of letting it sit in the exchange.
Playing Online Slots with Bitcoin
With the start-up work done, you’re ready for the fun part: depositing the coin and getting some bonus cash. There’s nothing better than that first deposit with Bitcoin, so savour the moment—and the bonus money. You’ll need to log in to your Slots Casino account and follow the standard steps to deposit funds, going with Bitcoin, or Bitcoin Cash if that’s your preference. A digital address for your Slots account will generate automatically; this is what you need to copy and paste into your digital wallet when you go to send the funds.
Once the Bitcoin arrive in your account, it will automatically be converted to USD (CAD for Canadian players), so your bankroll will look the same as always. There are no Bitcoin fees for this, as it’s done to ensure that your bankroll is protected from any market fluctuations.
More information on using Bitcoin to fund your bankroll is available on our website. Our Bitcoin FAQ answers the most commonly-asked questions, and our Video Library has a Bitcoin section that takes you through the entire process of transitioning to Bitcoin.