Nowadays it's not uncommon to see Bitcoin as an accepted way of funding your online casino account. Indeed, more and more casinos are becoming bitcoin-friendly and some are even offering several bitcoin-only games and slots on their gambling platforms. To deposit using bitcoin, you need to have a bitcoin wallet in which to store your virtual money. But before explaining how to set up a bitcoin wallet that suits your needs, let's take a closer look at this ultra-modern phenomenon that is the bitcoin.
Bitcoin is a virtual currency, a cyber-currency or as it is now being more often described - online cash. It's a type of money that's virtual and although you can't physically hold one in your hand, you can use them to buy goods and services over the internet. The first bitcoins were introduced in 2009 and since then have gained some traction. They are commodity or a bartering mechanism like money or gold, and as long as they have a value and there is a demand for them the popularity of this virtual currency will continue to thrive.
Basically, a bitcoin is a computer file that is stored in a bitcoin wallet. When you create your bitcoin wallet you will have a private key similar to a password. There are several types of wallets, the most popular of which are:
There are many companies who supply bitcoin wallets out there so it's important you do research by visiting provider sites and reading reviews etc to find the best one for you. Remember though - security is paramount. Once you decide which type of wallet suits your needs and have chosen a provider you trust - just follow the prompts on the site. Once your wallet is set up you will need to fund it and you can do this by buying bitcoins at relevant sites using cash or by selling things online and getting paid with bitcoins. You can also mine for bitcoins but learning how to do this is complicated and requires very powerful computers.