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A quick guide to Bitcoin

Bitcoin is becoming more and more popular, and has reached a record high just last month, so we have decided to put together a little overview and "How To" section about gaming with Bitcoins.

 

What is Bitcoin?

To put it simply, Bitcoin is a new payment system using completely digital money that makes it possible to transfer value over a communications channel. It is actually like being able to send a gold coin via email. And just like email, Bitcoin is not owned by anybody and can easily be used by anyone.

To sum up, you can use bitcoins to send or receive any amount of money, with anyone, anywhere in the world, at very low cost. What’s also great about it is that Bitcoin payments are impossible to block, and Bitcoin wallets cannot be frozen at all.

"Unlike government-issued money that can be inflated at will, the supply of Bitcoin is mathematically limited to 21 million bitcoins and that can never be changed." (bitcoin.com) Therefore Bitcoin’s price is determined by supply and demand. As more people use Bitcoin, the increased demand, combined with the fixed supply, will change the price of it.

 

 

Bitcoin is simple to use

Using Bitcoin is quite simple: Set up your Bitcoin wallet, buy Bitcoins and spend them!

1. Setting up your bitcoin wallet

A wallet is like a bank account. You have the choice of several types of wallets. At Golden Euro Casino we recommend Blockchain for example. It can be used as an offline wallet on your computer, mobile wallet on your smartphone, or as an online wallet similar to an online bank account. Just go to the Blockchain website and register for an account within seconds. Once that’s done, you’re all set to start buying Bitcoins.

 

2. Buying Bitcoins

There are many options available: If you want to buy online, dedicated websites such as Kraken or VirWox are the best choice for you, or you can use Coinify, which can be found directly in your Blockchain account. Alternatively you can go to a Bitcoin ATM or buy from a local seller

The prices may vary. Therefore we recommend that you check the current rates the different sellers have to offer. Once you have bought your Bitcoins you can transfer them to your Blockchain wallet.

3. Spending them

Now if you want to send your Bitcoins to somebody, you go back to that wallet, go to "Send Money" on the lefthand side of the dashboard and fill out the form with the Bitcoin address (a.k.a. cryptoaddress) of the recipient you want to send Bitcoins to and then enter the amount in Bitcoin (BTC) or currency.

 

Bitcoin at Golden Euro Casino

Alongside the easy and secure handling of Bitcoin to fund your casino account and withdraw your winnings, you can now enjoy a 90 % bonus up to €180 plus 18 Free Spins on one of our latest games. Simply enter the coupon code BITCOINFUN in the coupon section before you deposit via Bitcoin (minimum deposit: €10, no maximum payout). This offer is available once a week as a reward for funding your Golden Euro account via Bitcoin.

For a step-by-step guide on how to deposit and withdraw at Golden Euro Casino using Bitcoin, please visit the dedicated Bitcoin section of our website.