Bitcoin as a payment system in the Casinonic casino

The first release of bitcoins was made in January 2009. The founder of the system is Satoshi Nakomoto. Moreover, it is not known who is hiding under this pseudonym: one person or a group of like-minded people. The cryptocurrency consists of smaller units - Satoshi (10 -8 bitcoin). An important point that attracts a huge number of people to this payment instrument is that government agencies cannot block or seize funds if there is no secret key that is kept by the owner.

Bitcoins are used as an electronic payment or exchange medium. If online stores, online casinos and other organizations are ready to accept cryptocurrency as payment for goods or services, they become interesting to a larger number of potential customers. Today, Bitcoin is available for exchange for any currency or electronic money of other payment systems. There are a lot of exchange points on the Web where you can exchange any cryptocurrency with your usual money (USD, EUR, GBP, etc.). Possible withdrawal to PayPal, Neteller, Skrill, etc.

The most important feature of Bitcoin is its full decentralization. The system works using many client programs, each of them is installed on the participant’s PC. Client programs communicate with each other around the world. In this case, the loss of one or more computers from this chain does not affect the general state of the network. Such a system is called peer-to-peer (torrent trackers have similar principle of work).

The first 50 bitcoins were generated in a block in 2009. The creators or creator published information on the principle of operation of the new payment system. It does not make sense to describe it in detail, since it is difficult enough for an ordinary unprepared user to understand and will take a lot of time.

Due to the high exchange rate of bitcoin, the smaller components of the cryptocurrency have appeared. The overall picture looks like this:

  • 1 Satoshi - 0.000 000 01 BTK;
  • 100 Satoshi - 0.000 001 VTK (1 μBTC);
  • 100,000 Satoshi - 0.001 VTK (1 mBTC);
  • 1,000,000 Satoshi - 0.1 BTK (1 cBTC).

Don’t be confused with the exchange rate, there are calculators on the Internet that help to calculate Satoshi into bitcoins and vice versa. Given that the rate of any cryptocurrency is very volatile, crushing into small “pieces” is necessary. For example, at the very beginning of the appearance, in the fall of 2009, about 1,300 bitcoins were given for one dollar (1 BTK = $ 0.00077). At the beginning of 2010 - 1 BTK = $ 0.008, in the middle of the same year there was a sharp jump in the exchange rate - 1 BTK = $ 0.01, at the end of the year bitcoin became much more expensive (1 BTK = $ 0.5).

Since 2013, rapid growth in the exchange rate begins. In March - 1 BTK = $ 75. By November 2013 - 1 BTK = $ 1240. However, by the new year, the rate fell by half, to $ 600. In December 2017, a real triumph of bitcoin was noted, which turned out to be at the line of $ 20,000, but later the cost began to decline sharply. In the early fall of 2018, 1 BTK was trading in the region of 6,000 - 7,000 dollars per one bitcoin.

With such a detailed layout according to the Bitcoin exchange rate its necessary to understand that this tool is highly risky. Keeping your funds in cryptocurrency is extremely dangerous, although many financiers around the world claim that such tools are the future of mankind.

Reliability and security

If we consider bitcoin in terms of technology, the very name of the instrument (cryptocurrency) indicates that this payment system is built on encryption and cryptography. At the same time, technologies do not stand still and are constantly evolving. It is impossible to crack a BTK wallet without a special key. Choosing a cipher is also unrealistic.

However, if we consider reliability from the point of view of the human factor and the very essence of bitcoin, then everything is much more complicated. Keys can be lost, or you can forget the necessary sequence of characters (few can remember this). It is impossible to regain access to your Bitcoin wallet. In addition, there is no need to talk about the reliability of an instrument with such high volatility. Given that cryptocurrency is not backed up by anything physical (gold, resources, etc.), it can instantly lose its value.

Customer service

In order to perform operations with bitcoins, you need to have an appropriate wallet. There are many options, every method offered on the official website of the payment system. It is recommended that you select resources in your native language so there won’t be any problems or misunderstandings. On the Internet there are a lot of sites on which a huge amount of detailed information is devoted to this topic. Briefly and simply, Bitcoin wallets come in the following forms:

  • For computers. All necessary access information is stored on the user's personal PC.
  • For mobile devices. It is considered a low-power tool (not suitable for the full use of cryptocurrencies).
  • Web wallet. Keys and other information are stored on the Web on special servers. You can use any device with Internet access to complete the operation. Not the safest option for customers.
  • Hardware The wallet is created on an external device that connects via USB to the computer. Losing a device is not terrible, since you can remotely delete all data.

Those who are going to use bitcoins actively are advised to devote a certain amount of time to study the system. This is quite complicated.

The popularity of Bitcoin in the casino

Today, bitcoins as a possible means of making payments are quite common in many online casinos and Casinonic is not an exception. In this case, the orientation of the resource does not matter. Most likely, if there is no sharp collapse of the course, Bitcoin will be available in an increasing number of gambling houses. However, the players themselves are not yet massively using this payment system.

How to deposit at a Casinonic casino via Bitcoin

The procedure for replenishing a game account using bitcoins is standard. Only registered users can make transactions. To conduct the operation, you need to go to the personal account and find the cryptocurrency logo icon. After that, it is necessary to click on button and follow the instructions of the system.

How to withdraw money from a casino to blockchain wallet?

First, you should study the rules and limits to prevent misunderstandings. You can leave a request to withdraw winnings in cryptocurrency in your personal account. By choosing this method, you must wait for confirmation from the administration to accept the application. Funds will be credited to the Bitcoin wallet in accordance with the rules of the Casinonic platform.

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