As you may know from our marketing of Betbit.com, Betbit is a bitcoin casino. More specifically, a live bitcoin casino. So, what is bitcoin? Bitcoin is definitely the most famous of all cryptocurrencies available today. In 2009 it was created by an unknown computer genius by the alias of Satoshi Nakamoto. It was created to be used as a currency on its own without having to go through a financial institution, to avoid paying exorbitant fees. Bitcoins are hosted on a blockchain, which is a ledger which cannot be corrupted. Transactions are verified using network nodes through cryptography and recorded in a public ledger. There will only ever be 21 million Bitcoins, yet there are various forks (Bitcoin Cash and Bitcoin Gold). Bitcoin as a currency has been in high demand and has seen its price shoot up from $0.30 per coin to $20.900 at its highest. This is the most in-demand currency of them all, as well as the most mined of them all as well.
At the time of writing this article the average time to confirm 1 transaction is about 10 minutes. These confirmation times vary depending on network demand. Our cashier system waits for 2 confirmations before crediting your account. So, the total time at the moment is 20 minutes. Is that fast? Well, that is debatable. In our opinion, cryptocurrencies should be faster. Using Ethereum at Betbit is much faster. The time is about 2 to 5 minutes.
Here is a chart of the historical bitcoin confirmation times to see the recent transaction times.
Bitcoin is supported by a variety of wallets from physical to virtual based. Some wallets that are popular are:
You can use Betbit as an online wallet, and withdraw the funds to and from your account as you choose. We feel it is better practice to keep your bitcoins in your own wallets, preferably a hardware wallet such as the Ledger wallet. At the moment the Betbit Wallet only supports Bitcoin. You play the casino and sports book in mBTC (mili bitcoins). You can use the converter in the cashier to make deposits and withdrawals from the other listed currencies as well. Please note however that it can take some time to confirm your transactions depending on the cryptocurrency and the network demand. You may also qualify for deposit and cash back bonuses by using cryptocurrencies at Betbit.
It is the most famous and available of all cryptocurrencies. You are able to buy it on almost every exchange. Here are a few:
You are also able to convert one cryptocurrency to another easily using services such as Changelly and Shapeshift.io . The nice thing is that it offers instant money exchanges with no deposit storage. It also supports 2FA. The site currently has about 3 million users per month.
e due to its popularity and demand for the coins. Due to the complexity, heavy computer power is needed to mine but a single coin. In China, for example, they use hydropower plants to run the Bitcoin miners, and in Northern Europe, it’s placed underground allowing the overloaded miners to run cool. So generally it’s no longer easy to mine bitcoins, but you are welcome to try. Mining Bitcoin originally used CPU mining but due to the popularity, you will now require an ASIC rig (Antminer). You will also need software such as BTCMiner, CGMiner or EasyMiner. The setup can be pretty complex, and you would need to keep an eye on the price of electricity, as Bitcoin miners use a lot of electricity.
Faucets were popular in 2016 and 2017. Now, less so. You can earn coins by playing some specific games or using some services. It is mostly a means of the marketers to pay for engagement. The payments are very little. Since you will most likely never participate in a bitcoin faucet, it is not worth providing more details on their use.