1. What are Bitcoins and how do they work?
Bitcoin is a digital currency, which is created and held electronically and accounted for on a public ledger. No single entity controls it, rather it is controlled by a distributed network of nodes (similar to how bittorrent works). Bitcoins are not printed, like dollars or euros – they’re 'mined' by lots of people running computers all around the world, using software that solves mathematical problems.
Here is a one-minute video that will explain it best:
2. How is the value of Bitcoins determined?
The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the price increases, and when demand falls, the price falls. There is only a limited number of bitcoins in circulation and new bitcoins are created at a predictable and decreasing rate, which means that demand should rise, given the decreasing number of Bitcoins which can be mined over time.
3. How do you acquire Bitcoins?
There are few ways:
- As payment for goods or services (www.reddit.com/r/Jobs4Bitcoins/)
- Purchase bitcoins at a Bitcoin exchange (www.circle.com)
- Exchange bitcoins with someone near you (www.localbitcoins.com)
- Earn bitcoins through competitive mining (www.ghash.io)
- Win bitcoins in BitCasino.IO promotions (woohoo!)
While it may be possible to find individuals who wish to sell bitcoins in exchange for a credit card or PayPal payment, most exchanges do not allow funding via these payment methods. This is due to cases where someone buys bitcoins with PayPal, and then they reverse their side of the transaction. This is commonly referred to as a chargeback. You can find the places where you can buy/exchange bitcoins. For example, website www.btcxe.com allows you to not only see the current price of bitcoin, but also get the extensive list of exchanges.
4. How do I spend my Bitcoins?
Bitcoins can be used to purchase just about anything you want. You can start by searching the merchant directories below:
- Coinmap - Find bitcoin friendly merchants near you
- BitPay merchant directory - Over 12,000 businesses and charities.
- Gift Cards - Available from Gyft.com and purse.io
- Bitcoin Store ( bitcoinstore.com ) - Electronics & everything else for Bitcoin
Of course, you can also use them for playing your favorite online games. On BitCasino.IO you will find over 250 games to choose from. Live Dealer Games, Casino Slots, Scratch games and different BlackJack games – everything is at your service.
5. What would you say to online gamblers that are nervous to try Bitcoins?
As normally in life, with everything new we tend to be cautious and even a little frightened sometimes. Bitcoin is one of those things, which will change the way we transact financially over the internet;; it offers instant payments, no fees at all and works person to person. There are no banks or third parties in between and all transfers, no matter where in the world,happen in in seconds. All you really have to do is keep it secure like your own cash, wallet, bank account or credit card. https://www.buytrezor.com/ we recommend this device for safe storage of your Bitcoins. If you play enough on Bitcoin.io, we might even send you one in the mail for free!
6. Is there specific processing or gaming software used for casinos accepting Bitcoins?
There are services which offer payment gateways for bitcoins including automatic conversions to euros, dollars and so forth, but if you are only dealing with bitcoin then it is better and more secure to use a core Bitcoind client to send and receive Bitcoins for deposits and withdrawals. This enables us to offer our players instant deposits and withdrawals, which are very important to every one!
7. BitCasino.io is a multi-software platform, are there any plans to integrate additional software.
Yes, we currently offer games from Betsoft, Takisto, Ezugi, Betgames and many others. Recently we one of the biggest fiat game providers Play'n'Go with over 70 new games! We keep innovating and adding new features as we like to lead the innovation in the Bitcoin Casino vertical. Very shortly we will announce an even bigger software integration THAN EVER before...
8. Where are your Live Casino games streaming from?
Our gorgeous dealers are from Costa Rica, Lithuania and Spain. Stay tuned as until the end of 2014 we will be adding a two new studios!
9. Does BitCasino.io have the ability to run tournaments?
Yes, we are planning to open our tournaments with a big bang and offer a never before seen prize pool to all of the participants. The winner will not only get a big pile of bitcoins but an awesome VIP Casino experience and treatment along with it as well.
10. How does your Loyalty Program work and are the higher levels attainable for players?
Our loyalty program is very simple - if you play with us often, then our VIP & Customer Support team will contact you personally and offer you different packages. One can also jump onto our live chat on the website and ask for more info about it. We have different prizes for everyone, starting from usbs, secure Bitcoin wallets, concert tickets and even around the world holiday trips! One of our main goals is to make sure every user feel like a VIP when enjoying our games.
11. What makes BitCasino.io so special in comparison to other casinos?
BitCasino.IO is the first licensed bitcoin operated online casino on the market, founded in 2013. At first, we had only about 50 bitcoin games available. Since then we rapidly expanded and now there are over 250 games including:
- Live Dealer Games – Dice, Lotto 7 out of 42, Lotto 5 out of 36, Wheel of Fortune, Bet on Poker, Baccarat
- Live Dealer Casino – Blackjack, Roulette, Baccarat, Lottery-Keno
- Slot Games – 250+ slots introduced by leading operators including: Betsoft Gaming, Betgames, Takisto, Play'n'Go.
We have heaps of ideas and improvements we want to implement and hence our main priority is to spend a lot of time, and resources to ensure our players get a safe, entertaining and regulated gaming environment.
12. Are there any special promotions planned for the near future?
Yes, sure! Usually we run 1-2 BIG promotions per month and glad to make exclusive events for our partners. For example in September we raffled 1000 mili-bitcoins for players exclusively among LatestCasinoBonuses players. In November we have a Massive Lottery where everyone has a chance to win a share of the 7250milli-bitcoins prizepool ($2500). And the best part is that only thing you need to do is write your five lucky numbers from 1-36 and you already participating! Until the end of the year, we plan to have more than 700 games in total, so we have a plenty of place for new promotions. Stay tuned and join BitCasino.IO where you can play casino games without limits.
Thank you,
BitCasino.IO Team
P.S. To thank you for reading this interview we invite you to get a 100% bonus on Bitcasino.IO. Simply sign up using LCB link, put some bitcoins to your account and open our LiveChat support >>> we will DOUBLE UP your deposit!
Good luck
catapultaudio
9 years ago
I'm hoping that BitCasino are going to continue going from strength to strength and will continue adding software providers and improving on their promotions and customer service. This type of casino has so many advantages for players and the more professional these brands can be and the greater challenge they can give...
I'm hoping that BitCasino are going to continue going from strength to strength and will continue adding software providers and improving on their promotions and customer service. This type of casino has so many advantages for players and the more professional these brands can be and the greater challenge they can give the other established casinos, the better
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Bitcasino.io
9 years ago
@Ivan4eg88 - thanks for your comment. You are absolutely right. @kmholleran - glad to hear that you have found this useful. Just be careful with all payments when you want to purchase bitcoins ;) @jewelnurse - there are more contests to come. Stay tuned. @budala - hey-hey! You are most welcome @CashJo. - Well, the price...
@Ivan4eg88 - thanks for your comment. You are absolutely right. @kmholleran - glad to hear that you have found this useful. Just be careful with all payments when you want to purchase bitcoins ;) @jewelnurse - there are more contests to come. Stay tuned. @budala - hey-hey! You are most welcome @CashJo. - Well, the price for bitcoin is determined by the market, so more people have bitcoins, more stable it will be. I think you shouldn't worry that it will drop, this possibility is extremely small. @joeldysmith - thanks for your reply @yapro123 - Glad to see you again and thanks for the question, as this is very important to clarify. Everything is perfectly legit and completely in order. We would have not been able to launch Quickfire by Microgaming and add 360 games for Bitcoin otherwise. The initial problems we had yes were due to some of our very old partners not producing as well as we had expected. Since then we have ceased our co-operation with them and focused on enhanced checks on all of our partners. Our current providers are: Betgames.tv Ezugi Quickfire Betsoft Takisto Play'n'Go Endorphina Keld Games @bgdadu - I would suggest to sign up on bitcasino and follow our newsletters as we regularly run giveaways where you can get some free bitcoins to try our games. You can search forum threads on LCB to see how much players have already won with these promos ;) @newspiridon - welcome to the world without limits :) To the Moon â”—(°0°)â”› Best regards, Max max@coingaming.io BitCasino.IO
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newspiridon
9 years ago
I saw a few casinos that use bitcoins as a currency. I was a bit sceptical but after I read this interview I think I will try to play at least one of these casinos. Is great that are no fees and transactions are pretty fast. Bitcoin may be the next online curency.
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bgdadu
9 years ago
I think it's much more safer if we, gamblers, use bitcoins instead of real money.They are much more safer and the bit coins eliminate the fees between banks and casinos.Of course, after you want to withdraw money from the bitcoins you loose some like in a bank transaction.I never ever had 1 bitcoin, but maybe I should give...
I think it's much more safer if we, gamblers, use bitcoins instead of real money.They are much more safer and the bit coins eliminate the fees between banks and casinos.Of course, after you want to withdraw money from the bitcoins you loose some like in a bank transaction.I never ever had 1 bitcoin, but maybe I should give it a try and play on bitcoins.Maybe microgaming or netent casinos will have bitcoins in the near future.
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yapro123 9 years ago
And after such interview and after some time passed now we all see what the things turned out for bitcasino.io . I have no idea why they decide to use stolen game copies, i am pretty sure they knew it, but still decide to do this move. Probably just to get players who do not care about such things.
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joeldysmith 9 years ago
Bitcoin is the best alternative for the gamblers. We are all anynomous. This interview is awesome anyway
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CashJo.
9 years ago
I think, personally, that it is a great opportunity for us, gamblers, to have the possibility to play online with Bitcoins. Because I think it's safer for us to use a untraceable currency, with no fees and commissions, and I don't always like to give out my banking info (athough I am speaking broadly about this concept)....
I think, personally, that it is a great opportunity for us, gamblers, to have the possibility to play online with Bitcoins. Because I think it's safer for us to use a untraceable currency, with no fees and commissions, and I don't always like to give out my banking info (athough I am speaking broadly about this concept). Bitcoins seems like more of a hassle now but, in 5-10 years it could dominate the online transactions. This interview can continue with other questions and I am hoping that they will be asked... (for ex. Is there the possibility that one night I have 1 bitcoin worth 500$ and the next day it is worth 1$? I know that this is a possibility on other currency as well, but it seems more likely for this type or currency).
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2fast4u
9 years ago
Great read, thanks LCB and thanx Max
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jewelnurse
9 years ago
Thanks for the contest. I won some and played a long time.
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kareninsf
9 years ago
Very Cool! I've only been using BTC a couple months- loving it!! I found some youtube tutorials to be helpful- and be very careful- I hear there are 10 scammers for every good guy out there- fyi to get started i bought coin on coinmx- now i found a good person on localbitcoins i do biz with
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Ivan4eg88
9 years ago
Very interesting interview. Bitcoin is very perspective payment method for online casinos, especially in case of problems with law regulations in many countries
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Bitcasino.io
9 years ago
@jade - Thanks for your reply. Yep, bitcoin is rapidly growing and taking totally different niches. Let`s see what will be happening in 1-2 years... @dirkemans - Are you one of our lucky "Free mBTC" winners? Awesome! Yes, we regularly run different promotions to get new players acquainted with this bitcoins. At the same...
@jade - Thanks for your reply. Yep, bitcoin is rapidly growing and taking totally different niches. Let`s see what will be happening in 1-2 years... @dirkemans - Are you one of our lucky "Free mBTC" winners? Awesome! Yes, we regularly run different promotions to get new players acquainted with this bitcoins. At the same time BitCasino.IO is still good old casino with slots and live games ;) @seculla - yep, indeed, it`s very interesting to see how new startups invent entirely new ways of using bitcoins. @stacey price - you are more than welcome. Best regards, Max max@coingaming.io BitCasino.IO
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stacey price 9 years ago
thank you very much needed iformation
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seculla
9 years ago
Thank you very much for this review. I've known something about BitCoins, but now I know much more. Reading this review makes me feel like I'm reading the future best world currency. I really think that BitCoins will make a revolution on every economy aspect.
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dirkemans
9 years ago
Pretty cool, really appreciate the handy links! BitcoCasinoIO is my first experience with this currency, and i still had to find a way to purchase bitcoins:) Will deposit there soon, but i must say everything feels a bit different when i was playing with them on that welcome chip:)
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jade
9 years ago
Well, it looks to me like Bitcoins may become very big because they solve the big problem of players getting their winnings fast. Or, this type of banking competition might get casinos using regular banking methods to fix whatever problems they say are interfering with withdrawals thus speeding up withdrawal times considerably.
Well, it looks to me like Bitcoins may become very big because they solve the big problem of players getting their winnings fast. Or, this type of banking competition might get casinos using regular banking methods to fix whatever problems they say are interfering with withdrawals thus speeding up withdrawal times considerably.
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Bitcasino.io
9 years ago
Hey Nikola, Thank you for good questions ;) BR, Max
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zuga
9 years ago
An excellent interview. I know I had a few questions about bitcoin and now things are starting to make some sense. Thanx Max for taking time to answer our questions. Cheers LCB Admin
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