Bitcoin Guide

Bitcoin For Beginners

Getting and using bitcoin is a multistep process, but we’ve got all the information you need to start buying, exchanging and using bitcoin in the guide below. If you are looking to get a better understanding of how to get your hands on bitcoin and how you can you use it online, continue reading.

What is Cryptocurrency?

Mining Bitcoin on Computers

Cryptocurrencies are digital currencies that verify transactions using mathematical algorithms called cryptography. Bitcoin is the most popular cryptocurrency, and differs from traditional currencies in that it has no central governing authority, no requirement for the transfer of personal information, and has a set supply of 21 million bitcoins that will ever be created, or “mined.”

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Bitcoin Wallets

Bitcoin wallet

While all bitcoin are actually “stored” on the blockchain, a decentralized ledger of transactions, you’ll need a digital wallet to maintain access to your bitcoin. These wallets store your public address—where people can send you bitcoin—and your private key, the string of characters that prove you own your bitcoin. Keeping your private key safe and secure is necessary to make sure no one can steal your bitcoin.

Learn how to set up a wallet

How to Buy Bitcoin

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To buy bitcoin, you’ll need a wallet, an exchange, and funds with which to buy it. After you’ve set up your wallet, you’ll need to create an account on an exchange, which acts like the stock market for digital currencies. You exchange fiat currencies (like USD) for cryptocurrencies like bitcoin. Once you’ve purchased your bitcoin, you’ll want to transfer them to your wallet to keep them secure.

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Using and Spending Bitcoin

Using and spending Bitcoin

Now that you own your own bitcoin, you’ll want to use and spend it. More and more retailers offer bitcoin as a payment method, as do many charities and non-profits. You can also simply give or sell your bitcoin to friends and family, or try your hand at betting with bitcoin with an online casino or sportsbook.

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Alternative Cryptocurrencies

Alternative Cryptocurrencies

In the cryptocurrency marketplace, Bitcoin remains at the top. However, alternative crypto options referred to as ‘altcoin’ are becoming more popular among users. In this guide, we’ll break down five popular altcoins you should know about.

View all Altcoin guides

Blockchain Technology

Bitcoin casino software

Blockchain technology has significantly impacted online transactions, most notably deposit and withdrawals to and from online gambling platforms. It is the infrastructure that bitcoin is built on and has since been leveraged by other popular altcoins to evolve the crypto space. Continue reading our guide to learn more about what blockchain is and how it is being used by online gambling operators to improve platforms accessibility, transparency, and transaction speed.

Blockchain Gambling Guide

Other Options for Buying Bitcoin

Buying Bitcoin

Any Bitcoin tutorial for beginners will tell you to go to a Bitcoin exchange to buy Bitcoin, but there are other options. First, do some research to see if there is a Bitcoin ATM near you. If so, you can go and physically purchase Bitcoin at the ATM. You’ll receive a voucher that you can use as cold storage, or you can scan it into your online wallet.

Next, you can purchase Bitcoin directly from other users. This is a bit riskier, but it is the original way to acquire Bitcoin. Some Bitcoin exchanges will facilitate user-to-user transfers. Another way to “purchase Bitcoin” would be to cash out using Bitcoin at an online gambling site. If you deposit using fiat, some casinos will let you cash out using Bitcoin or other cryptocurrencies.

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The Value of Bitcoin

Mining Bitcoin on Computers

What is Bitcoin worth? That is a common question with the simple answer being “whatever someone will pay for it.” The price of Bitcoin has fluctuated wildly over the years. In the early days of the coin, it was worth a few pennies. Prices rose to nearly $20,000 during the boom of 2018. One factor that drives the price of Bitcoin is scarcity. There will only ever be 21 million Bitcoin ever with somewhere over $18.35 million, having already been put into circulation as of May 2020.

Next, various factors can drive the price of Bitcoin. Significant news regarding the usage or sale of Bitcoin will impact price as well as any governmental regulations regarding the use or taxation of the currency. As such, you can always expect Bitcoin to be a roller coaster of a ride regarding price.

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What is the Best Bitcoin Wallet?

Bitcoin wallet

A hot topic on any Bitcoin for beginners guide is Bitcoin wallets. There are many different types of wallets you can use to store your Bitcoin. The two main types are hot wallets and cold wallets. Hot wallets are software wallet programs that run on internet-capable computers or a mobile device. You can install a desktop wallet or use a mobile wallet for storage. These wallets offer two factor authentication as a primary security feature. Hot wallets are the most convenient and best for beginners.

Cold wallets are wallets on devices that are not connected to the internet. Trezor is one of the most popular cold wallets and provides a separate device to store your Bitcoin. This gives you full control over your Bitcoin, and you don’t have to worry about hardware failures with this type of cryptocurrency wallet. Another form of cold storage is the paper wallet. You print out your Bitcoin address and private keys for cold storage. You can’t hack a piece of paper.

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Can I Actually Use Bitcoin?

Using and spending Bitcoin

In the early days of Bitcoin, there wasn’t much you could do with it. Over the years, many businesses began adopting the currency. Nowadays, you can use Bitcoin for anything from online shopping to paying your cable or satellite bill.

One of the earliest adopters of Bitcoin was online gambling sites. Many online casinos, online poker rooms, and online sportsbooks now accept Bitcoins for deposits, and many will allow you to play with Bitcoin.

Play Blackjack Using Bitcoin

How To Learn More About Bitcoin

Cryptocurrency Altcoin Bar Chart

This page just covers Bitcoin for beginners. If you want to learn more, there are plenty of pages on this site that will help you quickly acclimate to buying Bitcoin, how to use it, and how to gamble with BTC. Check out our pages on how to buy Bitcoin and our altcoin guide and our various guides on gambling at Bitcoin online casinos.

We also recommend bookmarking our news page as we post the latest news on Bitcoin and the cryptocurrency market as a whole. These articles cover everything from the latest developments in blockchain technology to the latest legal developments surrounding Bitcoin from around the world.

If you plan on using Bitcoin to gamble online, check out our various pages covering Bitcoin casinos, Bitcoin sportsbooks, Bitcoin poker, and more. We even offer a guide to the best Bitcoin bonuses from the top BTC casinos from around the world.

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