- Published on: October 20, 2023
Understanding Bitcoin & Crypto Blockchain
A Go-to Guide on Bitcoin, Blockchain & Crypto – Its history and why it’s the future
If you’re not a bitcoin user yet, you probably are the buddy of one or two mates who preach endlessly about its virtues during happy hour. While I can’t vouch for your friend’s knowledge on the subject, I can confirm that bitcoin is well worth a conversation, and most definitely, it’s the best way to play at Joe’s.
Even outside of Joe’s, bitcoin is a huge hit, with crypto casinos popping up in every corner of our sunburnt country. It really makes you wonder; where in the world did this cryptocurrency come from, and why did anyone even bother? I’m here to answer those questions, as well as to clear up why you might want to deposit with bitcoin at a bitcoin casino in Australia.
The History of Bitcoin and Cryptocurrency
If you like a tale full of mystery and intrigue, you’re going to love the story of bitcoin. One (or possibly many, no one knows) clever mind going by the alias of Satoshi Nakamoto created bitcoin in 2009. To this day no one knows who Satoshi is, although a few people have popped up here and there to claim the title (unsuccessfully).
Satoshi made bitcoin to steer our dependence away from centralised government institutions and into the hands of the people. It’s all very noble. Many companies got first dibs on bitcoin, but after Paypal proudly declared bitcoin as one of their accepted currencies in 2013, the world really started to pay attention. Hey, if Paypal thinks it’s a winner, then it must be a winner! And let me tell you, buddy: it really is bloody winning. In fact, ever since bitcoin got the ball rolling, nearly 4,000 more cryptocurrencies have thrown their crypto ring in the hat.
The whole craze is really thrilling, and aside from depositing with bitcoin and using it to play at an Australia bitcoin casino like Joe’s, there’s a ton more you can do with it, too.
What You Can Do With Cryptocurrencies Today
Outside of playing games at a Crypto casino in Australia, you can use bitcoin to buy physical goods, services, or trade bitcoin for profit.
One way to think of bitcoin is like the coins in pokies. The coins make the pokies run, but you have to buy the coins with regular money. That’s how it is with bitcoin. You use regular money to buy the “coins”, and you can use those coins to buy other, regular stuff, assuming the place you’re buying from accepts bitcoin as a payment method (like an Australian bitcoin casino!).
As for trading, that simply means you buy some bitcoin, and hope that down the line someone else will buy it for more than you did. If they do so, you say cheers to that and make a profit. Overall, the main reasons people are using bitcoin for commerce and trade is that it’s totally anonymous and ridiculously secure. The security measures come down to a blockchain.
What is a Blockchain and What Does it Do?
When you make a purchase with your credit card, the transaction has to pass through multiple phases of physical verification to be accepted. You know how it goes – your identity, the bank, the other person’s identity, their bank, etc.
As you probably know, that can take agonizing amounts of time, especially when you’re waiting for withdrawals. Bitcoin strives to be more like digital cash. It still requires a verification process, but it’s done seamlessly – nearly instant, and doesn’t require any of your own personal information.
Now, instead of banks or institutions controlling your currency, bitcoin is run by other, regular people who offer up their personal computing power and keep things running. These unsung workhorses are called miners. In order for any transaction to work, it has to pass through each of these individuals’ computers around the entire world. And that is what’s called a blockchain.
Since some miners have normal computers, some have entire server farms, and all of them are dotted around the entire globe, a bitcoin transaction passing through each miner is nearly impossible to hack or corrupt. It’s guaranteed not to be dropped or disputed, but it also can’t be traced or reversed. So as soon as you make a bitcoin purchase, that’s that.
How to Deposit With Cryptocurrency
Do you feel like you’re living in the future yet? It’s incredible to think all this technology is floating around out there in an invisible digital world. So how can you grab some of that digital currency and deposit with bitcoin at a bitcoin casino in Australia? Visible now, right? It’s pretty easy, actually. You’ll just need a few things.
Step #1 is to get an exchange wallet, which you can open up at any number of places online. The point of an exchange wallet is to turn your AUD into bitcoin. You purchase the bitcoin with your regular bank debit card. Then it’s sayonara to the bank. You won’t need them anymore.
Step #2 is to open a digital wallet. Yep, another wallet. This one won’t get smushed and shattered in your back pocket, though, since it stays online as an app on your smartphone. From your exchange wallet, you transfer your brand new bitcoin to the digital wallet. This is where you make your actual transactions, like depositing with bitcoin at an Australian bitcoin casino.
Step #3 is to transfer funds from your digital wallet to your Joe Fortune Casino account. To do that, you login to your Joe’s account, hit “Deposit”, and select “Bitcoin” as your currency of choice. Then, copy that address or keep it even simpler and scan the QR code. If you copied the address, paste it into your digital wallet under “Send”. This tells your wallet who the funds go to, we get the funds, and you’ve officially done a deposit with Bitcoin.
But guess what? That’s not all. Bitcoin isn’t the only way to make a deposit and play at a crypto casino in Australia. We’ve got some other crypto up our virtual sleeves, too.
Variety of Crypto Options Available At Joe Fortune
Aside from the crypto-king we know as bitcoin, there are two other forms of cryptocurrency you can use at Joe Fortune.
Bitcoin Cash
If you are looking for speed this is your coin. One thing about regular bitcoin is that it can only run 7 transactions at a time. In busy moments, that could slow stuff down. Bitcoin Cash increased their block size to allow more transactions, and the result is that your funds are processed much faster than regular bitcoin.
Bitcoin SV
Also called BSV, Bitcoin SV stands for Bitcoin Satoshi’s Vision. If you’ll recall, Satoshi is the “secret” creator of regular bitcoin. The creators behind BSV felt that other cryptocurrencies had strayed too far from Satoshi’s vision, and they made a new currency to honour its original roots.
Bitcoin SV’s blockchain is 128 times bigger than regular a bitcoin. That means your transactions are even more secure, and you’ll pay significantly less in fees, especially over time.
Regardless of the type of cryptocurrency you prefer, you can deposit with bitcoin, bitcoin cash, or bitcoin SV at virtually any Australian bitcoin casino. Once you’ve given it a try and you see just how fast, easy, and convenient the whole thing is, I’ve got no doubt you’ll be preaching right alongside your crypto-obsessed friends at the next summer barbie. That’s kind of how it is with bitcoin in Australia, you know? If you can’t beat ‘em, join ‘em!
Speaking of joining them, have a friend join you on Joe and receive $50 upon your mates deposit!
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