What is Bitcoin?

The answer to that question depends on how much time you want to invest in learning about bitcoin. Remember – you do not need to know how the internal combustion engine works in order to drive a car.

If you do not want to spend more than 5 minutes on learning about it, all you need to know is that:

  • Bitcoin is a virtual currency, it is hard money. It is widely accepted as means of payment.
  • You can store it on an online wallet like Electrum (desktop or laptop), Trezor, Mycelium (only mobile), BitPay and many more.
  • You can buy it at an exchange, like any other currency. Some of the most reputable are Coinbase, Bitfinnex, Bittrex, Binance, but feel free to do your own research.
  • In order to receive and send bitcoin you need to know the address to which you want to receive or send the bitcoin.

 

If you want to find out more about the technology and are willing to spend half an hour learning about it you can check out this video (It’s the best and simplest explanation we’ve found so far. Not taking credit for it).

Also, bitcoin is accepted at VIPCoinCasino.com. We accept deposits and send payouts using bitcoin. If you deposit 1 Bitcoin to the site, you will have 1,000,000 chips on your balance, so 1 chip on VIPCoinCasino is 0.000001 BTC. That is equal to what is also called a “bit”.