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For PlayCroco members such as yourself there’s one deposit method that stands head and shoulders above the rest – Bitcoin. Find out why.

Not too long ago, depositing at an online casino consisted of simply topping up your account with a credit card such as Visa or Mastercard.

Nowadays, there’s a whole bunch of deposit options for you to take advantage of. These vary depending on the country your situated in and the online casino that you’re using. For PlayCroco members such as yourself though, there’s one deposit method that stands head and shoulders above the rest – bitcoin.

Now, bitcoin is widely known around the world, but not many people can actually tell you what it is beyond being a type of cryptocurrency. In this article, Croco has asked us to shed some light on this safe, fast and versatile banking method so that you know exactly what bitcoin’s all about.

And don’t worry… we won’t bamboozle you with technical words or provide you with any unnecessary details. This guide to depositing with bitcoin contains only the information you need in order to become proficient when using this cryptocurrency.

So read on and discover everything you need to know about bitcoin below. Then when it’s all said and done, head on over to our banking page and deposit using this method today.

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The history of cryptocurrencies 💵

Before we dive snout first into the cool, calm and inviting waters of bitcoin, we first need to have a little chinwag about cryptocurrencies in general.

Of course, the history of cryptocurrencies is a story longer than a crocodile’s tail, so we’ll keep in brief. In short, cryptocurrency officially became a thing when the white paper ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ was released back in October 2008 by a person or persons operating under the alias of Satoshi Nakamoto.

In this white paper, the benefits of using bitcoin as a cryptocurrency were discussed and the technology behind the exchange of cryptocurrencies, known as blockchain, was introduced. The goal of the paper was to establish that cryptocurrencies were superior to traditional financial institutions and usher the very first type of cryptocurrency (bitcoin) into the world.

Roughly a year after cryptocurrency began to make waves, an exchange market was launched that allowed people to buy and trade bitcoin as a commodity. Suddenly, bitcoin could actually be tracked in real dollars, which gave it value. Even if it was only priced at a fraction of a cent in those early days. My… how times have changed.

Bitcoin 101 ₿

As we mentioned earlier, bitcoin was the very first cryptocurrency to be created and officially recognised as a digital currency that could be traded independently outside of a central bank. This made it the ‘money of the internet’, however, it would soon be used in transactions for goods and services that would normally require cash.

When did it appear❓

Given the mysterious nature of the creation of cryptocurrency, it’s difficult to nail down the exact day or moment that bitcoin was created. The common consensus is that it became an official form of currency sometime around late 2009 to early 2010, however, only Satoshi Nakamoto can put a definitive date to its creation.

In lieu of there being an official date, many people have marked May 22, 2010, as the birthday of bitcoin. This is due to the fact that on this day the very first purchase of any goods using bitcoin was undertaken. Recorded by Laszlo Haynecz, he was said to have purchased two pizzas for 10,000 bitcoins – a figure that at the time of this would be valued at over $131 million Australian dollars.

How is it used? 🤔

Since then bitcoin has become a widely accepted form of payment for a variety of goods and services around the world, both online and in-person, using special bitcoin wallets. From pizzas to houses, airline tickets and of course online casino credits, it seems bitcoins’ relevance is always changing.

As testament to the legitimacy of bitcoin, there are also plenty of major international companies and brands that accept it either directly or indirectly. Microsoft, for example, has been accepting Bitcoin since 2014. Bill Gates even said it was better than currency!

Another well-known company that allows bitcoin, albeit inadvertently, is the global shopping giant Amazon. How it works is that you can buy Amazon gift cards at Bitrefill with bitcoin and then spend them on Amazon products or goods listed on their website.

There are even now ATMs in certain countries that allow you to withdraw cash from your bitcoin account. This means that bitcoin has crossed the line between being an exclusively online currency and is now totally accessible no matter where you are. All you really need is a means for purchasing bitcoin in the first place plus a bitcoin wallet.

What’s a Bitcoin wallet? 👛

A bitcoin wallet or digital wallet is an online program that allows you to store cryptocurrency until you are ready to either spend them on something or exchange them for another currency.

There are different types of wallets on offer, each of which comes with different features. Some wallets can also only be used on certain platforms or internet browsers, so you’ll need to do some research before you commit to one. A few favourites include: 

  • Trezor
  • Ledger
  • Edge
  • Exodous

After finding a wallet that suits your needs, all you need to do is provide an email address and a password in order to begin the setup process. You can then begin trading bitcoin or any other cryptocurrency once this stage has been completed.

Where can I purchase Bitcoin? 🛒

As mentioned previously, bitcoin can be purchased online at digital markets called bitcoin exchanges. There are multiple exchanges out there, but there are definitely some that are lest trustworthy than others. This is why it’s important to pick the right one. Some popular bitcoin exchanges include: 

  • Bitrefill
  • Coinbase
  • eToro
  • Bitrex

Most of the major bitcoin exchanges will require ID and, in some instances, a live image of your face via webcam to create an account. In any case, it’s a pretty easy process. After setup it’s simply a matter of purchasing bitcoin and storing them in your wallet.

The advantages of using Bitcoin ✔️

Aside from the fact that bitcoin is relatively easy to setup even if you don’t have any experience with cryptocurrency, there are a few other benefits to using it at PlayCroco. Some of the main advantages to bitcoin that members have pointed out to us include:

1. Secure 🔒

When compared to credit cards and other more traditional forms of payment, bitcoin is incredibly secure. This is because all bitcoin deposits are direct transactions between you and the casino. No third party is involved and all transactions are encrypted.

 

2. Anonymous 🤐

Worried about big brother looking over your shoulder? Then fear not, fellow Croco members. Bitcoin leverages blockchain technology in order to keep your deposits 100% anonymous. That means no sensitive financial data is shared and your personal details are kept a secret. Fund cannot be traced either.

 

3. Accessible 🗝️

Despite what you may have been led to believe, bitcoin is actually unbelievably accessible. Anyone can download a bitcoin wallet and begin trading cryptocurrency. In addition, there are no transaction fees when you deposit with bitcoin at PlayCroco. For more information on how this works, see below.

How to top up your PlayCroco account using Bitcoin 🛍️

Now that you’re familiar with all aspects of bitcoin, it’s time to learn once and for all how to top up your PlayCroco account using this cryptocurrency. In the following steps, we’ll break down what you need to do in order to use bitcoin in our casino. For any additional questions, please head on over to our banking page or contact customer support.

1️. Download a trusted digital wallet 🏦

If you haven’t already downloaded a digital wallet then this should be your first step. We recommend the following wallets:

2. Add Bitcoin to your wallet 💰

Now that you have a digital wallet, it’s time to load it with bitcoin. To do this you’ll need to visit a bitcoin exchange market, such as Coinbase, Bitrefill etc. You can then purchase bitcoins using a credit card, bank transfer or another method for payment. 

3. Select Bitcoin as your PlayCroco deposit option

After registering a digital wallet and purchasing bitcoin, you can then simply visit PlayCroco, select bitcoin as your preferred deposit option and nominate an amount you’d like to deposit. There will be a series of online prompts that you must follow. You’ll be able to start betting as usual once all of these steps have been completed. Follow these steps:

  1. Click "Menu"
  2. Go to "Deposit"
  3. Select "Bitcoin" and choose the amount you want to deposit (min. amount is $25)
  4. You will get a QR code and long code with random characters
  5. Send the desired amount to the bitcoin address that appears on your screen.
  6. If you have any issues or questions, please contact us via our support page or check our banking page

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