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There is a reason why 777slotsbay may very well be the best online casino you will find: we live in the moment providing you a state-of-the-art user experience while, at the same time, we’re actively preparing for what’s to come.
There is no doubt about it: Bitcoin and its underlying technology, the blockchain, will become an integral part of the future, that’s why we have already implemented this disrupting technology to our platform.
Indeed, we do our best to close the gap between our competitors and become the best Bitcoin casino on the web by offering all Bitcoin and cryptocurrency enthusiasts the chance to increase their hodlings. Furthermore, all coiners will also find exclusive casino deposit bonuses & other offers on 777slotsbay for a truly enhanced gambling experience.
Welcome to the future!
You may come across many crypto casinos in your journey, yet very few can really top what 777slotsbay online Bitcoin casino currently offers.
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All these and more make 777slotsbay a top online casino platform for 2020 that now accepts Bitcoin, the top cryptocurrency that is ready to change the world as we know it.
Long gone are the days when Bitcoin was only known by a small niche of cryptographers & IT specialists.
In 2020, Bitcoin seems to be on everyone’s lips from Millennials to Boomers, from the specialized platforms to mainstream media, from your family & neighbors to a cab driver trying to make conversation & random unknowns talking about what they’ve read or watched online.
Many of the topics discussed involve how Bitcoin may be the future of money. To better understand why this may be the case, though, we first have to take a quick glance at the past and learn for ourselves how this unique decentralized payment system was born.
The idea of a payment system without the need of a central authority was introduced by an anonymous user with the alias Satoshi Nakamoto, on October 31, 2008. On that day, Satoshi released a whitepaper titled: ‘Bitcoin: A Peer-To-Peer Electronic Cash System.’
Some two months later, on January 3, 2009, Nakamoto initiated the Bitcoin network creating the building block of what today is known as the blockchain. That building block had a special message for posterity, giving us a glimpse of Nakamoto’s motivation: ‘The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.’
At that time, the world economy was experiencing a severe recession created by the greed of the big banks among others. Many of the Western governments were already discussing to bail the big banks out to save the economy. Clearly, for Nakamoto, this move was NOT the answer. Eliminating the third parties and the authorities who control the monetary system was actually a much better alternative for him, thus the creation of Bitcoin.
DID YOU KNOW?
● Satoshi Nakamoto was not the first computer scientist to think of a disrupting digital payment system. Before him, others paved the path like David Chaum’s and Stefan Brands’ ecash, Wei Dai’s b-money, or Nick Szabo’s bit gold. In fact, many see Szabo as the person behind Satoshi. Other names linked with Nakamoto have popped up, besides Szabo, like late Hal Finney, Dorian Nakamoto, or Craig Wright. The true identity of Satoshi Nakamoto, though, remains a mystery to this day.
Now that you know some things of the past, it’s time to get back to our present-day and explain why Bitcoin is such a unique invention & why you should use it on 777slotsbay online casino platform.
Don’t worry if you don’t know much about this technology; once you get the hang of it, we’re pretty much sure you’ll never look back ever again. Plus you’ll come to the same conclusion as all crypto community that Bitcoin is indeed the future of money.
So far, we kept mentioning Bitcoin’s underlying technology that is the blockchain. But what is this blockchain?
The blockchain is a database basically where all transactions are stored. In other words, it is a public ledger as many would call it, a history of all Bitcoin transactions that happened from Day 1, on January 3, 2009, until today.
All these transactions are grouped into blocks that are connected to each other, thus the name blockchain. The first block was the genesis block where Satoshi Nakamoto wrote his/her/their message to the world. This was a special block because it had no previous blocks linked with it and basically set the rules for Bitcoin’s technology.
Every 10 minutes or so, a new block is added into the blockchain by a ‘miner’ who uses all his computer power to keep the blockchain growing. Why miner? Because, like gold, Bitcoin is scarce and it takes a lot of resources to be discovered.
Worth mentioning is that the blockchain is distributed across a worldwide network with all miners having a copy of it. Since there are countless copies all around the world, it is virtually impossible to ‘hack’ the database or take down the network completely.
DID YOU KNOW?
DLT or Distributed Ledger Technology is another fancy word for the blockchain as it is meant to differentiate the technology developed by the big corporations which is inherently centralized from the Bitcoin decentralized technology.
You may wonder why a miner will use all his/her computer power and the costs associated with it (like electricity) to be part of the Bitcoin network. The truth is all miners are in a constant contest that ultimately decides who will add the newest block of transactions into the blockchain.
The contest involves solving a rather complex mathematical problem first. Whoever solves it will add a new block and get the reward. Yes, there is a mining reward that comes with each block. This is where all those bitcoins come from.
Back when Satoshi Nakamoto started mining, on January 3, 2009, the reward was 50 BTCs for every block mined. The reward has been halved over and over again, every four or so years which means starting from May 2020, the new mining reward will be 6.25 BTCs.
DID YOU KNOW?
The Bitcoin cap set at 21 million by Satoshi Nakamoto will be reached around 2140, according to current calculations. From then on, miners won’t receive any mining rewards anymore, just the fees collected from the transactions included into the blockchain.
The blockchain may be a unique invention but, without cryptography, this disruptive technology would never have come to fruition.
Cryptography is what keeps the blockchain anonymous & secure without the actual possibility to change or ‘hack’ the transaction history.
Bitcoin is based on the cryptographic HASH function - a security-driven algorithm - that links all the blocks together & keeps the public/private key system viable. It is very important as each Bitcoin ‘identity’ needs both a private and a public key to be used properly.
Anyone who wants to use Bitcoin needs to create an ‘identity’ - like an account - on the network. This ‘identity’ does NOT require any personal information; what you’ll see are a bunch of characters that don’t make sense.
What you’ll need to use Bitcoin is an address which, in broad terms, is the public key that you can copy and paste whenever you request a Bitcoin payment. As stated in the name, this information is public; in other words, everyone can see this key on the blockchain.
To actually control your funds in this address, you’ll also need the private key which is a sort of complex password - YOU and YOU only MUST know - required whenever you send BTC from your address to another.
It is not actually a password, more like a signature you write on a cheque to make it valid. Like any signature, it is unique & only YOU can use it. Be sure to protect your private key; anyone who gets hold of it will automatically have your signature and will be able to move your funds freely.
DID YOU KNOW?
There is heavy debate around how many bitcoins Nakamoto mined in the early days, but an older analysis published in 2013, stated that Satoshi accumulated over 1.8 million BTC in his/her/their initial addresses. Most of them were mined on a single below-average - given today’s standards - PC.
With the basics out of the way, we can now focus on why you should use Bitcoin whenever you want to make a deposit & request a withdrawal on online casino platform.
There are a lot of reasons why Bitcoin casinos have gathered steam over the course of the past few years, yet, we believe you should be hyped about three main ones.
Indeed, what better reason there is than to experience what the future might look like?
Real cash usage around the world has been dropping steeply in the last several years with various electronic payment systems taking over.
While credit cards & eWallets have dominated most of the market, Bitcoin & other cryptocurrencies are slowly picking up pace becoming a worthy alternative, to say the least.
As Bitcoin technology is evolving by the day, the future may bring massive adoption that could reshape the financial & economic world as we know it.
Why not be ready for that future by using Bitcoin today?
With credit cards, you still have to share sensitive information around the web like your real name, credit card number & Card Verification Value (CVV). With eWallets, you still have to provide your email address, not to mention getting verified & providing the eWallet company with your ID, selfie, etc.
With Bitcoin, you don’t need to share any personal information. You don’t need to get verified by a third party. All you need to do is access your Bitcoin address via a wallet, send some of your funds to cryptocurrency casino using YOUR favorite secure Bitcoin wallet, or paste in your address when you want to withdraw. No other steps included.
It is that easy!
DID YOU KNOW?
It’s worth mentioning Bitcoin is NOT truly anonymous. It is, in fact, a pseudo-anonymous payment system. While you don’t need to provide any personal information when you create a Bitcoin address, you still can link that address with other verified accounts (e.g. exchange, vendor). Since the address is public, a specialized authority can track your transactions via the blockchain to ultimately find out your real identity.
For the last several years, Bitcoin has become a reliable alternative in terms of payment methods for all online casinos out there.
You can choose from many possibilities like credit cards, eWallets, eVouchers, mobile wallets and adding Bitcoin & other cryptocurrencies in the mix only adds to the diversity best online casinos like 777slotsbay have to offer.
Moreover, you can make a deposit with Bitcoin at any time of the day or night, any day of the year, weekends & holidays included.
We all know: Bitcoin takes NO days off!
While Bitcoin may be the future of money, we cannot say it is the present of money… yet, at least. That’s why we strongly advise you to read this section before you decide to use Bitcoin on 777slotsbay online casino for either deposits or withdrawals.
If you have used BTC or another cryptocurrency for that matter, recently, then you must know it is not that user-friendly, especially for the IT novices.
11 years have passed since the launch of the network, yet the blockchain technology still needs time to truly become easy to use for all.
Nevertheless, new technologies are developed already on top of the blockchain that will make transactions truly instant & convenient for all, like the Lightning Network. Till these technologies are fully released, we do recommend to use Bitcoin only if you have at least basic IT knowledge.
DID YOU KNOW?
There are many comparisons between the Internet and Bitcoin. The Internet was initially developed in the 80s & some ten years later, many were still skeptical of this new technology. The Internet really took off in the 2000s reshaping the world from the ground up. Can Bitcoin & the blockchain do the same?
Everyone knows about the wild price swings Bitcoin is experiencing on a daily basis, that is why it is important to be cautious before buying or selling BTC.
We’re still in the price discovery stage, so none really knows the real value of Bitcoin. As a consequence, volatility is a major presence in the markets today. Whether the true value is $10,000, $100,000 or $1 million, in the end, only time will tell.
Are Bitcoin & online casinos a match made in heaven? It certainly looks that way!
At 777slotsbay, you can now combine the best of both worlds: you can enjoy an enhanced private & secure experience by simply using Bitcoin addresses - no other info required. In addition, you can enjoy the convenience of traditional stable fiat wagering while playing your favorite online slots and casino games.
That’s right, we eliminate the volatility downside and let you decide when you should exchange your fiat winnings into bitcoins.
You can’t get a better deal than this!
DID YOU KNOW?
To boost the Bitcoin adoption, in the early 2010s, the first crypto enthusiasts created reward systems and games such as raffles called Bitcoin faucets. This is how many early adopters got to know this new technology by simply earning or winning BTC. The first one simply called Bitcoin Faucet originally gave 5 BTC per user, back in 2010.
The process of making a deposit with Bitcoin on 777slotsbay casino is straightforward.
Go to the Deposit section of our platform, choose the Bitcoin option & create an address.
Once created, go to your favorite Bitcoin wallet where you store your crypto funds, paste the generated address from the 777slotsbay casino platform, and also type how much you want to deposit.
Apart from the BTC transferred, you’ll also pay a transaction fee to the miners. The size of the fee depends on the network traffic at the moment of the transfer.
Once sent & confirmed, the BTC will be automatically converted into fiat currency so that you can play your favorite online slots & casino games without having to worry about volatility or the price of Bitcoin, at any moment.
The withdrawal process is just as simple.
Make sure you access the Withdraw section of the 777slotsbay online casino platform, copy & paste your Bitcoin address where you want to receive the funds, choose how much you want to withdraw, click or touch the Withdraw button, and that’s it.
Your fiat currency will be automatically converted into bitcoins and, once approved, will hit your wallet in no time. Depending on what wallet service you choose, you may see the transaction but may not have access to the actual funds. That means the transaction hasn’t been confirmed yet and you will need several confirmations before using your bitcoins. That may take from 30 minutes to hours, depending on the network traffic.
Bitcoin is just one piece of the puzzle in the digital cryptocurrency world, in case you don’t know. There are many other cryptocurrencies, sometimes called altcoins that want to dethrone BTC as king and take their share in the upcoming financial revolution.
For a complete perspective and diverse offering, 777slotsbay has chosen three of the most popular altcoins and have added them to the payment list.
Ethereum is probably the most popular altcoin out there that took the blockchain in a different direction. ETH wants to become the world’s decentralized computer as it is specialized in smart self-executing contracts designed to facilitate & enforce the performance of future collaborations and deals, without the need of third parties.
Ripple (XRP) is a cryptocurrency that wants to replace the current SWIFT (Society for Worldwide Interbank Financial Telecommunication) system & build a more efficient network between banks all over the planet with minimal to no fees and instant transactions.
If Bitcoin is digital gold, then Litecoin is digital silver, no doubt. The LTC blockchain is very similar to BTC’s, therefore many applications designed for the king of crypto are tested on the Litecoin network first, for a complete audit of the code.
All three are used for payments and all three are now available on 777slotsbay online casino for you to use today.
DID YOU KNOW?
Since the launch of the Bitcoin network, in early 2009, over 6,000 altcoins have been created with over 5,000 being currently listed on CoinMarketCap, the most popular cryptocurrency aggregator.
If you have any questions regarding our Bitcoin casino offering, make sure you read our FAQ section where you will find the answer to some widely-asked questions related to the Bitcoin casino topic.
There are a variety of ways to buy cryptocurrencies, the most popular being obviously the cryptocurrency exchanges. However, you can now buy via other platforms like Bitcoin wallets, crypto gateway payments, or over-the-counter (OTC) markets.
Be sure you understand buying crypto via eWallets like Skrill or Neteller or via popular banking apps like Revolut will not give you the option of transferring your crypto out of the wallet or app.
No, Bitcoin does NOT grant you the chance to play your favorite online slot machines & casino games at 777slotsbay if the legislation of your country specifically does not permit you so. Bitcoin may grant you a certain degree of anonymity & privacy, but we as a regulated online casino platform need to take special precautions to keep our games fair and safe, as per Know Your Customer (KYC) and Anti-Money Laundering (AML) international legislation.
Once you deposit with the Bitcoin payment option, your BTC will automatically be converted into your default fiat currency to avoid any volatility issues. As a result, you will bet in your default fiat currency.
When you withdraw via BTC, your fiat currency balance will automatically be converted into BTC. After the crypto funds reach your wallet, you can exchange them on a cryptocurrency exchange or over-the-counter (OTC) market. There are also other options like specific wallets & gateway payment processors or eWallets like Skrill & Neteller.