Cool Cat, the bitcoin casino, offers a number of popular banking options to choose from for depositing into and withdrawing from your account.
One of these convenient options includes bitcoin, the fastest growing cryptocurrency in the world.
In case you're wondering what cryptocurrency is, what bitcoin is, and how all this fancy stuff works, we're going to break it down here for you.
We know that "cryptocurrency" sounds like something from a James Bond film or a science fiction novel, but it actually just means "digital currency." Bitcoin is entirely electronic, meaning it has never been and will never be printed physically like dollars or euros.
If you own bitcoins and want to withdraw them to use in the physical world, you have to first convert them to a different currency and then withdraw the cash.
If no one is printing this money out, how are they made?
While conventional currency was traditionally based on precious metals like gold or silver, bitcoin is based on mathematics; to put it simply, they're produced using computer software that solves mathematical problems.
Which brings us to the most interesting aspect of this cryptocurrency: it's completely decentralized.
No banks, countries, or institutions regulate bitcoin.
Instead, it's entirely self-regulatory and created by normal people with really cool computer software.
I know what you're thinking: "Um, so does that mean I can get this software and make myself an unlimited supply of money so I never have to work again?! Bitcoins are produced digitally by anyone who has access to capable software programs, but you can't make an unlimited number due to the BITCOIN PROTOCOL, which states that only 21 million bitcoins can be created.
Bitcoin is pretty nice for several reasons – it's easy to set up, it's not controlled by a central authority, it's anonymous, and transactions are pretty much as fast as it gets.