Deposit with Bitcoins at SlotsMagic

Powerful software provider SkillOnNet is the hosting platform for some of Europe’s biggest online casinos including PlayOJO, DrueckGlueck, LuckyNiki, Mega, and SlotsMagic. The company recently announced that they are adding Bitcoin as a new payment option to each one of their online casinos. So what exactly is a cryptocurrency and more importantly what is bitcoin all about?

Cryptocurrencies and Bitcoin

Cryptocurrencies are essentially digital assets which work as a medium of exchange that uses complex cryptography methods to secure transactions, control the creation of additional units, and to sanction the transfer of said assets. Cryptocurrencies are deemed a subset of digital currencies as well as virtual currencies. Bitcoin was the first cryptocurrency when it was created in 2009. Since then, numerous other cryptocurrencies have sprung up in the hopes of grabbing a slice of Bitcoin’s action. Speaking of Bitcoin, it is most popular and widely used cryptocurrency in the world today.

Astonishingly, this alternative payment system does not work with a central bank or a single admin. It’s run on a peer-to-peer network and transactions take place directly between users without any intermediary sources needed. Bitcoin transactions are verified by nodes on a network and are verified through the use of high-level cryptography and saved in a public distributed ledger that is commonly known as a blockchain. Believe it or not, but no one actually knows who actually created Bitcoin except that whoever did create this marvellous invention goes by the name of Satoshi Nakamoto.