How to Deposit with Bitcoin: A Quick Guide

Fair Go Casino offers a range of safe and easy to use deposit options for you to choose from.

One of these is the option to deposit credit into your Fair Go account using Bitcoin.

Now, for those of you unfamiliar with Bitcoin it may seem unnecessary. Why would you even bother if you can deposit using a major credit card or via bank transfer anyway?

Well, it turns out that depositing using Bitcoin is actually an easier, faster and more secure method for topping up your Fair Go account. The deposit minimum is also only $10 with no max cash out limit and withdrawing cash using this method is practically instantaneous. Add in the fact there are no transaction fees and it’s clear that Bitcoin is one of the best ways to top up your Fair Go account.

So, read on to learn all you need to know about it in this helpful guide and take advantage of our deposit with Bitcoin function today.

What Is Bitcoin?

Bitcoin is a digital currency designed to work as a medium of exchange independently of a central bank.

Put simply, it is essentially money of the internet that can now be used to purchase goods and make investments. It is also widely used within the online casino community and regarded as a perfectly acceptable method for which to deposit credit into a betting account.

Who Created it?

There is a great deal of secrecy surrounding the person or persons who founded Bitcoin. Officially its creation is credited to a person by the name of Satoshi Nakamoto.

The problem is that since Mr. Nakamoto has never revealed himself in person or divulged any details beyond saying he was a man living in Japan born on the 5th of April in 1975, nobody knows whether the creator is who he says he is.

Some pundit’s think that Mr. Nakamoto is actually a pen name used by a group or an organisation, but for all we really know it could Kev the Koala.

When Was It Established?

The official creation date of Bitcoin is somewhat hazy, however, the first ever Bitcoin network came into existence on the 3rd of January 2009.

It wasn’t until the 22nd of May 2010 though that somebody used Bitcoin to purchase something though. That something was actually two pizzas from an American pizza chain. These were purchased for 10,000 Bitcoins and the transaction was marked as first official purchase of goods using Bitcoins. And in case you’re wondering, 10,000 Bitcoins in 2010 were worth 41USD.

At the time of writing this, 1 Bitcoin is worth nearly 4,000USD meaning 10,000 Bitcoins is 37,030,000USD.

That’s a lot of pizza.

Why Was Bitcoin Created?

In short, Bitcoin was created with the goal in mind to give third party intermediaries involved with online transactions the flick. The logic behind this is that third parties mark up their services to cover certain costs, which are then passed onto you and me.

Some of the costs that third parties cover include back office expenses, security measures and cash that’s put aside in case they have to deal with fraud or make a refund. These costs are often a fixed amount, so it doesn’t matter whether you’re making a minor or a very large purchase.

Since the profit they make is a percentage of the size, however, the juice doesn’t often justify the squeeze when it comes to smaller transactions; hence the need for an alternative.

How Many Bitcoins Exist?

At present there is 21 million Bitcoins available with about 17 million of those currently in circulation.

Bitcoin is like gold in the sense that there is a finite supply available, which makes it susceptible to the laws of supply and demand. But Bitcoins aren’t controlled or issued by a higher government body or organisation, so the only way a change to the amount of bitcoins in circulation is if a majority of members involved in the network reached an agreement.

Is Setting up a Bitcoin Account Easy?

Actually, there’s no such thing as a Bitcoin account, since Bitcoins are the currency. The closest thing to a Bitcoin account is a digital wallet, which you can use to store and transact Bitcoins as well as other cryptocurrencies.

We reccomend the Coinjar or Kraken to start buying and collecting your Bitcoins. These wallets are like a database that contains the key codes for coins in your possession. Free wallets are available for nearly all types of operating systems, for example you could have a wallet that’s only used for mobile purchases or one that you use for payments on your computer.

An email address and a password are the only two things you’ll need to set up your wallet. And once both of these have been supplied and your wallet is online, you can then set up an address and an exchange account to receive coins and fund your wallet.

Where Can I Make Purchases Using Bitcoin?

Since Bitcoin is a digital currency, it makes sense that it’s used more for online purchases than for buying goods in store or on everyday items.

That being said there are a few stores, retailers, locations and companies who accept Bitcoins as payment that might surprise you. Microsoft for example is but one company that supports payments via Bitcoin, but there is also Amazon, OKCupid and Etsy.

Thanks to the rise of various mobile apps and computer software that allows for the scanning of QR codes to initiate payments, even Subway and KFC have trialled using Bitcoin as a payment method, which just goes to show how popular it’s become.

Bitcoin bucket of chicken wings, anyone?

What Are the Advantages of Bitcoin?

There are many advantages to using Bitcoin as your preferred method for payments and for topping up your Fair Go account. The first of these advantages is the fact Bitcoin offers you freedom in regards to payments.

The reason for this is Bitcoin allows you to receive and send money from anywhere in the world at any given time. You also never have to worry about skipping across borders, taking into account whether or not it’s a bank holiday or wait for a foreign financial institution to open in order to process a payment.

That means Bitcoin is open for trading 24 hours a day, seven days a week, 365 days of the year. Not to mention the Bitcoin network is free from any central authority, which ensures Big Brother won’t be watching over you like a hawk.

This lack of a consolidated regulator, however, doesn’t mean Bitcoin is shady. In fact, Bitcoin is one of the most transparent and fair payment methods you’ll ever come across. That’s because the technology that Bitcoin is based on, known as blockchain, records all completed transactions for everyone to see whilst simultaneously hiding your personal information.

This process is known as encryption and it’s the same process that prevents any person, company, government or organisation from influencing the Bitcoin network for their own gains. It nearly goes without saying then that depositing using Bitcoin is one of the safest ways you can make an online transaction.

So say goodbye to the risk of fraud that comes with handing over your credit or debit card information and enjoy the peace of mind that comes with making totally secure digital payments with Bitcoin.

How Can I Deposit Credit Using Bitcoin?

Now that we’ve given you a rundown on all there is to know about Bitcoin, we’re going to show you how you can top up your Fair Go account with it. This 3-step process is easy, safe and relatively straightforward.

If there’s anything you don’t understand though, we’re more than happy to help. So read on below if you’d like to deposit using Bitcoin or simply get in touch for more information.

1. Create a Wallet

The first step to crediting your Fair Go account using Bitcoin requires you to download a wallet. We reccomend the Coinjar or Kraken to start buying and collecting your Bitcoins. We discussed what a wallet is earlier in this piece, but essentially it's a digital database where you’ll store your coins. If you already have a wallet, kudos to you. You can head on down to step two. If not you’ll only have to perform a quick Google search in order to find one that suits your needs.

2. Purchase Bitcoins

After downloading a digital wallet, you’ll then need to purchase Bitcoin from a Bitcoin provider. There are literally hundreds of these merchants online; all of who offer different rates for practically the same service. There are a few locations in Australia where you can load Bitcoin wallet with cash. Click here for more info on the exact locations. After selecting a Bitcoin provider and a quantity you’ll be given an order code.

You can then use this code as a reference when you make a bank transfer or at any authorised store that deals with Bitcoins. Once the transaction has been made, you’ll then be credited with Bitcoins equal to the amount you selected earlier.

3. Top up Your Account

Once you’ve got your wallet and your Bitcoins it’s time to log onto your Fair Go account, select Bitcoin as your deposit method and enter the amount you’d like to deposit. We’ll then give you a special Bitcoin address, which you’ll paste in your wallet to make the transaction.

Upon completing this 3-step process the corresponding amount of credit will be sent to your Fair Go account. You’re then free to play your favourite online casino games and bet away knowing your payment method is totally safe and secure.

We are also offering a generous 300% match + $150 freebie when you deposit with Bitcoin. Simply follow this link.