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Cryptocurrencies are becoming more and more popular as a way of making online payments, especially at online casinos. If you are looking for a South African online casino that accepts cryptocurrencies, look no further than Thunderbolt Casino!

We offer both Bitcoin and Lightning Bitcoin as payment options, giving you the flexibility and convenience of using digital currencies. In this article, we will explain what Bitcoin and Lightning Bitcoin are, how they work, and why they are so popular at our South African online casino.

Why is Bitcoin So Popular at Our Online Casino South Africa?

Bitcoin was created in 2009 – and until this very day, the true identity behind the founder, or group of founders, remains unknown. Even so, the decentralized cryptocurrency is seeing massive upward trends in popularity.

Bitcoin is a peer-to-peer online currency, meaning that transactions happen directly between users without the need for any intermediary, such as a bank or a payment processor. You can even refer to Bitcoin’s public blockchain ledger where all transactions are recorded, ensuring transparency and security.

Having a sense of anonymity along with transparency was part of founder “Satoshi Nakamoto’s” vision. In comparison to traditional payment methods at our South African online casino, Bitcoin has many advantages, such as:

• Fast and cheap transactions: Bitcoin transactions can be confirmed within minutes, and the fees are usually very low or even negligible.
• Global accessibility: Bitcoin can be used in any country, regardless of local regulations or restrictions. You can send and receive bitcoins from anywhere in the world with an internet connection.
• Privacy and anonymity: Bitcoin transactions do not require you to reveal your identity or personal information. You can use a pseudonym or a random address to send and receive bitcoins.
• Limited supply: Bitcoin has a fixed supply of 21 million coins, which means that it is not affected by inflation or manipulation by central authorities. The scarcity of bitcoin makes it more valuable over time.

These features make Bitcoin an ideal payment option for players who value speed, convenience, security, and privacy at our South African online casino.

About Bitcoin

Bitcoin broke first ground in the crypto world and it’s still the most popular of its kind. It is based on a peer-to-peer network that uses cryptography to verify and secure transactions. Bitcoin transactions are grouped into blocks and added to the blockchain, which serves as the public ledger of all bitcoin activity.

To use Bitcoin, you need a bitcoin wallet, which is a software or hardware device that stores your private keys – and allows you to send and receive bitcoins. There are many types of bitcoin wallets available, such as web wallets, mobile wallets, desktop wallets, hardware wallets, and paper wallets.

To get bitcoins, you can head over to an exchange or a peer-to-peer platform. You can then transfer your bitcoins to a crypto wallet, or link it up with a bank account, or popular e-wallets. To spend bitcoins, you need to find a merchant or a service provider that accepts them as payment, such as our South African online casino!

About Lightning Bitcoin

Lightning Bitcoin is a layer-2 solution built on top of Bitcoin that aims to improve its scalability and usability. Lightning Bitcoin enables fast and cheap transactions by moving them off the main blockchain and onto a network of payment channels.

A payment channel is a two-way connection between two users that allows them to exchange bitcoins without broadcasting every transaction to the blockchain. The payment channel is opened by locking some bitcoins in a smart contract on the blockchain, which serves as collateral.

The users can then transact at our South African online casino as many times as they want within the channel, updating their balances accordingly. The payment channel is closed by broadcasting the final state of the channel to the blockchain, which releases the locked bitcoins.

Lightning Bitcoin has several benefits over regular Bitcoin transactions at our South African online casino, such as:

• Instant confirmation: Lightning Bitcoin transactions are confirmed within seconds, as they do not depend on block confirmation times.
• Low fees: Lightning Bitcoin transactions have negligible fees, as they do not consume block space or compete with other transactions.
• High throughput: Lightning Bitcoin can handle millions of transactions per second, as it does not have the same limitations as the main blockchain.
• Cross-chain interoperability: Lightning Bitcoin can facilitate transactions between different blockchains that support the same protocol, such as Litecoin or Ethereum.

Lightning Bitcoin is still in development and requires some technical knowledge and skills to use. It is however a promising solution for making bitcoin payments more efficient and accessible!

Bitcoin Deposit and Withdrawals at Thunderbolt Casino

At Thunderbolt South African Online Casino, we accept Bitcoin as a deposit and withdrawal method for our players. You can use Bitcoin to fund your account and play our games, as well as to cash out your winnings. Here is how it works:

• To make a deposit with Bitcoin, log into your Thunderbolt Casino account, go to the cashier section and select the Bitcoin option. You will be given a unique address and a QR code to send your bitcoins to. Scan the QR code with your bitcoin wallet or copy and paste the address. Enter the amount of bitcoins you want to deposit and confirm the transaction. It will take a few minutes for fund to be credited to your casino account.
• To make a withdrawal with Bitcoin, go to the Thunderbolt cashier and choose the option to withdraw with Bitcoin. You will be asked to enter your bitcoin wallet address and the amount of bitcoins you want to withdraw. The withdrawal will be processed within 48 hours, and you will receive your bitcoins in your wallet.

Using Bitcoin at Thunderbolt Casino is easy, cost-effective and secure. You can enjoy our South African online casino games without worrying about fees, or intermediaries!

Lightning Bitcoin Deposits at Thunderbolt Casino

At Thunderbolt Casino, we also accept Lightning Bitcoin as a deposit method for our players. You can use Lightning Bitcoin to make instant and cheap deposits to your account and play our games. This is how it works:

• To make a deposit with Lightning Bitcoin, log into your Thunderbolt Casino account, go to cashier and select the option to deposit with Lightning Bitcoin. A unique invoice and a QR code will generate to pay with your Lightning wallet. You can scan the QR code with your Lightning wallet or copy and paste the invoice. Then, enter the amount of bitcoins you want to deposit and confirm the payment. The deposit will be credited to your account within seconds.

Using Lightning Bitcoin at Thunderbolt Casino is simple, fast, and cheap. You can enjoy our games without waiting for block confirmation or paying high fees.

Bitcoin vs Lightning Bitcoin – A Quick Comparison

Bitcoin and Lightning Bitcoin are both based on the same underlying technology – but they have some differences in terms of speed, cost, scalability, and usability. Here is a quick comparison:

1. Speed: Bitcoin transactions take about 10 minutes on average to be confirmed on the blockchain, while Lightning Bitcoin transactions are confirmed within seconds off the blockchain.
2. Cost: Bitcoin transactions have variable fees depending on the network congestion and the size of the transaction, while Lightning Bitcoin transactions have negligible fees regardless of the network state or the amount of the transaction.
3. Scalability: Bitcoin can handle about 7 transactions per second on the main blockchain, while Lightning Bitcoin can handle millions of transactions per second on the payment channels.
4. Usability: Bitcoin is widely accepted and supported by many wallets, exchanges, and merchants, while Lightning Bitcoin is still in development and requires more technical expertise and infrastructure to use.

Whether we’ll ever know the true identify behind the pseudonym, Satoshi Nakamoto, remains to be seen… As for now, you can reap the rewards of the brainchild by using Bitcoin and Lightning Bitcoin at our South African online casino!

Whilst both have their advantages and disadvantages, it all depends on your needs and preferences. At Thunderbolt Casino, we offer both options for our players, so you can choose the one that suits you best!