Bitcoin Overview

This page covers the main aspects of Bitcoin and how the deposit and withdrawal processes work. 

If you’ve ever used PayPal, then you’re probably already familiar with the general concept of how to fund your PayPal account to use PayPal to buy things, and then how to receive funds into your PayPal account and send the funds back into your bank account.  This is very similar to how you would do the same process using Bitcoin:

Here are some Bitcoin basics you should know:

Cryptocurrency

Bitcoin is a type of “cryptocurrency”, a digital currency that can be bought, sold and traded entirely online, over a peer-to-peer network. Cryptocurrency can be used to purchase goods and services wherever Bitcoin is accepted, including right here at JustBet.

Exchange Wallets

Bitcoin is purchased through “exchanges”. Bitcoin is stored on “wallets”. Some sites or apps allow you to do both and these are known as “exchange wallets”. Simply use your credit card, bank transfer, or other method to buy Bitcoin and send it to JustBet to fund your account.

The Blockchain

The blockchain is where all Bitcoin transactions are recorded and processed. But unlike a bank, where transactions are administered by a central authority, the blockchain is public: anyone can view transaction histories and multiple users process “confirmations” (Bitcoin approvals).

Confidentiality

When you send or receive funds using Bitcoin, your transaction is posted publicly to the blockchain, but your personal information is not. The only information which is public is the unique address and the amount being sent, that’s all. Your private details are kept strictly confidential and are only registered on the secure exchange wallet site you sign-up with, really no different from having a bank account online.