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How to Explain Bitcoin to Your Family This Thanksgiving

November 22, 2022

How to Explain Bitcoin to Your Family This Thanksgiving

November 22, 2022

Blog » Posts tagged "Bitcoin" (Page 3)

Explaining Bitcoin to Your Family this Thanksgiving, Made Easy

Home for Thanksgiving this year? If so, then like many a Gen Z or Millennial man or woman heading home for the festivities, you may be bombarded with questions about Bitcoin.

But only because you’re the most trend-savvy peep at the table, and because cousin Amy’s bustling “Gamer_Girl.94” Instagram page with links to her $3 Thanksgiving special on Onlyfans makes for an uncomfortable conversation, even though she accepts Bitcoin as payment (good luck explaining THAT one to the fam).

But yes, with all the hype around cryptos and Bitcoin in the past few years, it’s bound to come up as a topic at the dinner table – this Thanksgiving or the next. So, this begs the question: how do you explain Bitcoin to your family without them staging an intervention with the neighbor’s shrink or the priest from the local parish?

Perhaps we can shed some light on this tricky situation with a few tips.

It’s real, it’s money, and it’s here to stay

Okay, so most of the family has probably heard of Bitcoin before, and they may have a few questions, usually starting off as statements: “it’s not real money… is it?” or “criminals use it to launder money… don’t they?”

Regardless of the question, as the crypto community’s representative at your Thanksgiving dinner table, it’s your job to produce the right answers. Start by telling them that Bitcoin is, indeed, real money, just in a digital form.

Explain that Bitcoin is not only like real money, but in some ways, also resembles stocks. Bitcoin can be used to buy goods and services just like regular money can, but fluctuates in value according to supply and demand, just like stocks do.

Try to avoid terms such as “blockchain” or “cryptography” in the beginning, and focus on explaining how digital currencies are simply the next step in the evolution of finance.

“But, where does Bitcoin come from?”

This is probably the next question they’re going to ask, and it’s better to stick to the basics with this one. Of course, Bitcoin mining is an integral part of crypto and how it works, and you’ll need to explain this very carefully without losing the family altogether.

One of the best ways to explain Bitcoin mining to noobs is to compare it to a mountain. Let’s see how this could go:

“You can think of Bitcoin as a mountain, and in this mountain, there are 21 million Bitcoins. Just like scarce resources such as gold, coal, and copper are mined, so are Bitcoins. Bitcoin miners extract Bitcoins from this mountain (blockchain) using specialized computers, and receive a reward in new Bitcoins generated from the process.”

See? Easy! You’ll also need to touch on the fact that just like the dollar is split into pennies and dimes, Bitcoins are also split up into smaller denominations, called Satoshis. This makes the currency easier to distribute and exchange in smaller amounts.

Explain the uses – stick to the basics

Whether you’re looking to persuade your family into investing in Bitcoin or simply just filling them in on how it works, they’ll definitely want to know what it can be used for. Fortunately, answering this one is a little easier:

“Whatever you can use real money for, you can use Bitcoin for the same things – almost anything and everything (just ask cousin Amy). However, since Bitcoin is digital, you can’t exactly waltz into the corner café and expect to buy bread and milk using Bitcoin – unless the merchant accepts it, of course.”

“The online world is where Bitcoin thrives. You can purchase all sorts of goods and services online using bitcoin. Many Bitcoin users also choose to invest their coins, as volatile markets with huge spikes in value have made many a rich man, but of course, some have lost on it too,” – don’t mention anything about FTX unless it comes up – save that for Easter when things have calmed down.

“How do I get Bitcoin?” Aunt Valerie is sold

Some of your family members may not need much convincing before getting hooked on the idea of Bitcoin, and will probably ask where to get it. In this instance, it’s better to explain how YOU go about acquiring your Bitcoin or other cryptos, as this makes further questioning on the subject much easier down the line, and you’ll know exactly how to guide them through the process.

Touch on the use of crypto wallets by conveying that they are simply a digital means of storing your funds. Explaining how blockchain works, on the other hand, might be a little tricky. Just stick to the basics – “it’s a digital ledger that records all transactions and is visible to the public without exposing anyone’s identity.” Voila.

You can also direct them to a few crypto exchanges that offer wallets such as Coinbase or Binance – there is loads of information on using bitcoin and how to get your hands on it (for those that seem keen to get in on the crypto game).

Why is Bitcoin important?

Not only does Bitcoin offer many advantages over fiat, such as faster, safer, and cheaper transactions online, but it has also come to be a valuable value storage asset, and is even compared to gold. Bitcoin has been able to withstand economic challenges better than fiat money in the past, which is why many use it to store value during a financial crisis.

And yes, it is very volatile, and with all that’s been happening in the crypto space of late, prices have plummeted. But just like before, they’re bound to pick up again. Moreover, Bitcoin and most other cryptocurrencies run on decentralized blockchains, so governments and central banks can’t control or regulate the currencies.

This means that you have complete control over your funds, which by the way, sit on a virtually unhackable blockchain that is maintained by a peer-to-peer network of independent nodes.

Whether you like it or not, crypto adoption is taking place at an exponential rate, with many major companies and even governments looking at incorporating blockchain technology into their current operations.

As we said, crypto is the next step in financial evolution, and although the currencies of the future may not be Bitcoin, Ethereum, Litecoin, or the rest, but may very well be based on the technology behind these revolutionary cryptos.

Tell your family about Bitcoin this Thanksgiving – it’s easy to do!

Well, that should be enough for you to cover the Bitcoin topic until Christmas and still give you enough time to stuff your face with turkey, stuffing, and pumpkin pie at the dinner table before it gets cold. And if they want more info, ask cousin Amy to elaborate – that should be a bit of fun!

Happy Thanksgiving, folks. And we hope you enjoy the festivities. But don’t forget to visit Punt for upcoming Thanksgiving promotional offers with all the bonus stuffing you need to fill up on those big wins.

What Happened to FTX? Here is Everything You Need to Know

November 12, 2022

What Happened to FTX? Here is Everything You Need to Know

November 12, 2022

Blog » Posts tagged "Bitcoin" (Page 3)

Everything that happened to FTX and what you need to know

Last week witnessed the biggest crypto story of the year, and one of the biggest of all time – the swift and astonishing collapse of FTX. The story, which is a Netflix documentary in the making, saw the unraveling of an empire that was seeking investment just two months ago that would have valued it at $32 billion, but which, after a whirlwind 10 days, became bankrupt, losing customers everything.

What happened to FTX? Let’s find out.

The FTX Empire Grows

FTX was founded by Sam Bankman-Fried and Gary Wang in May 2019 and quickly made a name for itself as a steady and trustworthy derivatives exchange. In a world where people were used to the shady antics of BitMEX, FTX presented a more professional face, with Bankman-Fried appearing to be one of the new breed of more legitimate and law-abiding operators.

As FTX grew, Bankman-Fried became entwined in the political element of the crypto scene, funding groups to lobby Washington on crypto’s behalf, although his public allegiance to the political left alienated a huge swathe of the crypto Twitterati.

By the middle of this year, FTX had grown into the second biggest derivative trading platform in the space, tentatively valued at over $32 billion dollars in September, with big-name sponsorships and bailouts of bankrupt crypto exchanges giving the impression it was still actively pursuing expansion and hoping to challenge the market leader in the derivatives field – Binance. With one million active users, it was well on the way.

Coindesk Cries Foul

The problems for FTX began on November 2 when Coindesk alleged that Alameda Research, the trading firm that made up the other half of the FTX empire, held much of its $14.6 billion balance sheet in the FTT token issued by FTX. As Coindesk pointed out, this meant that Alameda was resting on “a foundation largely made up of a coin that a sister company invented, not an independent asset like a fiat currency or another crypto.”

This revelation caused Changpeng Zhao, the founder and CEO of Binance, to declare that Binance planned to liquidate its own holdings of FTT tokens, which it had received when it sold $2.1 billion worth of FTX equity back to FTX in 2021. Zhao didn’t reveal how many FTT tokens Binance would be liquidating, but when a $584 million FTT transfer into Binance from an unknown wallet was spotted later that day, he admitted that this was just “part of it”.

Zhao said the sale would be completed with “minimal” disruption to the market, but just hours later, on Monday afternoon, the value of FTT plummeted from $23 to $15 due to sudden massive sell pressure.

Here Comes the Run

The aforementioned selloff prompted further fears that Alameda, and in turn FTX, was at risk of facing liquidation on $3.4 billion worth of its FTT holdings due to the price collapse, stoking fears that it would soon be insolvent.

These fears began the event that every exchange fears – a run. FTX users frantically began requesting their funds from the exchange, with around $6 billion of withdrawals submitted in the 72 hours before Tuesday morning. This caused an inevitable backlog, which in turn led to further fears that FTX was not actually able to fulfill the requests. Bankman-Fried tweeted that “FTX is fine” and that all assets were covered. He then instantly deleted the tweet, which only served to cause more panic.

Bankman-Fried Reaches Out

Unbeknownst to the public, while he was busy deleting reassuring tweets, Bankman-Fried had realized that the drop in the value of FTT had indeed lost the company billions of dollars or user funds, and worse could be to come. He approached Seychelles-based cryptocurrency exchange OKX for help in funding the billions needed for customer withdrawals. When OKX couldn’t help, Bankman-Fried realized there was only one person left he could call on – Binance CEO Changpeng Zhao.

Bankman-Fried approached Zhao for the money, but Zhao, not one to miss an opportunity, turned the request massively to his advantage – on Tuesday afternoon he tweeted that Binance was looking not just to bail out FTX, but to acquire it. The revelation sent shockwaves through the crypto space, and led many to suggest that Zhao had been planning for such a result all along.

Nevertheless, customers were suddenly hopeful that they could be made whole. Bitcoin leapt $1,000 as a result, and even the FTT token managed a small resurgence. However, not everyone was convinced, offering reminders that Binance hadn’t looked at FTX’s books yet, and no one knew what horrors lurked in there.

Binance Pulls Out

While Binance was looking over the books, allegations emerged that FTX had been using customer funds for its own money making activities, such as collateral for loans and lending Alameda billions to trade with. This was followed by suggestions that U.S. authorities were looking into FTX’s collapse, with particular focus on the alleged misuse of customer funds.

The following day, Wednesday 9th, it was revealed that the U.S. Securities and Exchange Commission and the Justice Department had been looking into the affairs of FTX’s American arm, FTX US, for potential securities violations for months already.

These revelations acted like an air raid warning for Binance, and on Wednesday night it stepped away from the deal, citing “corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations.” This left the cryptocurrency industry with its very own Lehman Brothers situation; FTX was at the center of a huge lending and borrowing web, a web that had already been severely tested in 2022 by the collapse of Celsius, Three Arrows Capital and TerraUSD. The scale of its involvement with other crypto companies as known to be vast, but no one knew quite how vast yet.

FTX Can’t Fill the Hole

To avoid ultimate catastrophe, FTX was left on Thursday morning needing to fill an $8 billion hole of its own making, or face bankruptcy. Bankman-Fried tweeted an apology thread on Thursday in which he took responsibility for the errors made, reinforced the need for funding if customers were to get any of their money back, and announced that Alameda Research was being wound down.

Later on Thursday, the Securities Commission of The Bahamas, where FTX is registered, called for all company assets to be frozen, suggesting that any prospect of users getting withdrawals out from the exchange were now doomed to failure. However, a loophole was spotted by some Twitter users who offered to pay FTX staff up to $1 million to change their residency to Bahamian in order to get their funds off the exchange. Some, apparently, succeeded in their quest.

By Friday it was clear however that the hole was just too big to be plugged, and at 2:14pm on Friday, FTX filed for Chapter 11 bankruptcy, bringing the curtain down on a disastrous, and thoroughly unnecessary, episode of devastating drama.

Damage Will Take Months to Come Out

To put the size of the FTX collapse into perspective, Bankman-Fried’s personal net worth at the start of last week was thought to be in the region of $15 billion, tied up in FTX and its assets, including FTT tokens.

At the time of Bankman-Fried’s resignation, Bloomberg put this figure at just $3. This was a little over the value of one FTT token, which had peaked at $80 in September last year.

The fallout of the FTX collapse has only just begun, with people asking what happened to FTX only being the beginning. The full damage will only be known months down the line. The initial concern is for the million or so customers who have lost all their funds. They have no protection, and their only recourse will now be joining the long list of creditors all fighting for the scraps that remain, a battle that is likely to be long and largely fruitless.

bitcoin-million-market-cap-how-it-got-there

How the Bitcoin Million Market Cap was Reached

November 7, 2022

How the Bitcoin Million Market Cap was Reached

November 7, 2022

Blog » Posts tagged "Bitcoin" (Page 3)

Looking Back at the Bitcoin Million Market Cap

The Bitcoin market cap today sits in the hundreds of billions of dollars, putting it on par with some of the biggest corporations in the world. However, there was a time, only witnessed by a few hundred people, when the Bitcoin market cap was under $1 million – a time when the moon was still just a round thing in the sky, when the amount of Bitcoin transactions could be counted on a single hand, and when Mt. Gox was the name of a promising new exchange.

So what happened in the days before the Bitcoin million market cap was reached? This quick flick through the Bitcoin market cap history will shed some light on the interesting and impactful events that took place as Bitcoin surpassed this milestone market cap.

Bitcoin’s Launch

Bitcoin first reached a $1 million market cap around early November 2010. The precise date is hard to pinpoint given the paucity of the information from that time, but available data suggests it did so around the first week of November when Bitcoin doubled in price from $0.19 to $0.39 in the space of three days.

Two years before this, almost to the day, Satoshi Nakamoto had alerted the cypherpunks mailing list of the Bitcoin whitepaper for the first time, which he had uploaded to www.bitcoin.org. This whitepaper alerted a few other cypherpunks to the project, and work had begun on turning the vision into reality.

The first Bitcoin wallet, which allowed anyone to receive, send and store BTC, was released by Satoshi Nakamoto on January 9, 2009, six days after the Bitcoin blockchain had been fired into life. Called Bitcoin-Qt (since changed to Bitcoin Core), it also allowed Bitcoin mining with a simple click of a button, but not everyone knew this function existed – the first individual known to have downloaded the software, Dustin Trammell, wasn’t aware of this feature, which meant that Satoshi-confidant Hal Finney was able to beat him to the punch and become the first person to mine bitcoin through the Bitcoin-Qt, despite being the second to download it.

Finney was also the first person ever to receive some bitcoin, with Satoshi sending him 10 BTC on January 12, 2009, from 50 BTC the founder had received as a mining reward.

Satoshi Launches Bitcoin Talk

Bitcoin’s early existence was only known to enthusiasts and those who helped develop it, with no one outside of the small group even knowing about it, let alone understanding what it represented. 2009 was a time of development, bug fixing and generally shoring up the protocol, with no thought given to price. This was because the only people who had any bitcoin were those who were mining it, which anybody was able to do with a laptop, so there was no need to buy or sell it, and certainly no market for it.

Early Bitcoin development attracted a variety of figures, some of whom are still in the blockchain world and some who have left it behind, such as Erik Voorhees, Martti Malmi, Ray Dillinger and Peter Todd. One thing they all have in common is that they are no longer involved in Bitcoin in a direct way.

Bitcoin’s status grew to the point where communications between developers on Sourceforge, which had been the forum until that point, was becoming cumbersome. This led to Satoshi launching the Bitcoin Talk forum in November 2009, which acted as the first portal for the general public to also chip in and discuss Bitcoin.

The Famous Bitcoin Pizza Purchase

Bitcoin’s first anniversary, on January 9, 2010, passed with its veil of secrecy still largely intact, although it was beginning to slip. More and more people were joining the community, as evidenced by growing numbers of people on Bitcoin Talk, and in February 2010 Bitcoin finally got a universal valuation as the first Bitcoin exchange, Bitcoin Market, opened for business. Bitcoin’s initial price on this listing was $0.003, putting the Bitcoin market cap at just $6,500, although with mining still far easier than buying there were few takers.

Three months later Bitcoin surpassed another milestone when the first public transaction using the digital currency took place. This event, celebrated every May 22 as ‘Pizza Day’, saw Florida resident Laszlo Hanyecz post on Bitcoin Talk that he would pay 10,000 BTC for two pizzas. Through discussions, Hanyecz was able to secure the deal through a local Papa John’s outlet, and the first ever Bitcoin transaction was complete. The 10th anniversary of Pizza Day saw those two pizzas worth a combined $96 million.

With the two pizzas actually costing a combined $40, the price of Bitcoin at this time could be pegged to $0.004, in line with the price on Bitcoin Market. With Bitcoin’s circulating supply at 2.93 million, this put the Bitcoin market cap at just $11,720, showing just how much growth it would experience in the latter part of 2010.

Bitcoin Faucets Give Away BTC

By the middle of 2010, Bitcoin Talk’s membership numbered in the hundreds, and word was starting to seep out that a new kind of currency was doing the rounds, based on something called the blockchain. Bitcoin was still a year away from its first real mainstream media exposure, so it was very much still under the radar, although computing website InfoWorld did mention Bitcoin as one of its seven open source projects to watch on May 24, 2010.

Around this time, developer Gavin Andresen stumbled across Bitcoin and hit on a great idea to spread the word – give some away for free. The result was The Bitcoin Faucet, a website that literally poured out BTC to those that visited, with 1,100 given away in the initial round. Satoshi Nakamoto reached out to Andresen to say that he was planning on doing something similar to The Bitcoin Faucet, which led to the pair striking up such a strong relationship that it would be Andresen who would take over the keys to Bitcoin when Satoshi stepped aside in 2011.

Mt. Gox Arrives

In July 2010, a new Bitcoin exchange entered the scene, one that would have a long and lasting impression on the Bitcoin space – Mt. Gox. Mt. Gox was created by Jed McCaleb for “a lark”, positioning in the exchange as a better version of Bitcoin Markets, telling one skeptic on Bitcoin Talk that, “it (Mt. Gox) is always online, automated, the site is faster and on dedicated hosting and I think the interface is nicer.”

With banks wanting nothing to do with this Bitcoin thing, McCaleb was forced to conduct all the trades through his own bank and PayPal accounts, leading eventually to permanent bans. However, his actions helped facilitate Bitcoin trading and encourage people to begin to trade as well as mine. Mt. Gox arrived at just the right time – it launched at the peak of a week-long 10x price jump, taking the Bitcoin market cap from $21,300 to over $220,000 by the middle of July, as the Bitcoin deposits flowed.

Satoshi Feels the Pressure

At this time however, cracks were beginning to appear in the design of Bitcoin, while the motives of Satoshi Nakamoto himself were coming in for scrutiny. A ‘value overflow’ exploit led to 184 billion BTC being temporarily added to the books, and although it was resolved it was a sign that people were starting to try and poke holes in the protocol.

Others were questioning Satoshi’s role too, comparing him to a dictator setting arbitrary rules for the so-called decentralized protocol among other issues, and it was clear that the amount of work required to keep Bitcoin growing but also keep it safe from hackers was taking its toll on its creator.

Bitcoin’s Founder “Hands Over the Keys”

The rod that broke Satoshi’s back may have come just days after the Bitcoin market cap crossed $1 million in November 2010. Free software proponent Amir Taaki asked on November 10 if Bitcoin might aid the whistleblowing website Wikileaks, then under siege as PayPal and global banks had blacklisted it from the financial system. This led to many supporters chiming in to support the idea, but Satoshi didn’t agree:

“No, don’t “bring it on”. The project needs to grow gradually so the software can be strengthened along the way. I make this appeal to WikiLeaks not to try to use Bitcoin. Bitcoin is a small beta community in its infancy. You would not stand to get more than pocket change, and the heat you would bring would likely destroy us at this stage.”

Satoshi received verbal abuse from many on the forum for this rejection, leading, many believe, to him deciding to step down from the project shortly after. His final code contribution came with Bitcoin-Qt 0.3.19 on December 13, and on December 19 he effectively handed over the development of the protocol to Gavin Andresen, with his last message to the community being posted on April 26, 2011.

The Bitcoin Million Market Cap Came at a Price

This episode in the Bitcoin market cap history, which saw a million dollar market cap surpassed for the first time, seems on the outside to have been one of the quieter periods of Bitcoin’s life. However, as we have seen this is far from the case. In less than two years we saw Bitcoin’s birth, its first transactions, and the launch of Bitcoin Talk and the introduction of Mt. Gox. Perhaps most significantly, it also witnessed Satoshi stepping aside just weeks after the threshold was crossed.

$1 million wouldn’t remain Bitcoin’s highest market cap for long – by June 2011 the price had reached a scarcely believable $30, putting the Bitcoin market at $201 million, a far cry from the days of ten cent Bitcoin.

Are crypto faucets worth it? Find out at Punt Casino.

Are Crypto Faucets Worth It in 2022?

October 28, 2022

Are Crypto Faucets Worth It in 2022?

October 28, 2022

Blog » Posts tagged "Bitcoin" (Page 3)

How to Use the Best Crypto Faucets in 2022 and Earn Free Bitcoin

Wait a second, free Bitcoin?! Yes, you heard it, free Bitcoin. 10 years ago, that statement would’ve fallen on deaf ears. But today, hearing “free Bitcoin” will have every Tom, Dick, Harry, and Sally scurrying to get a piece of the pie, with free crypto faucets serving them up fresh by the hour.

Crypto faucets are one of the easiest and most popular ways to get free crypto online for doing almost nothing – “almost nothing” being the key words there because when it comes to many of the crypto faucets 2022 has to offer, that’s pretty much what you can expect.

However, it’s still free bitcoin, or other free cryptos, for that matter. And considering the fact that there are actually people out there earning Bitcoin for free on crypto faucet sites, it might be worth a look. Ready to open the tap and find out if crypto faucets really are worth the hype? Let’s start with the basics.

What is a crypto faucet?

If you have no idea what crypto faucets are, have never heard of them before, and are wondering which DIY or hardware stores you can buy them from, then don’t tap out just yet, because we’re about to explain.

Crypto faucets, as misleading as the name may be to crypto newcomers, are actually websites or a crypto faucet app where users can earn free bitcoin online, usually by completing easy tasks such as solving captchas, playing simple games, or watching short advertisements, among others, receiving a small amount of crypto in return.

However, as we all know, getting something for free usually sounds too good to be true, and it also begs the question: what do free crypto faucets get out of the deal, and how does this all work?

How do crypto faucets work?

Many crypto faucets in 2022 are pretty much ad sites, displaying various advertisements on the screen or requiring users to view videos and other ads in order to earn free crypto – ads that the crypto faucet sites get paid for with every clickthrough by users.

What this means is that crypto faucets generate an income through advertising, generating website traffic, or exposing its users to certain information, mostly related to crypto. This is how they fund the “free crypto” that is paid to users for completing the tasks.

The first free crypto faucet was launched in 2010 by a Bitcoin Core developer by the name of Gavin Andresen, who sought to create global awareness of Bitcoin by giving users the opportunity to earn 5 BTC for solving a simple captcha.

Today, that quick and easy 5 BTC payout would be worth just over $100,000 – can you imagine? But, as we all know, it’s not 2010 anymore, and 5 BTC doesn’t just fall into your lap in 2022 – unless you’re claiming the 6 BTC Welcome Package at Punt, that is.

Earn free crypto on the best crypto faucet sites

Using a crypto faucet is very easy, as all you’ll need to do is sign up for an account with whichever trusted crypto faucet app or site you decide to use (we’ll mention a few good ones shortly).

In most cases, the crypto you can earn on free crypto faucets will be displayed in your account balance, and you’ll need to earn a certain amount before you can withdraw.

Remember, you’ll be paid small amounts with each task you perform, as crypto faucets in 2022 pay in Satoshis (1 Bitcoin = 100 million Satoshi), so it might take a while before you can withdraw, depending on the faucet’s threshold and hourly payout amount.

Many of the best crypto faucet websites, such as the original freebitco.in, offer various ways to get bitcoin for free, as well as the opportunity to win some incredible prizes.

After creating a crypto faucet account, you’ll have access to all the different ways to earn free Bitcoin or other cryptos with various menus and guides on the site or app on how to make the best use of a crypto faucet.

Let’s use one of the other top crypto faucets of 2022, Cointiply, as an example. Users can earn “Coins” by completing various daily tasks such as playing games, watching videos, referring other users, and completing surveys, among other ways of earning free crypto.

The primary method of earning Coins is the Cointiply Faucet “Roll & Win”. Here, the user gets a lucky roll after solving a captcha for a chance to win various Coin jackpots for free, which can be done only once every hour. Most crypto faucets and sites have a similar mechanic for the primary faucet method of earning free crypto.

“Coins” are the site’s native currency, and each Coin’s value is tied to the value of the US dollar – kind of like a stablecoin. With this site, in particular, you’ll need to earn a minimum of 50,000 coins before withdrawing Bitcoin in the equivalent US dollar value, or 30,000 coins for Dogecoin, Dashcoin, or Litecoin.

Once you’ve earned enough credits on whichever crypto faucet app or site you use and want to withdraw, you’ll need to provide your crypto wallet address for the payment to be made. If you don’t have a crypto wallet set up yet, we’ve got you covered on that front too with an all-inclusive guide for how to create a crypto wallet.

How to choose the best crypto faucet

Crypto faucets in 2022 may seem very similar to one another at first glance, but you’ll need to dig a little deeper to find the differences between them to decide which is the best crypto faucet for you to earn free crypto. Here’s what to look out for:

How frequently can you use the crypto faucet?

Almost every crypto faucet site where you can earn free crypto has a timer between claims – some sites require only five minutes, whereas others might have you waiting an hour before you can use the faucet again.

The best crypto faucet app or websites will only require a short period of time before you can spin to win free crypto again, but you’ll also need to weigh up the amounts you can win with each roll when taking this point into consideration.

Withdrawal minimums and maximums

Most crypto faucets will only pay a few Satoshis, and in many cases, these will not be paid directly to your crypto wallet. As we mentioned, you’ll have an account balance on the site or app, and you’ll have to reach the crypto faucet’s cashout threshold before you can withdraw. The best crypto faucet sites and apps will have smaller withdrawal limits.

Withdrawal methods and accepted cryptos

Although most crypto faucets will allow you to withdraw funds directly into your crypto wallet when you’ve accumulated enough credits, some may offer different payment methods which might not be as easy. Take the withdrawal methods into account when choosing a crypto faucet app or website to use.

Another important thing to consider is the different cryptos available to earn for free with crypto faucets in 2022. Of course, you want to earn cryptos that actually have value and are fairly prominent in the crypto space – avoid those shitcoins as best you can.

The Final Autoclaim crypto faucet, for example, allows users to claim up to 73 different coins automatically, all at once, on the same page.

How many ways can you earn crypto in the free crypto faucet?

Free crypto faucets might not always offer as many ways to earn crypto as some paid-subscription sites out there, but you will certainly find a crypto faucet app or an online site quite easily that offers many ways to earn Bitcoin for free. Research is key, especially when you want to find a crypto faucet that is worth your time and effort, as minimal as it may be.

Can you make a profit from crypto faucets?

It depends. Have you got the time to log in, watch advertisements, solve captchas, play mini-games, or complete surveys every few minutes for the entire day? The truth is, crypto faucets do offer the opportunity to earn free crypto, but it does take time and effort.

The problem with many crypto faucet users is that they don’t have the stamina to complete enough tasks to earn enough crypto and reach the cashout minimums. Many lose interest, give up, or simply just forget that they’ve signed up with crypto faucet sites in the first place, and never get to the point where they can actually withdraw free crypto.

Since it doesn’t really cost you anything to sign up and use free crypto faucets, then yes, you can certainly make a profit. But reaching the point where you can actually cash out free crypto is another story. But hey, you can always find a crypto faucet app or site with a low withdrawal minimum, earn free crypto, and come multiply your money in over 1,000 casino games at Punt!

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Explore the world of crypto with Punt Casino!

If you’re new to the world of cryptocurrencies and you’re looking to explore, crypto faucets in 2022 are a good option if you want to earn crypto for free and discover what digital currencies are all about.

As the fastest-rising crypto casino in the world, Punt offers many ways to learn about crypto with loads of crypto guides and information packed into our site, so if you’re looking to learn, our blog is a great place to start – not to mention our five-star selection of crypto-friendly games that could see your crypto faucet earnings turn to jackpot payouts with a click of a button.

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The Easiest Way to Claim Your Punt Casino Welcome Bonus

October 25, 2022

The Easiest Way to Claim Your Punt Casino Welcome Bonus

October 25, 2022

Blog » Posts tagged "Bitcoin" (Page 3)

Punt Casino’s Welcome Bonus – The Quickest Way to Kickstart the Fun

One of the perks of playing at an online casino such as Punt is the epic bonuses you’re guaranteed to receive. The first of which: an incredible casino welcome bonus! All new players at Punt Casino automatically qualify for a casino welcome bonus of up to 6 BTC and $25 Free Chip.

Use this bonus to explore the thousands of casino games at your disposal. These include a range of the finest crypto slots, table games, progressives, video poker, and more!

Our games are powered by the finest software providers in the industry – which means that you’ll not only benefit from fabulous promotional offers, you’ll be winning from the incredible bonus features in our providers’ slots, too.

But before you can get your hands on these dazzling rewards, starting with your welcome offer, you’ll need to follow a few steps first. Let’s get started!

How to claim your casino welcome bonus

Step 1: Log in (or sign up)

New to Punt Casino? Welcome! We’re thrilled to have you. Create your account now – it only takes a few seconds, and we require very little information from you to get started.

How to sign up at Punt Casino

Click Sign Up in the top right-hand corner
Enter your email address, Punt username, and preferred currency
Click on Sign Up

If you already have an account, simply log in.

Create Account

Step 2: Redeem your coupon

Once you log in / sign up, you’ll be redirected to the Punt lobby. This is where you can get started claiming your welcome bonus!

There are two ways to claim your welcome bonus in the Punt lobby:

Directly through the cashier
By clicking on the promotional banner

Claiming your welcome bonus directly through the cashier:

To get started, click on Cashier
Next, click on Coupons
You’ll see that there are a bunch of promotional offers available on the coupons page. Click on Redeem on the welcome offer promotion banner
A pop-up will appear, containing the details of your welcome offer, which includes the minimum deposit requirement ($9)

Once you’ve redeemed your coupon, you’ll be redirected to a page where you will see the following:

Click on Deposit

Step 3: make a deposit

Depositing into your Punt Casino account is really easy! We’ve put together a bunch of resources for you should you need the help. Read this guide for help on setting up a crypto web wallet, as well as how to deposit and withdraw. We’ve also written a blog on how to make a bitcoin deposit in 6 easy steps – give it a read!

Remember, before you can make a deposit, you’ll need to create a bitcoin wallet (if you don’t have one already). Find out how to do this here.

Getting started:

Deposit into your Punt casino account from your bitcoin wallet

A QR code will pop up, and a Crypto Address will be displayed. Copy the Crypto Address

Copy this address into your web wallet and follow the prompts within your web wallet
Once your deposit has been approved and verified, your welcome bonus will be active!

Start playing!

Now that your welcome bonus has been activated, the real fun begins!

What’s in the fine print?

There are a few nitty-gritty details that you need to be aware of when you claim your welcome bonus:

Your welcome bonus comes with 40x wagering requirements. Not sure what wagering requirements are? Find out here.
You are required to make a minimum deposit of $9 in order to claim the welcome bonus
Your $25 Free Chip also contains 40x wagering requirements, and comes with a maximum cashout of $100. This can only be redeemed after you have made your deposit.

In a rush? Use the quick-deposit method

At Punt Casino, we love to make your life easier. That’s why we’ve added the quick-deposit box on our homepage! Simply enter your deposit amount, your preferred currency, and your deposit method. You can then create an account AND claim your welcome bonus simultaneously using this method!

Bitcoin casinos future - featured image.

Bitcoin Casinos – Is the Future of Online Casinos Here Already?

October 8, 2022

Bitcoin Casinos – Is the Future of Online Casinos Here Already?

October 8, 2022

Blog » Posts tagged "Bitcoin" (Page 3)

Bitcoin casinos are the future, and here’s why

Bitcoin’s been making boss moves since its inception in 2009. It is literally the OG of cryptocurrencies.

This blockchain-based decentralized digital currency was created by Satoshi Nakamoto (a pseudonym for one man or a group of individuals – no one actually knows). He/they saw a need for a decentralized currency following the 2007 – 2009 global financial crisis.

During this time period, people were hella suspicious of governments and banks, and bitcoin presented the perfect opportunity to move away from a financial management monopoly that left little room for autonomy, and provided even less transparency. Of course, bitcoin took off with a bang, paving a path for over 19,000 other cryptocurrencies, or altcoins – to follow.

With its surge in popularity, many companies began adopting bitcoin-based transactions. The first online crypto casino was established in 2013 – providing all of the same benefits of an online casino, but with better security, faster payouts, and total anonymity. Naturally this proved to be a hit with players, and soon, other casinos followed suit.

Packed with perks – 4 reasons why bitcoin casinos promise a better overall casino experience

Bitcoin casinos are all the rage, and it’s really not that hard to see why when you consider the plethora of benefits that are part and parcel of playing at a crypto casino. Let’s take a look at some of these benefits in detail below. For more, read this blog.

Lightning-fast withdrawals

Bitcoin technology is crazy efficient, and allows for instant deposits and withdrawals at Punt Casino. This is because bitcoin has completely removed the need for third party payment providers, allowing transactions to take place in mere minutes – giving players access to their favorite crypto games instantly, and allowing them to enjoy their wins within no time at all – taking a fraction of the amount of time it usually would at a traditional online casino.

When you think about how long fiat casinos take to pay out (a few days on average at minimum), it’s crazy to think that casino players haven’t kicked up a fuss sooner, demanding quicker payouts. Fiat casinos have their hands tied, however, as they can’t really influence the time it takes for a bank to process payments.

Most fiat casinos advise that payments usually reflect in 1-3 business days – and this is primarily due to the fact that they’re going off of how long it takes a debit card, debit card, or bank transfer to approve the funds before the payment actually reflects on the player’s side. Crypto eliminates this waiting period significantly – with winnings being paid out within a few minutes, to a few hours, max.

It’s global, baby

Bitcoin is ubiquitous. You can transact with it anywhere – as long as you have an internet connection. Compare this to many fiat payment methods that are geo-restricted, and therefore limiting – and you have a clear advantage. Zero geographical limitations means unfettered fun!

It’s oh-so cheap

Transactions with bitcoin are über cheap. This is because of the low fees associated with bitcoin gambling, and the fact that Punt doesn’t add any additional charges to your transaction, either. When you play with bitcoin, you’re automatically doing away with those pesky bank fees.

Security is airtight

Playing at a bitcoin casino means that you’re benefiting from some super strong security measures. As a baseline, Punt casino makes use of airtight SSL digital encryption. Then, every transaction on the blockchain is fortified by secure cryptography – which means that your funds are doubly protected.

It’s all completely private

You want to gamble online anonymously, and you have every right to! Luckily for you, gambling with cryptocurrency makes this a breeze. All crypto transactions are 100% anonymous, so you can enjoy the peace of mind that comes with knowing that when you gamble at a bitcoin casino, it’s all kept completely under wraps.

The future of bitcoin (and other cryptos) in online casinos

The future is here, and it’s pretty clear to see that casino’s that haven’t adopted a crypto offering will have to do so sooner rather than later.

Bitcoin could become the norm at online casinos

The world is changing rapidly, and new technologies are being adopted in the blink of an eye. Those that don’t adapt will surely fall behind! And all of this is very seriously changing the way that we behave, and even share money, online. With that said, it’s reasonable to assume that the future of online casinos is based in crypto.

What makes us so sure?

Well, just look at the list we shared above. The benefits are persuasive, and cryptocurrencies such as bitcoin, bitcoin cash, ethereum, tether and bitcoin are becoming the currency of choice for many existing and new online casinos. Additionally, players are always looking for casinos that offer convenience of play, and safety.

Plus, it all comes down to what’s best for business. If casinos know what players want, why wouldn’t they give it to them? Crypto casinos have pioneered convenient, safe, and anonymous gambling – giving players more control over how they experience their entertainment online. It’s only natural that casinos that want to draw the maximum number of players would follow suit.

So – is crypto the next logical step for online casinos? We think so, and we know that many casino players agree.

If you’re not part of the movement, join today – and get a brilliant BTC bonus while you’re at it. Sign up here.

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How to use a Bitcoin ATM with a guide from Punt Casino.

How to Use a Bitcoin ATM: Beginners Guide to Bitcoin Machines

October 1, 2022

How to Use a Bitcoin ATM: Beginners Guide to Bitcoin Machines

October 1, 2022

Blog » Posts tagged "Bitcoin" (Page 3)

Learn How to Use a Bitcoin ATM With Punt Casino’s Guide to the World of Bitcoin Machines

What is a Bitcoin ATM? Well, Bitcoin Automated Teller Machines (ATMs) enable users to convert cash into BTC, and vice versa. With over 38,000 Bitcoin machines worldwide, it’s likely you’ll encounter a Bitcoin ATM at some point during your cryptocurrency journey.

Therefore, it’s important to familiarize yourself with how to use a Bitcoin ATM, how it works, and if it’s something that you would find useful. We’re about to answer the question “what is a Bitcoin machine”, take a brief look at how it works, and even give you a step-by-step guide on how to use a Bitcoin machine, so let’s make a quick withdrawal from Punt Casino’s bank of knowledge.

What is a Bitcoin ATM or a Bitcoin Machine?

A Bitcoin ATM is an Automated Teller Machine such as the one offered by traditional banks, differing from conventional ATMs in the sense that it facilitates crypto-fiat-crypto transactions. Just like an ordinary bank ATM connects you to your bank account, a BTC machine links to your Bitcoin wallet.

You see? You can’t even tell the difference between a Bitcoin ATM and a regular one. Introduced in 2013, the first Bitcoin machine was located in Canada, and the second pioneering Bitcoin ATM appeared in Europe the same year. However, it wasn’t until early 2014 when a BTC machine operated from the United States.

Since the introduction of the first Bitcoin machine, their existence in some jurisdictions has certainly faced a few regulatory hurdles. Most Bitcoin ATMs operate under the same laws as legacy bank ATMs, and as such, there are varying limits as to how much you can transact within 24 hours.

The United States accounts for over 80 percent of all BTC machines in operation worldwide (look at you, USA!), followed by Europe. Also note that the bulk of the ATMs out there are located in highly populated cities, with some bigger cities, such as New York and London, having stacks of them.

Here’s an example of a Bitcoin ATM at a gas station in New York – “Bitcoin or Cheetos, anyone?”

BTC machines hinge their popularity on ease of use, convenience, and security. Popular web resources such as CoinATMradar offer a “find Bitcoin ATM near me” feature that helps locate an ATM closest to you – wouldn’t that be a great feature for finding jackpot games that are about to pay out?

How Do Bitcoin ATMs Work?

In most cases, a Bitcoin ATM user needs to have an active BTC wallet to access the machine’s services. How BTC machines work depends on whether they are “unidirectional” or “bidirectional” – unidirectional Bitcoin ATMs handle either the selling or buying of Bitcoin, while bidirectional machines support both buying and selling.

Whether bidirectional or unidirectional, these machines require an active internet connection for them to successfully facilitate transactions as they need to send BTC to the provided Bitcoin wallet.

Since Bitcoin wallet addresses are made up of a complex alphanumeric phrase, Bitcoin machines prompt a user to enter their wallet address through a QR code tied to their wallet address.

A successful transaction registers on a user’s wallet almost immediately. Oh, and if you haven’t done it yet, you should also learn how to create a crypto wallet – it will certainly come in handy when you’re ready to start punting for payouts in our top crypto games at Punt.

How to use a Bitcoin ATM

Below we will look at the typical steps needed to buy and sell Bitcoin using a Bitcoin ATM. Pay attention now, it might just change your life – or change your cash into crypto – whichever comes first.

How to buy Bitcoin with cash using a BTC machine

Before you buy bitcoin on a Bitcoin ATM, you will need to have a Bitcoin wallet on your phone to receive the coins (we’ve already helped with that part). The first thing you need is to select the ‘Buy Bitcoin’ option and agree to the terms of service – the usual stuff.

Then, provide your mobile phone number, which is required for identity verification purposes. The ATM will then send a verification code to the mobile number provided. Successfully re-entering the code takes you on to the next step.

You will then be asked to scan your wallet QR code. The current breed of Bitcoin ATMs supports a wide range of crypto wallets, so any popular wallet should do just fine. After scanning your BTC wallet’s QR code, it’s time to insert your cash into the designated slot – “bye-bye paper, hello crypto!”

The machine will count your cash (accurately, we might add) and let you know how much BTC you’ll be getting based on the fiat inserted. But make sure you know the transaction and processing fees before you accept, just to be safe.

If you are happy with what is indicated, hit the confirm option to close the transaction. You’ll need to select the “Done” option for the machine to print a receipt. The purchased Bitcoin is then delivered to the BTC wallet address provided – voila.

Please note that the time it takes for the new BTC to land in your wallet depends on the amount of traffic on the Bitcoin blockchain. Increased traffic can lead to congestion, meaning that you’ll wait longer for your coins to arrive in your wallet.

Usually, it takes less than an hour for the coins to arrive, but don’t panic if it’s not there within the first five minutes – as long as you’ve scanned the QR code to your Bitcoin wallet, they will get there.

How to use a Bitcoin machine to sell bitcoin

The process of converting your BTC to fiat starts with selecting the ‘Sell’ option on the machine. This allows you to connect your wallet by, again, scanning its QR code. There’s also the option to manually input the address, but this is inadvisable due to the danger of getting it wrong when typing it in.

Next, verify your identity. This can be done by providing a mobile number, taking a photo, registering your fingerprint, or scanning a government-issued document such as a driver’s license.

You will then need to select the amount of BTC you wish to sell before the machine dispenses an equivalent amount in cash. Note that some ATMs dispense the amount immediately while others wait for the BTC transaction to be confirmed on the blockchain before you can receive your fiat. So again, don’t panic. The final step is for you to print a receipt, and you’re done.

Risks of using a Bitcoin ATM

Whether you are reading this because you want to know how to use a Bitcoin ATM with cash, how to buy Bitcoin from an ATM, or just how to use a Bitcoin machine, it’s important to be aware of the risks.

?No, not this time. Bitcoin ATMs are fairly easy to use once you know the basics, but, as we mentioned earlier, there are transaction fees and processing fees to think about. This might mean that converting small amounts of cash into BTC may not be worth it.

Also, Bitcoin cash machines have in the past been subjected to hacks, with criminals compromising both the software and the hardware to steal the bitcoin bought. However, this very rarely happens nowadays, but if anything looks fishy, don’t use that machine.

Conclusion

Given that there are different makes and models of Bitcoin machines, some of the steps when buying or selling bitcoin using a Bitcoin ATM may differ, depending on the machine you are using.

However, the concept of how to use a Bitcoin machine is straightforward – just remember that Bitcoin transactions are irreversible, so double-check your wallet details before you commit. We hope you found this guide on how to use a Bitcoin ATM useful, and don’t forget to check out our other articles about using BTC and other cryptos on our blog – it’s there for YOU.

Crypto Wallet Guide: How to Create a Crypto Digital Wallet

September 25, 2022

Crypto Wallet Guide: How to Create a Crypto Digital Wallet

September 25, 2022

Blog » Posts tagged "Bitcoin" (Page 3)

Learn How to Secure Your Crypto With Our All-Inclusive Crypto Wallet Guide

How and where do you store crypto? Crypto wallets are the answer. These digital purses are where you will, ideally, store the cryptocurrency you buy, and if you’re playing casino games at Punt, store those big-money crypto wins.

Given that crypto wallets form such an integral part of your crypto experience, from staking coins to engaging with DeFi and NFTs – not to mention depositing cryptos to play online, it’s important to know what variations of crypto wallets there are, the differences between them, and how to set them up.

This crypto wallet guide will break down what kind of crypto wallets are out there and what you can expect when getting started. Now let’s show you how to set one up and fill your newly-created wallet with a whole bunch of crypto payouts at Punt.

What is a Crypto Wallet?

Before we begin with this crypto wallet guide, it’s important to know that your coins are never actually ‘in’ your wallet, not in the same way that cash is. Moreover, when cryptocurrency is sent to you, it is sent to a part of the blockchain that only you can access, with the wallet being the gateway to that specific part.

This means that if you ever lose access to your wallet, or the wallet itself, you haven’t actually lost the coins, merely your access to them – let’s see traditional cash wallets pull THAT on off!

You can simply get a new wallet, import the details, and voila – you have your coins back. It is also important to remember that crypto wallets can hold many different types of cryptos at once.

Before we compare crypto wallets, we need to cover some very important terms that define what type of wallets there are.

Types of crypto wallets

There are three main types of crypto wallets – software wallets, paper wallets, and hardware wallets. However, we discourage the use of paper wallets (this ins’t the 90’s anymore) and suggest you go for either a hot wallet or a cold wallet.

Both of these options can be used for online gambling, but it’s important to know the features and characteristics of each. Before we continue, here’s a quick explanation from the top crypto exchange in the world, Binance.

Software wallets / hot wallets

To recap, these crypto wallets take the form of a cryptocurrency wallet app on your phone, computer, or web browser. They are also referred to as ‘hot wallets’ because they are connected to the internet. Software wallets are less secure but more practical than hardware wallets – but don’t get us wrong, for crypto gambling, these will do just fine.

Hardware wallets

These are physical devices, generally in the form of a USB stick, that offer better protection for your assets. This is because they are stored offline and are only connected to the internet when the owner performs a task such as sending coins. To this end, they are also referred to as “cold wallets”, and are less practical but more secure than software wallets.

Custodial and non-custodial wallets

Something else you need to know before choosing between the different types of crypto wallets, is how the coins will be stored. Wallets can either be custodial or non-custodial, so let’s take a look.

Custodial wallets

These are wallets where the wallet maker holds your coins in its own pools, commingling them with other customers’ funds and only taking them out again when you want to withdraw them. This is very similar to holding them on an exchange and means that you are relying on the security of the wallet maker as well as your device to protect your coins.

Non-custodial wallets

These wallets allow you full control over your coins. You are given a private key that is essentially a master password to the contents of your wallet, meaning the safety of the coins is entirely down to you.

With those important terms in mind, let’s crack on with our crypto wallet guide and compare crypto wallets.

Software wallets

With software wallets coming in all different shapes and sizes and on multiple platforms, the process for setting them up, in most cases, is slightly different for each type. However, the ethos is broadly the same, so in this crypto wallet guide, we can look at them as a collective.

The most popular type of software wallet these days is a mobile crypto wallet app, with dozens of products available to choose from. Many of them don’t cost anything upfront, essentially giving you a free crypto wallet, although many make the cost back in transaction fees.

Installing a software wallet

Assuming you have done your research and chosen the right cryptocurrency software wallet suited for your needs, making sure you download the wallet from an official website or your device’s app is important

The first step will be to see if you need to register and prove your identity. Some software wallets, such as NearPay, will need you to register and confirm your identity through a KYC process before you can start using them.

This will begin the moment you run the wallet application, with government-issued identification required as well as a selfie, so be prepared for that.

If you don’t need to register, as is the case with popular software wallets such as Metamask and Trust Wallet, your wallet will be live as soon as you’ve created it. You can then begin sending and receiving coins right away – that means you can make a deposit using our quick and easy deposit window almost instantly at Punt!

Some non-custodial software wallets will supply your private key or a multi-word passphrase which you should definitely write down and keep very safe and secure. Others will produce it if you request it in the app. If you lose your phone, accidentally delete the wallet, or otherwise lose access to it, you can bring the wallet back to life with this magical passphrase code.

Using a software wallet

Receiving your first crypto is very easy with a software wallet. Simply head to the “Account Details” section, find the coin you want to deposit, and hit “Deposit”. This will give you the choice between a long alphanumeric code or a QR code, depending on how you are sending the coins.

Choose the most appropriate sending method for you, follow the instructions on the platform you’re sending from, and the coins will arrive as quickly as the blockchain allows. The process is similar for sending coins – click ‘send’, enter the address or scan the QR code of the recipient, confirm, and away they go.

Securing a software wallet

There aren’t that many steps you can take to keep your cryptocurrency wallet app more secure than it already is. Obviously, you should never reveal your private key or passphrase to anyone, and ensure you have all the protection features the wallet offers (2FA, fingerprint, withdrawal confirmation, etc.). Other than that, a cryptocurrency software wallet is only as secure as the device on which it is installed.

Hardware wallets

A hardware crypto digital wallet takes a little more setting up, and using them takes a little more work. However, they are more secure. In this crypto wallet guide, we’ll cover the process required by the most common types of hardware wallets.

Installing a hardware wallet

Once you have bought and unboxed your hardware wallet, you’ll need to make it ‘live’. The instructions for doing this will be included in the box, and some of the newer models even allow you to carry out the setup online. Older models will require everything to be done on the device initially, using buttons or a touch screen.

The first step will be to record your private key. Again, note this down and keep it very safe, along with any other passwords you are asked to create. You will be asked to provide the password each time you want to use the device, but NEVER the private key.

No legitimate app, platform, or program, will ever ask for your private key, not even the wallet maker – remember that!

Using a hardware wallet

Once this basic setup is done, you will be asked which coins you wish to send to your wallet. This is because you need to install apps for each coin on the device so you can receive and store them. Thankfully this process is easy and is done online, usually through a dedicated program.

Once you’ve chosen a few coins, the process for depositing is very similar to software wallets – in the program, select ‘deposit’, select the address or QR code, send the funds, and await their arrival.

Sending coins is a little different, and proves why a hardware crypto digital wallet is more secure. Once you enter the address to send your coins, you will have to physically confirm the transaction on the device before the coins will be sent. This is to make sure that coins can’t be sent from your wallet remotely.

Securing a hardware wallet

When you’re not using a hardware wallet, disconnect it from your computer and store it somewhere very safe. Remember, if someone steals your hardware wallet, they can’t use it without the password. They also can’t send any coins from your wallet without having physical access to the device and ensuring that it is connected to the internet.

Conclusion

As this crypto wallet guide has shown, setting up and securing the different types of crypto digital wallets that exist is largely a straightforward process these days, meaning that the only tricky thing is deciding which to use.

Many people make use of both – having the core of their holdings on a hardware wallet and keeping a little on a cryptocurrency wallet app or hot wallet for regular use. This approach is probably the best balance for most users, but of course, only YOU know which is the right option for YOU.

We hope you found this article helpful, and once you’ve set up your wallet and you’re ready to make your first deposit and start playing our epic casino games at Punt, don’t forget to claim your 6 BTC and $25 Free Chip Welcome Package – that should get your wallet filled in no time!

How to use Coindraw at Punt for instant crypto withdrawals.

What Is Coindraw? Your Ticket to Lightning Withdrawals at Punt

September 23, 2022

What Is Coindraw? Your Ticket to Lightning Withdrawals at Punt

September 23, 2022

Blog » Posts tagged "Bitcoin" (Page 3)

How to Use Coindraw for Faster Crypto Withdrawals at Punt

If there’s one outstanding benefit to using crypto for playing online casino games other than cheaper transactions and increased security, it’s the speedy deposits and withdrawals. But now, thanks to the Coindraw crypto withdrawal system, they’re even faster.

But what is Coindraw exactly, how does it work, and how can this revolutionary Bitcoin withdrawal method benefit the player? Let us explain.

What exactly is Coindraw and how does it work?

Let’s start with the basics. At Punt Casino, there are 2 withdrawal methods. You can cash out using the regular Bitcoin withdrawal method, which usually takes about a day to be paid out as all transactions are verified by actual humans – yes, real people, just like you.

Then there is the option to use the Coindraw wallet withdrawal option. It’s an in-house payment system that could deliver your crypto winnings within 3 minutes – yes, 3 minutes, people. This means you can pocket those winnings from our new and improved Welcome Package at lightning speed.

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Not only will it deliver your winnings faster than before, but it will also make your withdrawal process a little easier. When requesting your withdrawal in the cashier menu, the option to withdraw funds using the Coindraw crypto option will appear below. However, you’ll need to meet the withdrawal requirements to be eligible for this payment method.

Coindraw crypto withdrawal requirements:

To qualify for a Coindraw Bitcoin withdrawal, there are a few requirements that need to be met first. As we mentioned, this withdrawal option will appear when requesting your cashout. But if the requirements are not met, you won’t be able to use it. So, what is Coindraw calling for when it comes to withdrawal requirements? Let’s take a look.

Your last 3 transactions must have been made using crypto. However, since this is Punt, and crypto is the name of the game – that should be an easy one.
Your deposits over the last 6 months must total at least $100 or more.
If your last transaction was claiming a free chip or no-deposit bonus, the Coindraw wallet withdrawal option will not be available.
Playthrough requirements on bonus funds must first be met before requesting Coindraw Bitcoin or other crypto withdrawals.

Here’s an example of what your crypto cashout could look like when requesting your withdrawal in the Cashier menu using the Coindraw payment method:

Are there withdrawal limits?

Withdrawal limits generally apply to all withdrawal methods no matter where you play. Fortunately, the withdrawal limits for Coindraw Bitcoin withdrawals and other cryptos are more than reasonable, and leave enough room to cash out those hefty wins from our payout-packed slots and table games at Punt.

More Games

Every player is entitled to 3 Coindraw wallet withdrawals over a 7-day period (168 hours). The maximum withdrawal amount per transaction is $1,500, which means you can cash out up to $4,500 over 7 days.

You will also need an active Bitcoin wallet, so make sure you’ve set one up before playing at Punt (you’ll need it for deposits too). As for topping up your account, if you don’t know where or how to purchase your crypto, our handy Bitcoin Guide has that covered too.

Take advantage of speedier withdrawals at Punt Casino

The days of waiting for your casino withdrawals to reflect in your wallet are over. Using the Coindraw crypto withdrawal method at Punt is the fastest way to receive your funds than anywhere else – just another way we’re changing the game for the better at Punt.

Coindraw FAQ

What is Coindraw?

It’s an in-house crypto payment system that can be used at Punt Casino and many other casino brands from the same group. All regular crypto withdrawals are first analyzed and approved by operators from the casino, but Coindraw’s automatic payment system streamlines the process and makes it much faster . It can speed up your withdrawals when cashing out your winnings from Punt Casino.

How does Coindraw work?

When requesting your withdrawal in the Cashier menu, the Coindraw crypto withdrawal option will appear as a payment method along with the regular Bitcoin payment method. This option can only be used if you meet the requirements mentioned in the guide above, and will allow you to withdraw your funds faster than using the regular payment methods.

Simply select the Coindraw option provided, insert your withdrawal amount, and provide your wallet receiving address. You must have an active Bitcoin Wallet if you want to cash out using the Coindraw Bitcoin or other crypto payment method.

Where do I sign up for a Coindraw casino withdrawal?

Right here, at Punt Casino. If you’re looking to withdraw funds at lightning speed using Coindraw Bitcoin withdrawals, sign up with Punt Casino and start winning big on our massive selection of mega-money jackpot slots today.