I think I just signed up for Bitcoin correctly. I'm trying to receive payments from an online casino that pays in Bitcoin. What do I need to do and what kind of wallet do I need to open, so I can receive my payment? Also, is Bitcoin used like a a bank where I can spend money out of it?
I think I just signed up for Bitcoin correctly.
I'm trying to receive payments from an online casino that pays in Bitcoin. What do I need to do and what kind of wallet do I need to open, so I can receive my payment?
To receive payment in Bitcoin what you need is a Bitcoin wallet.
There are several types of wallet available. Wallets are available as desktop software (full node and, SPV wallets) and, as a web service from certain sites.
For desktop wallets you can make your own choice, the official download of the software is on bitcoin.org. I have liked Bitcoin Core (which is a full node and requires to synchronize with the Bitcoin network before it will show all transactions) and Electrum (an SPV client wallet that is setup in seconds but, is not a full node).
Personally, I would always avoid web wallets since you must trust their security and it is a big, attractive target. Online services have been hacked in the past and much Bitcoin stolen.
A Bitcoin wallet on your computer is as secure as your computer, be sure to also keep a secure, private and, up to date backup of your Bitcoin wallet or passphrase. If you lose your wallet all of your BTC are gone and cannot be recovered. When using a web wallet it is not only the security of your computer at question, it is also theirs.
Also, is Bitcoin used like a bank where I can spend money out of it?
A Bitcoin wallet allows you to spend Bitcoin. It is more like a wallet than a bank. Online web wallet services are a bit more like a bank since you are trusting a third-party to hold your Bitcoin.
Note: If you are downloading software from other than bitcoin.org it might not be Bitcoin software or, it may be modified so that it is not trustworthy.
You need a Bitcoin wallet address to receive payments. Once they process your withdrawal you'll get a transaction ID which could be used for tracking the payment status. You will receive your Bitcoin in your wallet after sufficient confirmations. Once it reaches your wallet you can use it to buy altcoins or exchange it for cash in different exchanges, for example, Binance, Localbitcoins, Koinex, etc...