In today’s digital world, where consuming content and communicating with people has become more common outside of what once was considered traditional, there is also a different form of making financial transactions. Its originator, the Bitcoin, is growing in value via the increasing base of users and merchants who now accept it. It originated on January 9, 2009. And it comes to and from the people who are willing to accept them as payment for goods and services or buy them from a friend or a colleague.
There are also a growing number of online casinos that offer gambling and money using games in bitcoin currency. This includes gambling, gaming and lotteries through online bitcoin casino where betting with bitcoin is possible.
What Is Bitcoin?
Described as a cryptocurrency, bitcoin is a form of electronic cash. Bitcoin are decentralized digital currencies without a central bank or single administrator that can be sent from user to user on the bitcoin network without the need for intermediaries.Payments using bitcoin are “pushed” directly from one party to another, without going through another financial institution.
Each bitcoin is basically a computer file where it is stored in a digital wallet app on a smartphone or computer. And individuals can send bitcoins to your digital wallet, while anyone can send bitcoins to other people.
How Does Bitcoin Work?
Bitcoin payments are processed through a private network of computers linked through a shared program. Each transaction is simultaneously recorded in a “blockchain”; on each computer that updates and informs all accounts.
How to You Get Bitcoin?
You need to download what is referred to as a bitcoin wallet, which is software that enables you to securely send, receive and store finds in the bitcoin network. The four types of bitcoin wallets are mobile, web, desktop and hardware.
The Benefits of Bitcoin
*Bitcoin requires no permission from anyone and is free and open to use globally. There are no limits with bitcoin.
*Bitcoin is fast and easy to use and transactions are almost instant.
*No one can claim your bitcoins. They cannot be stolen.
*Bitcoin normally has lower transaction fees. Compared to other digital payment methods (including credit cards and PayPal), the cost of using bitcoin can be less expensive. It is rare for a bitcoin transaction to cost more than 1 percent of its value (compared to what is traditionally 2 to 3 percent for most other digital payments).
*You can be your own bank with bitcoin. You own it; it is not housed at any bank or company.
*There are low transaction fees. Typical wire transfers and foreign purchases can involve fees and exchange costs. Since bitcoin transactions have no intermediary institutions or government involvement, the costs of transacting are kept very low. Plus, any transfer in bitcoins happens very quickly, eliminating the inconvenience of typical authorization requirements and wait periods.
*Sales taxes are not added on to any purchases using bitcoin.
*Individuals using bitcoin never have to travel to a bank or a store to buy a product. And personal information is not necessary to complete any transaction.
*Bitcoin purchases are discrete. Unless a user voluntarily publishes his bitcoin transactions, his or her individual purchases are never associated with any personal identity. They cannot be traced back, and anonymous bitcoin address generated for user purchases changes with each transaction.
*You can convert Bitcoin to cash buying selling it on a cryptocurrency exchange (such as Coinbase or Kraken). And there are also bitcoin ATM machines.
Beware of Competitors and Security
Bitcoins are not to be confused with Bcash, BCH or Bitcoin cash (the latter of which allows for more transactions – approximately two million – per day).
Bitcoins are usable anywhere in the world, and another particular advantage is you can directly control the money yourself without going through a third party (like a bank or Paypal). And you can also buy them directly from an exchange with your bank account. But, one caveat, and this is imperative, is to only deal with businesses or people you trust because bitcoin transactions cannot be reversed or refunded.
Additionally, since all Bitcoin transactions are stored publicly and permanently on the network, anyone can see the balance and transactions of any bitcoin address.
The Bottom Line
Bitcoin is real money: Bitcoin is used around the world to used around the world to pay for things such as food, clothing, electronics, travel, and more. And it is now a common currency for a growing number of online casinos. And, hailed as the next big thing since the invention of the Internet, bitcoin continues to grow in leaps and bounds.