Guide

What is Bitcoin?

Bitcoin is everywhere, for sure you want to know it better.

The money 2.0 – this is certainly the best term to describe bitcoins. With its ubiquitous presence in the cyber world, who would not hear of this digital currency and asked, ‘What is Bitcoin’?

Bitcoin is a crypto-currency that is traded or exchanged online; hence, it does not have any physical form as it only exists electronically.  This digital coin utilizes peer-to-peer technology wherein it is directly exchanged from a person to another through the Bitcoin network making the transaction fast and secured. Moreover, Bitcoin is open-source; therefore, no one controls or owns it and every one can sure take part. It is used to pay for products and services like what fiat currency such as Dollar or Euro does.

Brief History

Satoshi Nakamoto, a pseudonymous developer, is the first to describe bitcoins. In a 2008 paper, it has been defined as ‘a new type of digital currency’. Its first software has been released in January 2009 under the open source MIT license and since then, bitcoins have easily gained popularity.

How does Bitcoin work?

In a simple perspective, Bitcoin network is understood as a computer program that offers a personal Bitcoin wallet which allows users to send and receive bitcoins with them. However, if you go behind the scenes, you will find out that it’s more than that. Bitcoin Network is actually sharing a ledger called the “block chain”. This ‘ledger’ contains every transaction processed that allows the user’s computer to verify the authenticity of each transaction. Anyone can process the transactions by ‘mining’ wherein a computing power of a specialized hardware is used.

Advantages of Bitcoin

Advantages such as the following completely define the essence of what is Bitcoin.

–          Anonymity – Bitcoins are anonymous; hence, its transactions are safe, unalterable, and of course, do not contain any personal or sensitive credentials from the user.

–          Payment Control – Since bitcoins are exchanged via peer-to-peer method, anyone can send and receive bitcoins immediately anytime and anywhere giving you full control of your money.

–          Low Fees – Usually, bitcoin payments are processes with either low transaction fees or no fees at all. This is one of the reasons that made bitcoin a perfect payment solution that PayPal, credit card networks, or wire transfers.

–          Almost Instant Transactions – Unlike other payment methods, bitcoin transactions take only few minutes to get completed. It’s as fast as 1, 2, and 3 and sure easy as well as hassle-free.

Bitcoin Gambling

Given the aforementioned advantages, Bitcoin has also become the perfect solution to online gambling. In fact, it has recently been adopted as the main mode of payment in several betting platforms such as the following:

• Bitcoin Casinos – If you loved playing casino games online but does not fancy waiting for slow transaction and way to get started, these bitcoin-powered casinos are for you.
• Bitcoin Sports Betting – Fond of Sports Betting? You can definitely experience convenience at its finest by using bitcoins to place your bets in any sporting event you desire.
• Bitcoin Lottery – All are aiming for a life-changing win and for sure, you are too. So why not try your luck in lottery with bitcoins? Aside from its fast and simple, great sums of winnings are waiting for you.
• Bitcoin Poker – Yes, there are Poker rooms powered with bitcoins. With this, you can sure flush in royalty by playing and winning instantly.
• Bitcoin Dice Games – One of the most popular bitcoin games is Dice game. Made simpler and more exciting, you will sure be enamored if you rolled the bitcoin dice nice.

‘What is Bitcoin?’ is certainly a simple question to answer. However, it isn’t enough since its definition entails different aspects. But keep in mind that once you have known and learned all of these, sure advantages and convenience will be for you.