What is bitcoin? Here’s all you need to know about it!

With the rising popularity of cryptocurrencies, it’s becoming clear that Bitcoin is the next big thing in finance technology. It is now gaining the attention of many investors, whether they are crypto enthusiasts or not. This paves the way for people to transact fully online seamlessly anytime and anywhere.

However, for beginners who are still pondering whether to hop on the crypto train or not, these questions remain: what is bitcoin and how does it work? Unravel the intricacies of this intriguing digital coin here at Bitcasino and find out how this groundbreaking technology is set to revolutionize the finance industry!

Bitcoin 101: Definitions and history

Bitcoin (BTC) is a form of digital currency that you can buy, sell and exchange without a third party like a bank. Since it works on a peer-to-peer basis, all the details about the transaction are decided upon by the two parties. As described by its creator, Satoshi Nakamoto, it is ‘an electronic payment system based on cryptographic proof instead of trust’.

Many people use BTC because of its underlying blockchain technology that records transactions in a public ledger and is accessible to everyone. This is also not controlled by any central authority so you are given the freedom to handle your digital assets.

Significant milestones of Bitcoin

To better understand how Bitcoin became the largest cryptocurrency to date, explore the important milestones that it accomplished over the years:

2008

The first domain name of bitcoin.org was registered on August 18, 2008. However, presently, this is known as ‘WhoisGuard Protected’ signifying that the personal information of the people part of this site are not open for the public to know.

Then on October 31, 2008, a mysterious figure that goes by the name of Satoshi Nakamoto made an announcement to the Cryptography Mailing list at Metzdowd.com. He mentioned that he was working on an electronic cash system that does not use any intermediaries.

This now-popular whitepaper was published on bitcoin.org with the title ‘Bitcoin: A Peer-to-Peer Electronic Cash System’. This then gave birth to the famous Bitcoin that you know today.

2009

The first Bitcoin block, Bloc 0, was mined on January 3, 2009. This was known as the ‘genesis block’ and contained the text ‘The Times 03/Jan/2009 Chancellor on brink of second bailout for banks’, serving as proof about the block mined and the details about it.

On January 8, 2009, the first version of the Bitcoin software was released in the Cryptography Mailing list. A few days later after the first Bitcoin block, Block 1 was mined on January 9, 2009. This event then propelled Bitcoin mining to be done more seriously.

2011

Although Bitcoin was made in 2009, it only reached a price of $1 in February 2011. After a few months of reaching its first dollar, BTC reached up to $31 in June of 2011.

2013

In April 2013, BTC reached a trading price of $200. Then in November of the same year, this digital asset began to trade at around $1,000.

2017

After a few years of a series of highs and lows, Bitcoin reached an all-time high of $20,000 on December 11, 2017.

Gamble with BTC: Why use Bitcoin when playing at Bitcasino

Unlike before where you only use fiat money, you are now given the option to use cryptocurrencies like Bitcoin in everyday life. It opens the door for endless possibilities in the online domain. BTC lets you buy, sell and gamble for different things all at your fingertips. Want to know why it’s worth a try? Discover all its ins and outs here at Bitcasino:

Features of Bitcoin

Whenever you find yourself scrolling through any site on the internet, you might have heard of Bitcoin in passing. It is now reaching astronomical heights that people never saw coming. Despite its high volatility, many still invest and use this digital currency in different ways.

To know why BTC remains at the top of the cryptocurrency market, dig deeper into its most amazing features below:

Works in a decentralized system

One of the most significant features of Bitcoin is that it works in a decentralized system. In contrast to traditional currencies, BTC is not managed by any financial institution or governing body. This makes it impossible for a third party to monitor your financial activity, control your spending and seize your coins.

No intermediaries

What makes BTC stand out is it removes the use of an intermediary during a transaction. Compared to traditional banking, BTC can be exchanged between the two parties without a middleman. In turn, transactions are cheaper and faster, saving you the stress of waiting for days to complete the process.

Easier to set up

You can buy Bitcoin in a matter of minutes. All you need is a wallet address and a strong password. As a result, this removes the need for long documentations and daunting processes that require several legal documents, saving you a lot of time and effort in the long run.

Perks of using BTC for gambling

Bitcoin is more than a digital coin utilized for buying and selling different things. It can also be used for entertainment purposes like gambling. Here are the reasons why you should gamble using BTC at Bitcasino:

It’s faster and cheaper

Compared to common bank transfers, paying using Bitcoin is faster. You can easily make deposits and withdrawals regardless of your location. Making international transfers is also more convenient because of its peer-to-peer process. Additionally, Bitcoin transactions are fairly cheaper compared to other payment options involving fiat money since there are no intermediaries and hidden fees involved.

It keeps your identity private

If you want to gamble at Bitcasino without divulging your personal information, it’s possible with the use of Bitcoin. This is ideal if you don’t want to use bank accounts or credit cards to wager. With this option, you can have fun without anything holding back nor any worries running through your mind.

It’s safer to use

Bitcoin is one of the most secure digital currencies. Considering how the blockchain works, no private information can be stolen and your tokens are safe as long as you keep them in a trusted wallet.

To ensure the safety of your Bitcoins, find a crypto wallet that protects your keys with a strong password and keeps your coins away from any chances of getting hacked.

What happens behind the scenes: How does BTC work?

Every Bitcoin transaction involves the use of blockchain technology. The blockchain serves as a public database that stores all crypto transactions and decentralized ledger where each record is put in a ‘block’ with a unique hash code. After getting validated and verified, these blocks are uploaded and connected to the one before it, resulting in a ‘chain’ of information, thus the term ‘blockchain’.

Changing a piece of information in a block will then require the alteration of the previous block, the one before it and so on. This task is humanly impossible, making the blockchain one of the most secure technologies today.

How the blockchain works

In the blockchain, there are three key components involved in the process which are namely:

Blocks

A block is described as storage for Bitcoin transactions that are then hashed and encoded in the system. Each one has four main elements: a timestamp, reference to the previous block, a summary of the transaction and Proof of Work. All of these are essential to keep the information in the block safe and make sure that the entire chain is immutable.

Miners

Miners are the ones responsible for adding new blocks to the chain. They use large computers with special software to solve complicated math problems and generate a 64-digit hexadecimal hash code—a protocol which is called the Proof of Work.

Only the miner who first completes the hash code that is less or equal to the target hash will be given an incentive in the form of cryptocurrencies. After a successful mine, the change is accepted by all the nodes in the blockchain.

Nodes

Nodes are special electronic devices used by miners to keep copies of the blockchain. These devices check the details of the transaction and verify the information across all other nodes in the system to result in a consensus.

Tips for miners

If you are interested in mining Bitcoin, here are some tips that can help you:

Get a Bitcoin mining rig

The first thing that a miner should have is their own mining rig. These are specialized computers designed to maintain the blockchain through the process of mining. They also take up a lot of electricity so it’s best to have it set up in a remote location.

Have a Bitcoin wallet

A Bitcoin wallet is a necessity for all miners. This allows them to receive their Bitcoins and be in control of what to do with them. With it, you can manage your Bitcoin address which has a public and private key.

The public key is like the account number that allows you to receive Bitcoins from another person while the private key is a password that should only be known to you. You’ll need your private key when sending Bitcoin to another address.

Participate in a mining pool

Since there are many large mining farms all over the world, mining Bitcoin on your own is not the most profitable option. However, you can join a mining pool which is a group of miners working and splitting profit together. Although the income gained from mining is divided among the members, this is a more consistent source of funds rather than doing it by yourself.

Put a mining programme in your computer

A mining software allows you to receive work, complete tasks and add all information back to the blockchain. In this programme, you can also see the different mining activities and basic statistics like temperature, cooling, hash rate and average mining speed.

How to get started: A step by step guide when using Bitcoin

Enjoy the fast, fun and fair gaming experience at Bitcasino to the fullest by using Bitcoin. To get started, be guided by these three important steps:

Step #1: Buy BTC in different exchanges

The first thing to do when starting your journey with Bitcoin is to purchase digital coins from crypto exchanges. Here are some of the most popular options:
-Kraken
-Binance
-Coinbase
-eToro
-Bisq

Step #2: Find the right Bitcoin wallet for you

The best way to keep your Bitcoin safe is to put them in trusted storage. There are two main types of crypto wallets, namely:

Software/Hot Wallet
A software wallet is a type of storage that is connected to the internet. Its most common variations include web, desktop and mobile wallets.

Hardware/Cold Wallet
Compared to software wallets that are online, hardware wallets store your Bitcoins outside the digital domain. It keeps your coins safe from any online threats and is suitable for those who are thinking of investing in BTC for the long term.

Step #3: Deposit and withdraw using BTC at Bitcasino

To deposit using cryptocurrencies like Bitcoin in Bitcasino, follow the step by step guide below for your convenience:

1.Log in to Bitcasino
2. Click the bright orange ‘Deposit’ button
3. You will then be directed to the funds tab where you can select what kind of cryptocurrency you would like to deposit
4. Once you selected one, press the ‘deposit’ button on the right side of the screen
5. Scan the QR code provided along with your unique wallet address
6. You will receive a confirmation message as proof of your transaction.

For withdrawals, the same steps apply to the deposit process. The only difference is you click the ‘withdraw’ button on the Funds tab, instead of ‘deposit’.

Want to know more? All the FAQs are here!

Signing up at Bitcasino

How do I register for a new account?

To create a new account at Bitcasino, go to the topmost part of the homepage and click the ‘Sign up’ button. You will then be directed to another page where you are required to fill in the necessary details like:

-Username
-Email
-Birthday
-Password

Another option is to directly sign up using your Google or Facebook account. To complete the signup process, tick the boxes agreeing to our terms and conditions and receiving offers. After that, your account will be immediately processed and you can start playing at Bitcasino.

Is the verification process necessary?

Yes. Bitcasino requires you to verify your account to avoid any problems in the future. This also ensures that you are the only one who has access to your account and all the perks will get to you.

How do I verify my account?

To verify your account, all you have to do is provide any proof of your identification like your passport or any government-issued ID. You also have to present a clear copy of your bank account statement or a recent utility bill within the last three months. This document should have your name and address on it so we can confirm your identity.

About the payment process

What are the payment options at Bitcasino?

Playing at Bitcasino is now more fun than ever because of the plethora of payment options available. This varies on your location but we accept most currencies for fiat transactions. We also accept payments using the following cryptocurrencies:

-Bitcoin (BTC)
-Litecoin (LTC)
-Ether (ETH)
-Dogecoin (DOGE)
-Ripple (XRP)
-Tron (TRX)
-Tether (USDT)
-Cardano (ADA)

What’s the best payment method?

With the wide selection of payment options at Bitcasino, it would depend on your preferences to see which one is most suitable for you. However, many players on our site prefer to use Bitcoin for the following reasons:

-Allows you to remain anonymous
-No third parties involved
-Free from tax
-Little to no transaction fees
-High level of security and privacy.

Queries about Bitcoin

Is Bitcoin legal?

Yes. As of June 2021, Bitcoin is legal in different parts of the United States, Japan, the United Kingdom and most countries around the world.

How can I use Bitcoin?

Bitcoin can be used in several ways such as shopping online or gambling at Bitcasino. To start transacting using BTC, be guided by these instructions:
1. Brush up your knowledge about cryptocurrencies like Bitcoin
2. Make sure you fully understand how it works before you start
3. Choose a crypto wallet that is suitable for your needs
4. Buy Bitcoin from any platforms such as exchanges, broker sites or P2P marketplaces
5. Spend your Bitcoin and enjoy the experience of utilizing this digital asset.

Reach new heights at Bitcasino with your Bitcoin

After getting to know what bitcoin is, the next step is to spend it wisely. Use your Bitcoin whenever you are playing at Bitcasino for faster and less hassle-free transactions. So what are you waiting for? Maximize the full potential of Bitcoin by using it here!