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:
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.
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:
Tips for miners
If you are interested in mining Bitcoin, here are some tips that can help you:
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:
Want to know more? All the FAQs are here!
Signing up at Bitcasino
About the payment process
Queries about Bitcoin
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!