When you’re used to playing at online casinos, you probably have come across the term Bitcoin. If you’re wondering what is Bitcoin, you should know that it is a form of virtual currency introduced in 2009. Unlike fiat currencies, bitcoins are not printed but are created and held electronically. It makes use of a decentralized technology to ensure secure payments and to store money in which banks do not have any control over.
It was introduced by an anonymous developer under the pseudonym Satoshi Nakamoto. The pseudonymous user based Bitcoin’s electronic payment system on mathematical proof which in no way could be cheated. The Bitcoin protocol limits to 21 million bitcoins the maximum amount of Bitcoin to ever be produced by miners.
Buy, sell, and store bitcoins
If you now know what is Bitcoin and its background, it is time for you to have your own Bitcoin wallet. Once you have a wallet, start getting bitcoins through Bitcoin exchanges. You could also opt to get bitcoins at a marketplace. You could sell or provide services in exchange for bitcoins. For some people, the virtual currency is more valuable when they sell it. They could sell bitcoins either by selling it directly or through online exchanges. To store bitcoins, you could choose to have a desktop wallet, mobile wallet, an online wallet, hardware wallet, or a Ledger USB wallet.
Advantages of Bitcoin gambling
When asked what is Bitcoin, it is inevitable for anyone to answer it without citing the advantages of using Bitcoin. The cryptocurrency is known for the anonymity it provides, which is one of the many qualities that Bitcoin Casino Finder praise. Users can have multiple Bitcoin addresses and do not have to worry about being tracked down because they are not required to provide any information about themselves such as their names and addresses.
When it comes to deposits and withdrawals, all transactions are instant. You don’t have to wait a couple of days just for your payout to process unlike when using other payment methods. Aside from that, you won’t have to pay for any processing fees with Bitcoin. Because Bitcoin casinos also don’t have to pay unnecessary charges, they could offer Bitcoin bettors more bonuses and promotions. With Bitcoin, you get to enjoy your favorite casino games with convenience.