You might be wondering, What is Bitcoin? Well, for the basics, it is a form of digital currency introduced in 2009. Unlike other usual currencies, dollars or euros, bitcoins are not printed. They are created and held electronically. It uses decentralized technology for secure payments and storing money that does not require banks.
Satoshi Nakamoto, a pseudonym of someone unidentified still, is the creator of Bitcoin. He based the electronic payment system on mathematical proof so that no one could cheat it. The Bitcoin protocol limits the number of bitcoins to ever be produced by miners to only 21 million bitcoins.
Why use Bitcoin?
Aside from being decentralized – not being handled by any institution, which means no large banks could control customers’ money–there are many uses of Bitcoin. To answer what is Bitcoin, it is necessary to point out its features. It is known for its anonymity. Users can own multiple Bitcoin addresses and are not required to give out personal information such as names and addresses. You don’t have to worry about being tracked down because the only information you need to give is a Bitcoin address.
Also, unlike your local bank, Bitcoin won’t charge you much for making international transfers. You can pay minimal to no fees at all. You can send money anywhere, and rest assured that it will arrive minutes later, as soon as the Bitcoin network finishes processing your payment.
With bitcoins, you can enjoy playing online games, investing it for the long run, or purchasing anything from various online stores and services.
Buying, selling, and storing bitcoins
There are various steps on how to buy bitcoins. The first is by getting a wallet. A wallet is where you store your bitcoins. It works the same way a bank account stores your money, the difference is that you could own a wallet in different ways. The first is by putting your software wallet in the hard drive of your computer. Second, you could try online, web-based wallet services. Lastly, there are vault services that keep your bitcoins protected when offline, or in multi-signature wallets that require multiple keys to protect your account.
After getting a wallet, the next step is getting your bitcoins. The primary way of acquiring it is through Bitcoin exchanges. It works just like how standard foreign exchanges work. Another place of getting bitcoins is a marketplace. Some people do services and you pay them with bitcoins. If you’re the one selling or providing a service, you could exchange it for bitcoins.
For many people, selling bitcoins is more advantageous. They buy it when it is still cheap then sell it when it increases in value. There are two ways of how to sell bitcoins: Online Selling and Personal Selling. The former is through online exchanges, while the latter is by selling it directly to people. It is done by scanning QR codes with their smartphone and transfer bitcoins for a cash exchange.
If you’re asking how to store bitcoins, you could store it in a desktop wallet, mobile wallet, an online wallet, hardware wallet, or in a Ledger USB wallet. Each has its own advantages and disadvantages. It all depends on which one is best suitable for you.
Bitcoin betting exchange
Being able to explore what is Bitcoin, it is relevant now to show its different sides. In Bitcoin sports betting, punters are allowed to make bets against each other. Bitcoin betting exchange works this way, an event is set up by a bettor and sets the conditions. This type of bet only works online, and even much better when using Bitcoin because it allows for seamless transactions worldwide, ensuring everything runs smoothly.