Bitcoin’s popularity is all over the world. In fact, if you haven’t heard or stumbled upon this digital currency, you have been left out. With the convenience and advantages it brings, no one would ever dare miss these ample chances and definitely you are too. So waste no time and begin to know bitcoins better.
What is Bitcoin?
A lot of people are asking what is Bitcoin. Bitcoin is a decentralized crypto-currency. It has no physical form since it only exists electronically and can solely be exchanged online. Moreover, just like other fiat currencies like USD or EUR, it can be used as a payment for products and services. In a nutshell, it can be considered an ‘Internet Money’.
Satoshi Nakamoto, a pseudonymous developer, is the one who first described ‘Bitcoin’. Defined as a ‘new type of digital currency’ in 2008, Bitcoin’s first software has been launched on January 2009 under the open source MIT license. Until then, Bitcoin spreads throughout the globe and is continuously gaining popularity and positive reception.
Where to Get Bitcoin?
There are two main ways to get bitcoins. It’s either to buy it in trading exchange markets or have it for free.
- Buy Bitcoins
One of the most significant ways on how to buy Bitcoins is to look for reputable bitcoin trading markets. The most popular are Mt. Gox, Coinbase, and Bitstamp. In these online markets, you can purchase bitcoins by paying through a bank. The price of bitcoin is based on the current exchange rate; hence, varies from time to time. The process itself usually takes from 3 to 4 days. Once the transaction is done, your bitcoins will instantly be credited to your account.
- Free Bitcoins
The most popular way of getting bitcoins for free is through Bitcoin Mining. If you mine a block in the ‘Blockchain’, you will earn 25 BTC. It is done by solving algorithms with the aid of ‘Bitcoin Miner’. Though undeniably appealing, the process is as difficult as mining real gold. On the other hand, you can also try other ways such as Bitcoin Faucets that give free bitcoins and doing tasks such as visiting sites and watching videos to get paid with these digital currencies. Just take note, that the amount you can get out these ways is relatively low.
What are its advantages?
Bitcoin is anonymous. Given this, you sure have bitcoin transactions with full anonymity – no identity involved, even your name and location.
This digital currency has no central authority, not even a bank or central government can control it. This fact made bitcoins an independent currency making the transaction possible in any parts of the globe, anytime and anywhere.
Bitcoins are exchanged via peer-to-peer method with the aid of the bitcoin network. The process can be compared to sending and receiving text message; hence, making transaction with bitcoins is almost instant in addition to the fact that it is safe and secured.
Unlike credit cards and wire transfers, transaction fees with bitcoins are kept low if not free. You can sure send or receive bitcoins in less than a penny.
Where to use Bitcoins?
You will be spoilt for choice in the fields where you can use bitcoins. Among the most popular is online betting which involves online casinos. You can sure play your favorite casino games with bitcoin, especially roulette. With this digital currency, you will enjoy Bitcoin Roulette with full perks and convenience since it will give you not only fast paced games, but also speedy ways of paying and receiving your winnings.