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A Basic Overview Of Bitcoin

bitcoin overview

You probably have heard people talking about Bitcoin in somewhere. However, you don’t have any clue about what it is, how it works or how to buy / sell it. Simply check out this basic overview of Bitcoin, and then you will learn how to utilize this funding method on your bookmaking business.

What is Bitcoin?

Bitcoin was created in 2009 and it is a digital currency (cryptocurrency) which can be sent from user to user network without any intermediaries. In fact, there are public and private keys used to keep the balances of Bitcoin. To be more specific, the public key serves as the address for the money transactions which is pretty similar to the bank account in other funding method. In addition, the private key is created to be a personal secret code which is used to authorize the transmissions just like the ATM PIN for example.

How Bitcoin works?

If we use the general computer term to explain how Bitcoin works, let’s say each coin is basically a file stored in the app of digital wallet which can be used on computers, smart phones or any intelligent devices. And every single transaction is recorded in the blockchain under a unique digital code but not revealing any personal identity.

How to buy and sell Bitcoins?

Bitcoins can be bought and sold by using the real money or through exchanges via marketplaces. There are many ways to pay for getting the Bitcoins such as cash, credit and debit cards to wire transfers or even with other cryptocurrencies. First of all, it’s the primary step to have your Bitcoin wallet set up to store and collect the coins. Then, you can process the action through online sources like famous cryptocurrency exchanges (Bitfinex, CoinbaseBitstampPoloniex) or some platforms (LocalBitcoins, LibertyX, WallofCoinsPaxfulBitQuick) which can direct you to buy and sell Bitcoins with ease.

Why people choose to use Bitcoins?

The biggest reason for people to choose to use the cryptocurrency and Bitcoins is the most popular one is its anonymity. Although all the transactions are recorded in the system, nobody is able to know your identity and get your private key unless you release the information. Learn more advantages about the cryptocurrency in this article: Why Cryptocurrency Is Valuable And Has Great Future In Betting Industry?

Image by Allan Lau from Pixabay