We’ve heard many times about this term in various news portals, online casino websites, etc. So, what exactly is Bitcoin? This is a new term to many people but it’s been in air since the years. Even though majority of people are unaware of the term and hence find uncomfortable to do any sort of transactional business using Bitcoin despite its many advantages over other alternatives.
So, coming back to the point, Bitcoin is a digital currency or cryptocurrency that uses peer-to-peer network for any transactions unlike many parties involved in other methods. The transactions are verified by other nodes but are not directly involved during the transactions.
Bitcoin, abbreviated as BTC, is a digital currency, also called cryptocurrency that offers a simple and secure way to spend money online. It’s a way easier than its other counterparts. While it may seem confusing at first, after using for several times, it will be easy to use and understand.
How to Use? The first step will be to pick a site to create an online bitcoin wallet. Like Skrill and Paypal, there are many cloud-based bitcoin wallets. Choose the one that best fits your needs. After that, it’s a simply a matter of adding funds to your wallets. Many currency exchanges are there for your service, or you can simply buy from another bitcoin user. Once you have the funds, simply treat them as regular cash. You can use this digital currency at different online casinos and other retailers as well.
Advantages of Bitcoin Bitcoin is a trending digital currency which is already starting to take over the world by storm.
It works on a peer to peer network. Other credit and debit companies deduct around 3% transaction fees which is not imposed on transactions done with bitcoin.
All Bitcoin transactions are listed in a network called a block chain which is visible to anyone around the world. Also the transactions are done online and doesnot seek any identification information unlike credit cards.
As afore mentioned, Bitcoin almost eliminates the charges in credit card transactions or any traditional method.
Also it take only few hour to complete any large transactions unlike other methods which usually takes 3-5 days to confirm and complete the transactions.
The only darks side of using Bitcoin is that it is an irreversible transactional process. Once you mistakenly send your bitcoin to a wrong person, you cannot get it back. Hence, one should be very careful in doing any businesses that involves Bitcoin.