Bitcoin has become a subject of much debate for the last few years. Bitcoin is a cryptocurrency, which is decentralised and thus belongs to nobody. This means that unlike FIAT currency Bitcoin isn’t regulated by any government or bank. However, Bitcoin itself does not have any physical presence but rather it’s an entry in a database that keeps track of every transaction ever made with Bitcoin. Each Bitcoin wallet contains two keys: one public key (which can be shared with anyone) and one private key (which only the owner should know). The public key is used by others to send you Bitcoins, while your private key allows you to spend them.
Bitcoin Introduction
Bitcoin was first introduced back in 2009 as the world’s first Cryptocurrency; however, Bitcoin wasn’t recognized as an official currency by many countries. Bitcoin’s price stayed relatively low at the beginning with an exchange rate of around 1 Bitcoin for 10$ (which has significantly risen in the current years). Bitcoin didn’t really make its way to mainstream society until 2013 when Bitcoin gained media coverage with prices reaching 100$ for 1 Bitcoin.
Since then Bitcoin’s value rose up even further; leading it to be recognized by governments and private companies around the world (and thus not regulated by them). As Bitcoin is decentralised any company can use it to accept payments without fees (due to transactions being made peer-to-peer) which allows merchants to avoid credit card processing fees while keeping customers happy with lower costs. Companies like WordPress, Subway and Microsoft started accepting Bitcoin as payment while Bitcoin ATMs can also be found in many major cities.
However Bitcoin isn’t only used to pay for physical goods, but it is becoming more and more popular with online gambling sites which allow users to gamble with Bitcoin. Bitcoin casinos are growing in popularity every day especially among users who want privacy while playing games. Bitcoin Up itself has no regulations about gambling so Bitcoins are completely anonymous allowing anyone to play on these websites without revealing their identity.
Online Bitcoin casinos have the same types of games that normal online Casinos have, but due to Bitcoin being unregulated they are not restricted by any rules or laws regarding what type of game is allowed on them, thus leading to an increase in the variety of different games available at Bitcoin Casinos. This means not only Bitcoin players won’t be restricted to Bitcoin casinos with only Bitcoin games but Bitcoin Casinos also have a much bigger variety of Bitcoin games than any other Bitcoin casino.
Bitcoin Games
Different Bitcoin games include Slot machines, Poker, Blackjack, and Roulette just to name a few. Bitcoin offers its users complete privacy compared to other payment methods as Bitcoin transactions are not only anonymous, but they are also instantaneous which means you will receive your Bitcoins instantly after purchasing them. Bitcoin’s biggest issue is that it isn’t regulated which means the value of Bitcoin can rise or drop without warning leaving people who invested in Bitcoin susceptible to losing money if they don’t sell their coins quickly enough.
However this shouldn’t scare you away from using Bitcoin as not many people would buy something for 10$ and then sell it a couple of days later for 5$, Bitcoin is similar as you will notice the value dropping before buying Bitcoin.
In conclusion
Bitcoin can be used as a digital currency or as an investment tool, but Bitcoin’s real use will only be seen once people start using Bitcoin as a payment method. It has many benefits to offer especially when compared to other methods of payments which makes it a safer option for merchants and customers alike. As Bitcoin isn’t regulated by any authority users don’t have to worry about their privacy being taken away from them while paying with Bitcoin, not even credit card companies can access information about your transactions so there is no way for anyone other than the users themselves to track what they do with their Bitcoins. This also means Bitcoin users don’t have to worry about their credit card information being stolen as Bitcoin is the most secure payment method available today.
