A Quick Guide to the Cryptocurrency that Started it All: Bitcoin
There’s a lot of impressions on bitcoin circulating online, thanks to its sudden rise in 2017, and can be tough to weed out the white noise created by various outlets. Which makes this the perfect time to learn bitcoin.
If you feel intimidated by the use of bitcoin, or even the word cryptocurrency, take a breath. It’s rather simple and is just a new form of currency that is slowly being accepted by various communities in the world and this guide from Nitrogen Sports Blog will provide the details you need to learn bitcoin.
Bitcoin is quite successful for its young age. In fact, there are now plenty of bitcoin friendly countries, with even ATM machines available, allowing you to convert fiat currency to bitcoin on the spot. Even Japan legalized the use of bitcoin in 2017. It continues to grow and more are realizing its use, so it’s best to stay ahead of the curve and learn about bitcoin today.
What is Bitcoin?
Bitcoin is a peer-to-peer (p2p) virtual currency that was revealed in 2008 and is the first example of what we today call cryptocurrency.
It uses a system that processes transactions without passing through third-party entities such as banks or other central authority. Bitcoins aren’t printed and is created and held digitally.
An anonymous software developer that goes by the name Satoshi Nakamoto, revealed bitcoin and the concept of cryptocurrencies – to produce a means of exchange independently that can be verified, secured, and is reliable at all times.
Bitcoin is currently the most successful cryptocurrency out there today, showing continued growth with various benefits compared to fiat currencies.
The benefits of using bitcoin include;
- Cheap transaction fees.
- Fast deposits.
- Lightning-fast withdrawals.
- Decentralization from banks and governments.
The Bitcoin process is run and managed by an open network of developers and coders. They are collectively managing transactions in what they call the Blockchain, a digital chain of blocks, with each block containing debits and credits of the digital currency.
Simply put, Blockchain acts as a series of ledgers for every Bitcoin transaction made. All transactions are transparent, allowing all users to track every exchange – preventing possible double-spending or stealing. This process adds a layer of trust with all the users involved while adding a sense of security to the system.
Maintaining the blockchain is rewarded with fresh Bitcoins unlocked by solving cryptographic problems. This whole process is called ‘Mining’ and It’s an ingenious concept that we’ll discuss further later on.
Getting your first Bitcoin
Step 1: Look for a safe and reliable bitcoin wallet.
With bitcoin as a virtual currency, you’ll need to find suitable application that can securely store your cash.
There’s a variety of bitcoin Wallets available today that provides features such as private keys, passwords, and other systems to make sure your Bitcoin is protected.
Through the bitcoin Wallet, you can do withdrawals or deposits easily through any device that supports the application.
Step 2: Exchange fiat currency to bitcoin.
An Online exchange is where you can purchase bitcoin. Traditional fiat currencies can be converted to cryptocurrency or bought through payment methods such as credit cards, and even Paypal. Coinbase and GDAX are known Online Exchanges, but it’s best to canvas what will work best for you.
We have a guide listing the best cryptocurrency exchanges in the US to help you make your choice.
There’s also a more direct approach – Bitcoin ATMs exists and if you have access to one then this would be a great way to convert your money to cryptocurrency.
Just feed the machine some fiat currency and you’ll be credited with Bitcoin that will go straight to the bitcoin Wallet details you provided. The transaction concludes in minutes. Person-to-person trading is possible but is only advisable if you know someone you can trust to make the exchange.
Fiat currencies (dollars, euros, etc) are unlimited, while bitcoin is designed to be finite.
Central banks have the option to print more of a specific currency, controlling the value, but bitcoin has a fixed amount of 21 million. That’s all there will ever be in the world.
In theory, with cryptocurrencies’ supply fixed as the demand for it grows, it further increases its value. It’s a great investment and many organizations and governments are taking notice of its potential.
Planning to cash out your bitcoin? We listed down top methods to convert bitcoin to cash.
Choosing Bitcoin: advantages in sports betting, casino, and poker
Bitcoin betting is ideal for placing your bets and playing in an online casino or in poker.
The privacy when making bets or playing casino online is highly considered for most players, and with the nature of Bitcoin, personal information commonly required in other payment methods such as credit cards or bank accounts are not required.
You are also given the option to wager very small amounts (0.0001 BTC = 64 cents, USD at time of writing).
The lack of details needed for deposits and withdrawals, mixed in with the lightning-fast transactions, makes bitcoin the prime option when managing your earnings online. All they need is your bitcoin wallet address attached to your account and you’re all set.
It’s the perfect form of currency that adds that extra layer of anonymity players would appreciate when dealing online. Thanks to bitcoin’s independence, you can also expect lower fees compared to what you usually go through online.
It’s the most convenient payment method when placing bets in a sportsbook, playing games in an online casino or buying into a poker game. Be sure to check out other guides like this and learn Bitcoin on our blog.