Bitcoin is a payment system that is unique because it is powered by users without a central authority or a middleman. Instead it is controlled by users from around the world. This concept called crypto-currency was first implemented by Bitcoin was described in 1998 by Wei Dai. It wasn’t until 2009 that the Bitcoin specification was published in a cryptography mailing list.
No one owns the Bitcoin network. Confused? The best way to thoroughly understand it is to compare it to email technology. Users basically have the freedom and it is completely controlled by users on a global level. Developers are continually improving the software but the user is free to choose what software and version they like much like an email service provider. Users can receive bitcoins through a mobile app or computer program for a personal Bitcoin wallet.
A public ledger called a “block chain” keeps a record of every transaction processed allowing your computer to verify and validate the authenticity. All transactions are protected utilizing a digital signature that matches the users address. Used by individual users and businesses alike it has grown remarkably fast with millions of dollars exchanged on a daily basis.
Using Bitcoin as your wallet is a much easier process than making debit card or credit card purchases that doesn’t require a merchant account. Payments can be made through your computer or mobile phone application.
Once it is installed on your computer or mobile phone it will create your Bitcoin address with accessibility to more whenever needed. Your address can be shared with friends where payments can be received or payments can be sent.
Money is sent instantly to anywhere around the world and bypassing any delays with no bank holidays, no borders or imposed limits. Payments are processed with zero fees or in some cases very low fees. Fees imposed are for processing transactions as priority resulting in faster confirmation from the network.
All transactions are secured and irreversible protecting your sensitive data as well as merchants from fraudulent activity and chargebacks. Every transaction must be tied to the user’s personal information, protecting against identity theft.
The software is in an ongoing development stage with many new features in the works including new tools and services.
How to buy Bitcoins
If you're from the US, exchanging your currency for bitcoins is relatively simple. Circle.com now accepts deposits from US based bank accounts or credit cards to fund your account and exchange your dollars for bitcoin. Coinbase does the same, although you can only use your bank account to deposit funds and buy bitcoin.
For other countries there is a variety of reliable purchasing options out there that are regularly updated, you can find out more info by clicking here. An alternative to this is buying bitcoins from other individuals locally through localbitcoins.com.
Once you have a few bitcoin in your possession they can now be used to play a large selection of games at any of the bitcoin casinos listed below.
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