Demystifying Bitcoin Currency

This is a new form of digital currency created and still held electronically. The currency has no one to control it. This form of currency is not like the other forms of currency, which include the printed Euros or dollars. Business people, who use computer software
that solves their mathematical problems, produce the money. This is a form of a growing category of money called the crypto currency.

Its difference from the other currencies

You can use this type of money to buy anything from online stores electronically. Therefore it is a form of conventional dollars, yen, Euros whose trading also happens digitally. However, the decentralized feature of bitcoin makes it different from the other types. The bitcoin network has no any single institution that controls its circulation. Therefore, this quality puts many people at ease since they know that there is no bank to control their money.

Origin of the money

Satoshi Nakamoto, who was a software developer, proposed bitcoin, which is a form of electronic payment system with its ground on mathematical proof. His idea was to have a currency independent from any central authority and which people would easily transfer electronically. Further he wanted the money transfer to happen instantly and with a less transaction fee.

The money has no one to print it. The money has no a central bank meaning that it is uncontrollable by the population or making its own rules to print the money. The banks produce more money to settle their countries debts and therefore devaluing the currency. But there is a community of people who produces this money and anyone can join it. The money production happens with the use of computation power in a wider network. The network can also process any transaction, which originate from the virtual currency and therefore effectively makes bitcoin the payment system.

There are rules that govern bitcoin. One of the rules states that miners can never create more than 21 million bitcoins. However, the miners can divide this money into smaller portions, whereby the smallest portion is one hundred millionth of a single bitcoin also known as a Satoshi after the man who founded bitcoins.

The central banks based all the conventional money on gold and silver. Theoretically, if you happen to hand the bank a dollar, you get gold in exchange. Although this never happen in reality. However bitcoin ground is on mathematics rather than gold or silver. All around the world, many people are now able to follow some mathematical formulas that easily produce bitcoins. The mathematical formula is readily and freely available for every person interested to check it.

In addition, the software is an open source. This means that everyone can look at it to determine whether it is doing what it is supposed to do.

Some of the best things about using bitcoin is the large number of bitcoin casino reviews on the web. Bitcoin casino reviews can help players make good decisions when deciding if you want to play at an online casino for real money. Bitcoin and real money casino reviews can also help warn players of casinos that have poor payouts and unhappy customers.

The Benefits of the money

The currency has many special features that highly differentiate it from any other government backed money. Some of these features include;

Less regulations related to using a Bitcoin casino online. Because bitcoins are considered a commodity and not a currency by the US government the participation in a bitcoin casino online is not as heavily regulated. Bitcoin casinos also allow players to protect their identity.

. Decentralization

There is no single authority to control the bitcoin network. Every machine that performs the task of mining the currency and the processing of the transaction makes up the currency network. All this machines work together. This theoretically means that a single central authority can not tinker with a monetary policy which would influence a melt down or even take another persons money a policy that many central banks put in place. Further, if a single network is offline due to some reasons, all the money will keep flowing.

. You can easily set up the program

To open a bank account in a conventional bank, you will have to jump numerous hoops. To set up a merchant account and to conduct a payment is another major task. However, setting a bitcoin network is an easy task which you can do in seconds. You will not have to answer any questions or pay any charges.

. Anonymous and transparent

Most kind of users can hold a number of bitcoin addresses as there is no linkage to addresses, names or any other personal identification information. Bitcoin will store every single transaction which has happened in the network in a blockchain. This is a huge general ledger, which shows all the transactions.

If you happen to hold a publicly used bitcoin address, then anyone will tell the amount of money you have stored in that address. No one will know that the money is yours.

Furthermore, there are some measures you can take to make your activities remain hidden on the network. These include not continuously using the same bitcoin address and not transferring a lot of bitcoins to one address.

. Less transaction fees

A bank can charge you $10 for any international transaction. But with bitcoin, you will never experience such charges.

. The money transfer is fast

You can easily send any amount of money to any place and it will also arrive at the place within a few minutes. This happens as soon as bitcoin processes the transaction.

. The network is reliable

If you send any of your bitcoins, you can never get them back. You can only get them back if the recipient decides to do so.

Bitcoin mining

People keep sending money on the bitcoin network in every moment. But unless someone has the responsibility of monitoring this transactions, it can be impossible to trace who really paid and the amount they paid. The bitcoin network has the responsibility of monitoring all these transactions and recording them in one single book known as the block. It remains the miner job to confirm every transaction and record it into the general ledger.

The ledger is a long list consisting of blocks also known as the blockchain. The blockchain shows all the transactions that have happened between various bitcoins addresses at a specific time on the network. Whenever any new creation of bitcoin transaction happens, an addition to the blockchain happens. This results in a lengthy list of transactions that have ever taken place on the network. An updated copy of all these transaction goes to any person who participates. This makes it easy for them to identify what is happening.

A ledger account has to be trusted. In the network all this happens digitally. To know that the block chain remains intact and there is no person to interfere with them, the miners therefore intervene. When a single transaction occurs, the miners have to put it under a process. They have to take all the information in the blockchain and apply a mathematical formula in it which turns it into a different thing. This thing is a shorter and Radom sequence of some numbers called the hash. The miners keep the hash at the end of the blockchain at that particular time.

Problems with bitcoin

. The wallet is more vulnerable to theft

This wallet is stored as unencrypted and therefore more vulnerable to theft. To protect the clients from any theft, the new releases of bitcoin are now encrypted.

. The packet sniffing

Anyone who can access your internet traffic can also easily see when you make a transaction.

. Denial of service

Sending of large of data to a node can make it very busy and therefore reduce its ability to process a transaction.…

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Understanding the digital Currency Bitcoin

The new digital currency bitcoin has taken the world by storm as many people are starting to slowly accept and use it. It cannot be printed, but rather they are produced by people using software that solves complex mathematical problems. Since it first appeared in 2009 it is slowly gaining popularity among people from all walks of life worldwide. People are increasingly opting to be paid through bitcoins especially when it comes to online dealings. This has led to many websites accepting them and using them to transact all their financial transactions.

It is very easy to open a bitcoin account because all you need is a digital wallet. The whereabouts of the creator of bitcoins are still unknown since he used an alias Satoshi Nakamoto. This led to many people being doubtful about the legitimacy of bitcoins, but years later most online workers prefer it as form of payment compared to cash. It is safe to transfer online and is verified by bitcoin miners. Developers are constantly working to improve this currency, but that does not give them an upper hand in changing the protocol behind it making it safe for everyone.

Some of the benefits of using bitcoin currency include;

Low Fees

Bitcoin transactions attract relatively low fees and sometimes they are free of charge. Compared to other methods of sending and receiving money they make up for the best alternative way of conducting transactions.

Payment Freedom

One can conduct transaction from any part in the world and as many times as they want. This means that people are joined globally through bitcoin transactions.

Identity Protection

One can carry out their transaction anonymously without revealing any of their personal information. This makes it easy for them to move around and protect themselves from potential robbers or muggers.

Money safety

Unlike credit cards or bank accounts it is extremely hard for bitcoins to be stolen. The wallets are well protected from thieves and robbers.

No Tax

Since these transactions cannot be intercepted by the government people don’t pay tax for using bitcoins. This makes them a friendly type of payment as one gets their money in full with no deductions whatsoever.

No Interruptions by Third Parties

The government cannot intercept bitcoin transactions and therefore people can conduct their transactions with a lot of ease.


Bitcoin currency transactions cannot be traced and this provides a good platform for illegal businesses to be carried out. Money can be sent from one party to the other without a trace.

No paperwork

It does not require any form of paperwork which, means that anyone can receive bitcoins regardless of their age or location. In setting up the digital wallets no proof of identification or any document is required. This means that one can have as many wallets as they want.


It is a fast method of sending and receiving money online. It takes only a few minutes and the only thing a person needs to implement the transaction is a digital wallet and an internet connection.

The benefits are endless, but there are quite a few risks associated with the use of bitcoins and some of them are;


Transactions are not irreversible and this makes it easy to lose money incase of an error. This can be bad news to the sender, but for merchants it means that once they receive payments the clients cannot reverse the payments so they are secured. It is the only payment method that is irreversible so far.

No Protection from hackers

Your bitcoin wallet is prone to hackers and this means that you will lose everything in the event that you account is hacked. You will lose everything and there is no way of getting your money back or claiming a refund.


After its inception the value of bitcoins was very high, but since then it has drastically dropped making it hard for a person to project what its value is going to be. The value keeps adjusting and this makes it hard for retailers to have a clear mark since they might end up incurring losses.

It is easy for a person to get bitcoins. There are several ways that a person can use to generate bitcoins they include;

Payment for Services

Nowadays many people prefer paying for services rendered to them through bitcoins. One can work for clients and get paid using bitcoins.


This is a more complex method of getting bitcoins. You can solve math puzzles and get rewarded with bitcoins


You can buy bitcoins using different currencies

Exchange Bitcoins

You can also get bitcoins by exchanging with people near you.

As the popularity of bitcoins continues to grow many people will soon prefer it as a form of online payment. Transactions will be easily conducted since people can easily access their accounts and carry them out. Many pay to click sites are offering them as payment to visitors to their site.

Online freelance workers are also accepting them as payment and many local companies have come up with the intent of helping their residents’ change the bitcoins into local currencies with a lot of ease.

Some of the unique characteristics of the bitcoin currency are;


It is not controlled by a single bitcoin network built several machines that make up a network. In case of failure by a single machine the network will keep on producing bitcoins.

Simple and easy

It is very easy to set up a bitcoin wallet and free of charge. The steps to opening a bitcoin wallet are very easy to comprehend and do not require any documents.


All the bitcoin transactions are stored under blockchain and this makes it easy for people to know how much your account holds if you have used a public address. They will not be able to know if it’s yours because wallets do not have names.


You cannot get bitcoins back once you send them. The only way for you to get them back is through the recipient sending them back to you.

As time continues to pass by the lifeline of bitcoin currency still remains unsure. There have been significant adoption and evolution of bitcoins, but the certainty of the currency continues to evolve. Most governments are largely concerned about their inability to maintain a grip on the currency. This is because many people using the currency do not have to pay tax which means that the government is losing out.…

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Bitcoin Online Gambling Casino

Are you new to bitcoin technology? This is how bitcoin currency works. It is pretty simple and is like understanding how an email or internet works. You are required to start by installing a bitcoin wallet account on your mobile phone, PC or computer. By so doing, your first bitcoin address is created and you can freely create more at any time you need. You can pay or get paid using your bitcoin account. You are therefore required to disclose your address to your friends so that they can use it in paying you. According to bitcoin currency, all bitcoin transactions that have been confirmed will be included in Chain Block. Private Key is a secret data piece that is used by bitcoin wallets to sign the various transactions that are done by the user. This is relevant because it provides a proof that the transaction came from the owner of the account.

Mining refers to a record keeping service in the bitcoin technology. A block is a group of transactions that are collected and verified by the miners. Every new block must contain a proof of work. Transactions must fit into all the cryptographic rules and that they are going to be verified by network. Verification prevents any attempt to change or alter the previous block. Changing blocks will lead to invalidation of the whole system of blocks. Mining therefore creates a means where an individual cannot add any new consecutive blocks into the chain. On this regard therefore no one can control what has been included in the block.

Did you know that you can combine online gambling and bitcoin together? Perhaps you have heard of bitcoin casino and this is where you can make total fun from the two exciting technologies. The world of online bitcoin casino has grown immensely in the past few years. Bitcoin gambling has made life far much easier, fun and even lucrative some times. What you need is just to get adapted and understand the rules of the game. Payments using bitcoin technology is far much easier as compared to the use of government issued currencies. Bitcoin is coupled with high innovative digital technology which is desirable as compared to the use of credit or debit cards.

This is how online games use bitcoin currency. Bitcoin addresses include a series of numbers ranging from 27 to 34 characters. What makes it good is that all transactions are processed free of charge. Most casino gamblers do love using slots. The Bitcoin Casino does have a full spectrum of slots and host options for players. Moreover, there are various progressive jackpots that are included. Payout percentages do draw many slot players to love bitcoin casinos. There are various types of bitcoin games some are Blackjack, Roulette, Live Dealer Casino games and many more. These popular games do offer wide array of options including three card poker, video card poker casino wars and craps among many more.

Making deposits and withdrawals is quite easy by using bitcoin technology. In the deposit section, you can copy the bitcoin casino address, and send the deposit you want to that address from your individual wallet. Similarly, you can copy your wallet address and paste it in the withdraw section. This makes online casino gambling payments quite simple, quick and reliable. Online gambling using bitcoin allows players to get the advantage when they prove to get fair odds on each and every bet transaction they do. It uses the cryptographic technology and hence the player easily verifies that the bitcoin casino has got no control over the outcome of the wager. The bet ID that a player places will vary depending on the website. Provably fair game is used as a fool proof and is a revolutionary way of enhancing bitcoin gambling.

There are various bitcoin online gambling sites. Licensing for bitcoin gambling sites however, do vary from country to country. Some of the states do have strict requirements for licensing while others do not give much attention. Few of the many bitcoin gambling sites are licensed. It is very essential to consider placing a bet or playing in a site that is fully licensed and this can be observed in the website. Highly reputable and better known sites are desirable for most players. Sites that have been messed around are no longer attractive are desirable to play bitcoin gambling. Another very important thing to note is that you should be fully aware of how the system works, how to buy and exchange bitcoin and any other relevant rule.

Bitcoin gambling is meant exclusively for fun, entertainment and rewards. Responsible gaming is very essential every time you indulge in bitcoin gambling. Bitcoin gambling has no fraud, chargebacks or any instance where an individual’s information is shared to another. This is because the user has the full control of all their sending options. Bitcoin uses the Peer to Peer technology and thus is decentralized. All transactions are carried out exclusively by the network. It is safe and secure to play and enjoy. You can find a lot of excellent offers by the use of bitcoin. When signing up for bitcoin account, some of the sites will ask you for the password recovery but will never ask for any other personal information including your name and email address.

Lately, bitcoin gambling accounts for a considerable percentage of online gamers. Total security is guaranteed and that a lot of bonuses can be won. Most of the sites do offer bonuses for new players in the game. Those who qualify become eligible for rewards. Most sites that initially used the fiat currencies are switching into the use of digital bitcoin deposit and withdrawal service for gaming purposes. Bitcoin casinos offers similar games just like the traditional online casinos but the only difference is that they have introduced far much better odds on the free online deposits and withdrawals. If you are an online game lover, you will be wild. You too can earn bonuses by playing bitcoin online gambling game. Transform your online gaming experience by embracing the digital online bitcoin gambling way. It is more of fun, enjoyment and lucrative.…

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