Bitcoin is the first incarnation of what is known as a ‘cryptocurrency’, created by Satoshi Nakamoto in 2009. It’s operates over a consensus network and is a true digital currency system. It was the first of its kind, a decentralized payment network that operates on the peer to peer model with no central bank or outside involvement and as such there are no ‘owners’ of the network itself. It’s an open source project which has many contributors and users worldwide.
This is where the structure of Bitcoin is interesting because without total consensus among users and developers the system would literally halt and they go a long way to fiercely preserve this mentality. As such there is no formal hierarchy and they are not governed by the same financial regulators as normal currency markets. As a result Bitcoin has grown as a payment option for goods and services and is becoming accepted now as a form of payment for online casinos.
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How does Bitcoin work?
From the perspective of an end user, Bitcoin is nothing more than a collection of apps designed to facilitate payments with the digital currency itself. You receive an e-Wallet where your Bitcoins are stored and from the application you are able to send and receive payments in Bitcoins. If we look a little bit behind the scenes, however it’s a complex network that shares a very large public ‘ledger’. This ledger contains every transaction ever processed which allows the user to validate each transaction they make.
You acquire Bitcoins in several ways. You can purchase them from a Bitcoin exchange or broker, exchange them with people around you using mobile phone technology and earn them through what is known as Bitcoin mining. Making payments with bitcoin is even easier than if you were making payments with traditional cards. You simply enter the recipients address and payment amount and click send.
Bitcoin: The pros and cons
Not sure about bitcoin? Before making your mind up why not check out some alternative payment options from the list below: