How does bitcoin work?

Bitcoins are a decentralized form of cryptocurrency. That is, they are not regulated by a financial institution or government. As such, unlike a traditional bank account, you do not need a long list of documents, such as an ID, to be able to verify what is known as a bitcoin wallet. A bitcoin wallet is what you use to access your bitcoins and send other people bitcoins.

How to create an account?

You can buy a bitcoin wallet from a bitcoin broker such as Coinbase. When you open a wallet through a certified broker, you are given a bitcoin address, which is a series of letters, as well as a bank account number, a private key, which is also a number of letters. which serve as your password.

How does Bitcoin work as an anonymous payment processor?

You can do 3 things with bitcoins, you can make purchases, send anonymous money to someone or use it as an investment. More and more traders are accepting bitcoins as a form of payment. By using bitcoins instead of cash, you are essentially making that purchase anonymously. The same goes for sending money due to the fact that you do not need to submit a payment slip to be able to verify anonymous bitcoin, in fact you can send money anonymously to someone else.

How does bitcoin work as an investment?

The price of Bitcoin fluctuates from time to time. Just to make things visible, at the beginning of 2013 the average price of bitcoin was about $ 400 per bitcoin, but at the end of 2013 the price of bitcoin rose to $ 1,000. This meant that if you had two $ 800 bitcoins at the beginning of 2013, you would have kept them as an investment until the end of 2013, those two bitcoins would have cost more than $ 2,000 instead of $ 800. Many people buy bitcoins because their value fluctuates.

Bitcoin casino և poker sites

Due to the anonymity of Bitcoin, the gambling industry has adopted bitcoin as a method of payment. And bitcoin casinos, bitcoin poker sites are coming to life, offering their players to deposit, play at bitcoin tables, and immediately withdraw their bitcoin wallet. This means that there are no taxes or opportunities for state control. Like a regular Njada casino where you do not need to register anywhere, all your transactions are anonymous.

How do you send Bitcoin?

In order for you to pay for goods և services or send bitcoins to an individual, you need 3 things. Your bitcoin address, your personal key և an individual bitcoin address. From then on, you will enter 3 information through your bitcoin wallet, which are: input, balance և output. The entry refers to your address, the balance refers to the number of bitcoins you are going to send, and the output refers to the recipient’s address.

Leave a comment

Your email address will not be published. Required fields are marked *