But what is bitcoin?
In this article, we’re gonna talk about what is bitcoin, how it is created, where you store it, when it was created, and everything you need to know about bitcoin. Check this out.
All right, first of all, when was bitcoin created? In 2008, someone, we don’t know if it’s a man or a woman or who they are, even if it’s their real name, but Satoshi Nakamoto put a paper up on the internet that describe the idea of bitcoin and the blockchain where bitcoin, I guess you could say, resides.
As evidenced by a Google search for “bitcoin casino”, bitcoin and gambling make a pair like two pedals on the identical bike.
All the same deals and bonuses that are available for players at online casinos accepting traditional currencies are in place for Bitcoin online casinos too. Within the past, no deposit casinos were a well liked selection for users who didn’t would like to transact online due to security and confidentiality concerns, but now, Bitcoin has offered an alternative payment method, and those who played for free are moving over to real money games.
Bitcoin is a decentralized currency.
What does mean? Think about it this way. If I wanted to pay you some money, I would have to send that money through our bank. The bank is the middleman. Well, a decentralized currency, there is no middleman, there is no government in between me and you.
We are the currency. Bitcoin is a decentralized currency that runs on technology known as the blockchain. Once bitcoin is exchanged or transferred to somebody else, that transaction is verified by a miner and when the miners verify a certain amount of transactions, they will actually earn bitcoins.
Bitcoin was the first decentralized digital cryptocurrency and one of the reasons for its success, it has low fees whenever you transfer it, it can be in any country, your account can never be frozen. It is an exciting, exciting time. Bitcoin is a digital currency.
It doesn’t actually exist. You can’t hold it in your hand. It’s only electronic. It is a digital currency. Unlike currencies produced by governments, also known as fiat currencies, there is a limited supply of bitcoin.
This means when your government wants to print more money, they can just go print it and printing more and more money, sometimes that will devalue the currency. One thing that has made the value of bitcoin skyrocket is there is a limited supply. There will only be 21 million bitcoins ever in existence. The last bitcoin will become available in the year 2140, so we got a while.
Now next, how are bitcoins created? They’re created through a process called mining. Just like gold miners will go and they will mine in the mountains to get gold. Bitcoin miners will mine on their computers to get Bitcoins and this is done by setting up your computer and having it solve complex math problems around the clock and whenever those problems get solved, you earn a bitcoin.
Now in the early days, you could mine on your laptop and everything was fine, but now it takes much more energy and larger computers. So it’s really not feasible, unless you have larger computers and access to very cheap electricity. Now, if you don’t wanna mine bitcoin, how can you get it? Well, you can just flat out purchase it, and that’s what I do.
Now next, once you purchased your bitcoin, where do you store it? We have a couple choices. You wanna typically take it off the exchange and put it in something that’s more secure that you hold the security for. Just could put that in a digital wallet, which may be stored on your computer or even on a device that you plug into your computer.
And now you can even store it in what is called a paper wallet and what this is, is where you literally, on a piece of paper, print out the details of your bitcoin with the password on that paper. Don’t lose that paper.
Now, what keeps bitcoins safe? Everyone has a public key and a private key. Think about it this way and about it like a post box and you have a letter that you wanna put in the mail. You can put that letter in the mail. That is like a public key. Anybody can put letter in that mailbox. Directly the private key would be owned by the postman. Only the person with that private key can get the mail out.
So, everybody has a public key and that means anyone who has that public key can put bitcoin in that address, just like anyone can put mail in the mailbox. But only you have the private key to your bitcoin mailbox and only you can withdraw the funds.
Never let anyone get that private key. Recently, an internet marketer had a article going and in the background on his computer, he had his private key displayed. Somebody zoomed in, got that private key, and took over $15,000 of bitcoin from him. Do not let people get your private key.
And here is an interesting fact about bitcoin. The first time bitcoin was ever used to purchase anything was May 22, 2010. In a bitcoin forum, Laszlo Hanyecz offered someone 10,000 bitcoin to order him a pizza. Someone took him up on that offer and they ordered him two Papa John’s pizzas equivalent to about $25 in exchange for 10,000 bitcoins.
Today, those 10,000 bitcoins would be worth over $25 million. All right guys, so I’m sure you wanna get some bitcoin. Even if you just wanna get a very small amount, go ahead and get started right now. This is the best place for you to get started. Just click the link below. It’s the best link, and get started today. If you liked this article share it with your friends