Bitcoin is strongly making its presence felt in the online world as it gears up to show a glimpse of the future. This popular cryptocurrency is quickly becoming a household name as more people are getting hooked into what could possibly be the latest and safest way of transferring funds from one user to another wherever they may be in the world.
But despite its sweet success, this online digital currency is met with skepticism as many fear that it will lose its momentum one day and dissipate into thin air. The essence of what is Bitcoin is an acquired taste, but make no mistake that this groundbreaking cryptocurrency is designed to be used by everyone. Regardless of such forecasts, this virtual currency is quickly propelling more hype as many are awed by the excellent features it packs. So, whether you’re a believer or a naysayer, you have to live with the fact that Bitcoin is here and is changing the landscape of many things, including online shopping, gambling, and many more.
First introduced in 2008 by Satoshi Nakamoto, a mysterious pseudonymous developer, Bitcoin started makings its first few transactions beginning in 2009. Created to become the ultimate digital currency to make online transactions seamless, tamper-proof, and efficient, this cryptocurrency moves through a peer-to-peer network that links all users with each other. It now has a high yet volatile market value that has significantly increased over the years.
Can it be trusted?
While Bitcoin isn’t regulated and is decentralized, there are no reasons for you to doubt it, especially that its network is transparent and open to the public. This allows practically anyone to check every transaction made on the network and verify if they were accurate and error-free. Moreover, expect this digital currency to be void of any manipulation as no central authority handles it. In essence, you can give your 100% trust and confidence on this virtual currency, no matter how vile or malicious its users are.
How is it anonymous?
Unlike real currencies like USD and EUR, this cryptocurrency doesn’t have any form of serial number. Likewise, you’re not required to provide any personal information for every transaction you make through its network. Whether you’re paying for purchases or services, there’s no possible way for other people or groups to trace you or the recipient. Through these, your privacy and anonymity are protected.
How are bitcoins generated?
Bitcoin users are the ones who generate these bitcoins through the process called mining. Transactions have corresponding algorithms, which are processed by powerful machines owned by some users who want to mine. By verifying the data sent through the network, these miners are rewarded with new bitcoins. But with only 21 million bitcoins set to be produced, the process of generating new bitcoins has become dramatically slower and harder.
Where can you buy bitcoins?
Not all users are miners; that’s why there are many who go to various online marketplaces to trade bitcoins. You can buy and sell bitcoins to anyone in the world through the trading venues, but you can also directly trade with fellow users at your own expense. Regardless of your preferred method, trust that there will always be someone who is more than willing to buy and to sell bitcoins. Once you procure BTC, you will be able to actively participate in a multitude of activities, even play Bingo with bitcoins. Learn more about Bitcoin Bingo, and see the possibilities Bitcoin can offer you.