How Bitcoin works


Bitcoins are a decentralized form of cryptocurrency. That is, they are not regulated by a financial institution or government. So, unlike a traditional bank account, you don’t need a long list like an ID card to set up something known as a Bitcoin wallet. A Bitcoin wallet is something you use to access your bitcoins and send bitcoins to other people.

How to set up an account

You can get a bitcoin wallet from a bitcoin broker like Coinbase. When you open a wallet through a certified broker, you are given a bitcoin address that contains a series of numbers and letters, as well as an account number for a bank account and a special key that contains a series of numbers and letters. which serves as your password.

How does Bitcoin work as an Anonymous Payment Processor?

With Bitcoins, you can do 3 things, shop, send money anonymously, or use it as an investment. More and more merchants are accepting bitcoins as a form of payment. By using bitcoins instead of cash, you’re actually making these purchases anonymous. The same goes for sending money based on the fact that you don’t need to provide a payment mountain to set up a bitcoin anonymously, in fact you can send money to someone else anonymously.

How does Bitcoin work as an investment?

The price of Bitcoin fluctuates from time to time. To put things in perspective, the average price of a bitcoin at the beginning of 2013 was about $ 400 per bitcoin, but by the end of 2013, the price of bitcoin had risen to over $ 1,000. That is, if you had 2 bitcoins worth $ 800 at the beginning of 2013 and kept them as an investment until the end of 2013, these two bitcoins would be more than $ 2,000 instead of $ 800. Many people save because of changes in the value of bitcoins.

Bitcoin Casino and Poker Sites

Due to the anonymity of Bitcoin, the gambling industry has adopted bitcoin as a payment method. Both bitcoin casinos and bitcoin poker sites are reviving and offering players to deposit, play with bitcoin at tables and withdraw directly to Bitcoin wallets. This means that there are no taxes or opportunities for state control. There is no need to register anywhere as a regular Nevada casino and all transactions are anonymous.

How do you send Bitcoin?

You need 3 things to pay for goods and services or to send bitcoin to a person. Your Bitcoin address, your private key, and the person’s bitcoin address. From this point, you will enter 3 details through your bitcoin wallet: login, balance and exit. Your login address refers to the amount of bitcoins you send the balance to, and the login is the recipient’s address.