Bitcoin is a digital currency that is free of any government control. Instead, transactions involve a peer-to-peer transfer of coins. The transactions are monitored and recorded by an interlinked network of computers using tools known as nodes. All these computers verify a transaction once it is initiated and report whether it is legitimate. The fact that each computer does an independent verification makes it very difficult for the system to be compromised. This technology is known as Blockchain.
Bitcoin was introduced in 2008 as a premier cryptocurrency. It is not known who exactly created the currency, but the name Satoshi Nakamoto is behind the invention. It is unknown whether this is an individual or a group or where they could be now. Regardless, Bitcoin has proven to be very successful. One Bitcoin is now worth about $14782 and has sparked the rise of numerous other cryptocurrencies.
How to Get and Own Bitcoin
Bitcoins are mined using computer networks. However, the mining process requires numerous powerful computers and consumes a lot of energy. This has been a significant criticism of the currency, presenting it as unclean.
As a result, many people opt to buy Bitcoins from those who already own them. This is done by creating a Bitcoin wallet then paying money to an agent. The agent assigns the buyer a portion of Bitcoin worth their purchase (could be as little as 0.0001 BTC). This money can be used to pay for transactions such as live games on online casinos.
Winnings earned in live casinos can be converted from Bitcoin to regular currency or used to buy other items in Bitcoins.
