Created in 2009 by an anonymous person hiding under the alias Satoshi Nakamoto, Bitcoin is a new type of currency that requires no central authority, no banks, and no equivalent in silver or gold. It is an electronic payment system based in mathematical proof, and cannot be printed.
It is a currency that is created digitally by those who wish to join the community of bitcoin users. This network of users process transactions made with virtual money. More and more merchants and even online casinos are using bitcoins.
Buyers can purchase goods and services anonymously. Paying with bitcoins is cheaper more so in international transactions where bitcoins are decentralized. There are no credit card fees, and no country regulations to adhere to.
Setting up a merchant account using conventional currencies is tedious. Setting a bitcoin address takes no more than a few seconds without any cost.
Even if transactions are sort of anonymous (bitcoin address in lieu of names), they are completely transparent. This is because all transactions of a particular bitcoin address are stored.
Online casinos such as Sloto Cash, Winaday and Slotland, Uptown Aces, Red Stag Casino, and Miami Club accept deposits and withdrawals in bitcoins because transactions fees are very minimal. This is a win-win situation for both online casinos and customers.
One can buy bitcoins directly from other people through marketplaces or from exchanges. It is possible to pay for bitcoins using other cryptocurrencies, in cash, or through credit cards or debit cards. Wire transfer is also an accepted mode of payment for bitcoins.
Because bitcoin transactions are final, it is not quite easy to use PayPal or credit card to buy them. This is because such transactions can be reversed with a simple phone to phone company, or a chargeback in the case of PayPal. Why? It’s because it is hard, and frankly quite impossible to prove that goods exchanged hands during transfer of bitcoins.
Buy bitcoins by exchanging local currency. Store bitcoins in digital wallet. Coinbase, Xapo and Bitquick buy and sell bitcoin in the United States. Bitbargain and Kraken are exchanges in the United Kingdom and Europe.