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How Bitcoin Works

Written by:
Payton
Published on:
Aug/25/2015
How Bitcoin Works

What is Bitcoin? How do they work? Why they are gaining so much popularity? These are some questions which come into mind when we talk about Bitcoins. Bitcoins are a form of currency which is decentralized. Means that Bitcoins are crypto currency and government does not regulate them nor any financial institutions are involved. Bitcoins are preferred by most of people; the reason being it does not require any paperwork and long formalities like presenting ID proof and other documents as we need to open a bank account. What is known as Bitcoin Wallet can be easily set up and you can access it for sending and receiving bitcoins.

How to Setup an Account

Bitcoin wallet can be obtained from any broker like Coinbase. These certified brokers open up your bitcoin account and provides you with bitcoin address which have details like a series of numbers and letters. Just like you have an account number in bank, this bitcoin address serves the same purpose. A private key is also provided which is also series of numbers and letters ,this key serves as the password.

 

How Does Bitcoin Work as an Anonymous Payment Processor

Three things can be done with the help of bitcoins. First thing you could do is you can make a purchase through them, second is you can transfer money to someone else’s account anonymously and the third thing is that you can use it as an investment. Merchants prefer bitcoins nowadays as a form of payment. People are utilizing bitcoins instead of cash for making purchases anonymously. Same in the case for sending money, you can send money to someone else anonymously.

How Does Bitcoin Work as an Investment

It is the fact that value of Bitcoins fluctuates from time to time. Due to this feature of variation in its value many people utilize bitcoins as an investment. From this point of view, let us explain this through an example, Let us assume that you have 2 bitcoins and the average price of a bitcoin was just about $ 200per bitcoin at the time when you had stored rhem.But after some times the approximate value of a bitcoin changes and rose over to $ 500.This clearly shows that the worth of those two bitcoins rose to $1000 from $400.

 

Bitcoin Casino and Poker Sites

 

Bitcoin as a method of payment has taken up by the gambling industry due to its anonymity. Bitcoin is gaining popularity in both casinos and poker sites due to its simplicity and anonymity and you can go for bitcoin play at CoinRoyale.com. Players are allowed to make deposits, play with bitcoin at the tables and directly withdraw to their bitcoin wallet. These transactions are not governed and regulated by the government.

How You Send Bitcoin

Three things are required to transact in bitcoins, these things are your bitcoin address, your private key and and the other individual‘s bitcoin address. Thus to send bitcoins you need to place three information, which are, your address, the amount of bitcoins you are going to send and the receiver’s address.

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