Facts about Bitcoin: If you want to know about Bitcoin before starting bitcoin sports betting, here we have prepared the best guide.
1. What is a bitcoin and what is it for?
Together, Bitcoin is a decentralized payment system (node to node) that works without the need for a central authority or third parties. That controls the double spending of currencies. In particular, Bitcoin is three things at once:
– Bitcoin is an accounting unit of a payment system (that is, a currency) that allows payments to be made online instantly and irreversibly.
– Bitcoin is a protocol that serves as a standard framework for carrying out electronic transactions person to person in a peer and peer network.
– Bitcoin is a network that serves to create a decentralized database, based on consensus, where anyone can carry out commercial operations.
2. Where can I use a bitcoin?
Today you can buy virtually everything you want using Bitcoin. You can pay for tickets on Expedia, buy computers at Dell.com or newegg.com. You can also buy furniture and housewares at Overstock.com and even buy directly at amazon.com with a discount of up to 20% using services like brawker.com or purse .io. Every day there are more ways to use Bitcoin to buy goods and services.
3. What should I do to get bitcoins?
There are only two ways to get a bitcoin. The first is to buy it in a market like bitstamp.net, okcoin.com, etc. The second is “undermining it”. Here it is important to explain this process because mining is a verb that can be confusing: mining is the process with which the system overcomes the problem of double-spending or system fraud.
Bitcoin saves the information of the transactions and the issuance in a set of sheets called “blocks” and where all the transactions of the moment are written and the past ones confirm. A block is, so to speak, the accounting book of electronic transactions made with bitcoins. Then you need a wallet to keep the bitcoins.
4. What should I do to sell bitcoins?
To sell Bitcoins you just have to register in an exchange such as okcoin.com, coinbase.com, or bitstamp.net. The way to validate is by sending your passport data and that’s it. Then it is possible to sell them with one click.