This article is for those of you who are still not up to speed with Bitcoin and how it is used. Bitcoin is a decentralized, totally anonymous, digital currency that was originally developed back in 2008 by someone using the pseudonym ‘Satoshi Nakamoto.’
You can buy Bitcoins with real money as well as ‘mine’ them by using your computer to hunt for 64-digit numbers. In this way you are competing with other ‘miners’ to generate the number that the Bitcoin network is looking for, and if it happens to be your computer that generates the right number, you will earn 25 Bitcoins.
By 2140 the total number of Bitcoins in circulation is set to be capped at 21 million making the system self-sustaining, coded and encrypted to prevent both inflation and to stop anyone from disrupting its code.
So, what can you actually buy with your Bitcoins?
There are many ways to spend your bitcoins and get real items shipped to you. Well for one example the hotel chain Howard Johnson will take Bitcoins in exchange for hotel stays. You can buy socks made from the alpacas using Bitcoins. Available at GrassHillAlpacas.com, this small family farm in Massachusetts offers a selection of products made from Alpaca wool in exchange for Bitcoins. You can even buy pizza using your Bitcoins from PizzaForCoins.com! The possibilities are endless when it comes to ecommerce sites taking on bitcoins as a viable currency for selling products, and it will be interesting to see other roads it takes.
Another way to spend your Bitcoin is by placing a wager or bet at an online gambling site. Many of the high-end, reputable online casinos accept Bitcoin. For those who enjoy having a gamble, Bitcoin is possibly one of the most secure digital currencies out there as there are no accounts on record as you would have with either credit cards or PayPal, which means that hackers won’t have a chance.
Using Bitcoin at online casinos or gambling websites is becoming very popular. There are already a large number of iGaming sites accepting Bitcoin. You can find a list of these sites here; transactions are incredibly fast with most transactions getting confirmed within a few minutes. Only on rare occasions do Bitcoin payments take longer to complete. Remember too that Bitcoin transaction fees are only a tiny percent of those fees associated with either credit card payments or bank transfers.
Born on the internet, Bitcoin was made especially for online use. If you are going to have a wager on a favourite casino game, this digital currency is an almost perfect solution for you to use, guaranteeing a high level of privacy which is so important, as well as security, ease of use and efficiency.