If you’re an online betting enthusiast that doesn’t quite know what exactly Bitcoin is, then don’t feel bad because there are thousands of users who still unaware of its existence. Many of, even the most experienced bettors, are just learning about the new digital currency and how to use it when they want to wager or make a transaction online.
If you’re one of those betting buffs that is still not sure about what Bitcoin is and how to use it, then you need to learn about all about the new-age way of online betting and why it’s becoming so popular. The good news is that Bitcoins are now hitting the mainstream so much that it was even mentioned in a hilarious exchange on the most recent episode of the CBS sitcom Life in Pieces.
What is Bitcoin?
Bitcoin is a digital currency that was created as an alternative to traditional currency and is not associated with any bank or government. The best thing about Bitcoin however is that it allows users to anonymously purchase goods and services and exchange currency without involving any traditional banks, credit card issuers or other third parties.
Bitcoin was created back in 2009 by a person or a group of people ( we don’t really know which) operating under the name Satoshi Nakamoto. The digital currency was then picked up by bunch of online aficionados while Nakamoto moved into the background when the currency began to take off even more. Today, Bitcoins can be bought and sold on exchanges with currencies from round the globe.
The price of a Bitcoin can vary, but Coinbase, a company that helps users exchange bitcoins, say that a Bitcoin recently traded for a whopping $1,734.65. However, the price of Bitcoins can swing wildly from time to time. Just last year, reports say that a Bitcoin was worth $457.04.
