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.
What is bit coin used for?Like any regular currency, Bitcoin can be used to pay for a variety of services and products online ranging from music downloads to web based casinos and sportsbetting sites.How Do You Get BitcoinsThere are several options available, although, purchasing Bitcoin takes less effort than mining it. Mining requires lots of time and computer processing power, and the results are not as profitable as many think. The easiest way is to set up an online wallet and link a bank account. Once your account is all linked up, you can start selling or buying Bitcoins.Benefits of Using BitcoinSuper Low Fees: Currently there are either no fees, or very low fees within Bitcoin payments. Flexibility: No matter where you live, you can exchange your bitcoins for cash. There are also many exchanges that convert bitcoins into almost any currency. These services generally have lower fees than credit cards and PayPal.You Don’t have to Reveal or Provide any Personal Info: While all finalized transactions are available for everyone to see, personal information is never revealed.DYK AlertDid You Know that one Bitcoin is more valuable than an ounce of gold, which trades at right around $1,230? Bitcoins, which are basically lines of computer code that are digitally signed each time they travel from one owner to the next, are becoming wildly popular among sports betting enthusiasts and everyone else from tech fanatics and even criminals who love the anonymity of using the currency.Today, many businesses are joining the quickly growing Bitcoin movement with Overstock.com being one of the biggest after recently agreeing to accept payments in Bitcoin. On average, there are currently about 300,000 daily Bitcoin transactions which is up from approximately 230,000 transactions per day a year ago.The Bitcoin network I secured by people that are called ‘miners.’ These tech-savvy computer enthusiasts use what is called a global blockchain that keeps count of every Bitcoin transaction made. This prevent from anyone trying to use the same Bitcoin twice.