BitCoin | Fastest Money

Bitcoin: The Fastest Emerging Electronic Payment Method written by: edwino4 Introduction
Bitcoin is the latest and hottest form of digital payment, it is a digital currency which has been created and it is held electronically. There is no specific individual who control it. There are not printed like the euro or dollars but produced by individuals, the businesses, and running computers all over the world, by using software which solves mathematical problems. Bitcoin is but only one of the first example of increasing category of currency known as crypto currency. Read on, enjoy and most importantly learn all about the bitcoin.
How is bitcoin different from all other currencies?
Bitcoin can also be used to purchase commodities electronically. Due to this fact, it is just like the Euros, yen, or the dollar which are all traded digitally.However the bitcoin has some unique characteristic, the important fact that makes it different from all the conventional currency, is that the bitcoin is decentralized. There is no institution in the world which controls the network of the bitcoin. This factor put most individuals at ease, because there have full control of their money and no bank will ever control them.
Benefits of bitcoin
Has a payment freedom
You can send and receive any amount of currency instantly from any part of the world at any time of your liking. There is no bank holiday. No imposed limits. No borders. The bitcoin gives the user full control over his or her money.
It has very low fees
The bitcion transactions are currently processed with extremely low fees or either on fees. The uses may only include the transaction fees in order to receive the priority processing, this will result to a faster transaction by the network. In addition, the merchant processor, which is a component that helps the merchants in processing all the transactions that they make, it convert bitcoin into the fiat currencies and also deposit funds directly to their merchants bank accounts on a daily basis. Due to the fact that these services are offered by bitcion, there are offered with lower fees than those offered by credit card networks or PayPal.
It has fewer risks for the merchants
The bitcoin transactions are all secured, irreversible, and most importantly it doesn’t have any sensitive or even personal information of their customers. This section fully protects the merchants from any kind of loss caused by fraud or a fraudulent chargebacks, with the bitcoin you will not need the CPI compliance. The merchants can expand with a lot of ease to newer markets where either the credit cards doesn’t exist or the where the fraud rates unreasonable higher. The net result will be lower fees, a larger market, and definitely a fewer administrative costs.
Control and security
All the bitcoin users have full control over their transaction; it is not possible to force the merchants with unwanted or even unnoticed charges that always happen with other forms of payments. The bitcoin payment can also be made without any personal details attached to the transaction. This protects users from identity theft. The users can also protect their funds with an additional backup and encryption.
It is transparent and also neutral
All the information attached to the bitcoin currency supply is readily available for anybody on the block chain if any person needs to verify all the transactions that they have made in real time. No institution or individual can ever manipulate or control the bitcoin protocols because the bitcoin is cryptographically protected. This allows core of the bitcoin transaction to be given full trust for being a completely neutral, organized, and transparent.

The development of the Bitcoin casino has taken on popularity in the last couple years. It has helped people avoid many of the general regulations associated with gambling. The bitcoin casino provides a level of identity protection that can not be found with fiat currencies. While the bitcoin casino does provide a level of anonymity it does have the drawback of changing the bitcoins back to fiat currency.
Problems and risks of the bitcoins
They are easy to lose
If it happens that someone hacks or even stales your credit card, the chances that you will retrieve it is very high because the bank will fix that problem. The cash can also be recovered if the cops act faster. But with the bitcoin if you lose then you better forget it because it is gone for good. The mechanisms that can track and restore lost or stolen bitcoin have not yet being created and this exposes you to hackers and the best way to be safe is by storing all your funds on a disk which is disconnected from the web.
It is untraceable
This factor of the bitcoin attracts crimes. Individuals can purchase and resell drugs and some other illegal items with a lower risk of being tracked by the authorities. In this regard, bitcoin is just similar to other regular cash which are probable used by criminals. These factor will definitely warrants unneeded attention from the authorities which will lead to the enclosures of the bitcoin
It is hard to trade
You can use your credit card to purchase bitcoin online, due to the facts that have been mention above. There is no proper guideline on how to buy and sell the bitcoin. There are numerous institutions that offer the exchange service for bitcoins, but it is definitely not an easy task as transferring funds from your PayPal account. But this will improve in due time because most institutions will compete to offer solution for the bitcoin transfer.
It is still new in the market
The bitcoin is still an infant, and it is possible that another crypto currency can emerge and over run bitcoin or even someone somewhere can also find a major flaw in the bitcoin system. It doesn’t have a decade of history but time will tell.
You cannot buy stuffs with the bitcoin
There only few places where the bitcoin currency are accepted as a form of payment. This may change in the coming years but current most individuals only buy bitcoins as part of their investment.
Bitcoin is very volatile
Currently bitcoin prices are increasing like crazy. May the price will stabilize in the coming days to around US$ 10 from the current price which is about US$200. The price is up because most of the webshops adjust their prices every single day. It is not that convenient for trade.
No one knows the future of the bitcoin but as you all know that change is inevitable and gradual it will definitely hit it big in the world market. With the above details you can now make the choose of whether to join the bitcoin legal because it is currently trending and it is the hottest invest point.

What is BC COIN ?

A Comprehensive Look at Bitcoin and its Pros and Cons written by: Wulf43 Mention the word “Bitcoin” in a conversation, and you can expect 2 kinds of reaction- either a conversation that leads deeper to the wonderful world of Bitcoin, its uses and difficulties, or an awkward silence coupled with a blank stare that plainly says “huh?”. Bitcoin is a totally new way to pay, often touted by its advocates as “the currency of the internet”. But what is Bitcoin really, and what can I do with it?

What is Bitcoin?

Bitcoin is defined in layman’s term as the money of the internet generation. It is currency that is based on mathematics. In proper definition, Bitcoin is a payment system that is mostly done online. The system is created to be peer-to-peer, and that means users can do transactions without the need for an intermediary. It is a digital currency that is created by solving mathematical problems, stored on computers, and is characteristically decentralized. This means that no institution controls it, not even large banks or corporations.

Bitcoin was created by Satoshi Nakamoto, a Japanese software developer. It can be categorized in a unique form of money called a cryptocurrency, or virtual currency. It can be mined using a powerful computer that runs a special software in a distributed network. Not surprisingly, the unit of the bitcoin system is also called a bitcoin. The symbols of this cryptocurrency can be XBT or BTC. Wallets are used to store information that are used for Bitcoin transactions. Block chains are the ledgers that store information of how much Bitcoin you have and also work like a credit card- present them to make electronic purchases.

Bitcoin Pros:

1. It is decentralized. Not a single entity controls Bitcoin. The machines and the process transactions that were used as part of the network are in a group and work together. It is not network-dependent, so if a part of it goes offline, the currency will keep going.

2. No taxes. Bitcoin transactions cannot be intercepted at any time or by anyone, and without a single unifying entity handling it, taxes are non-existent.

3. It is an anonymous mode of payment. This protects your true identity and money, and you will not need to disclose personal information like credit card numbers and bank account numbers. Bitcoin addresses are the key here. They can also be changed as much as you like.

4. Bitcoin is fast becoming a mainstream virtual currency. More businesses and merchants have received Bitcoin with open arms, allowing this cryptocurrency to be used in transactions for real products and services. Various game websites such as online casinos offer a wide range of service, from poker, roulette, blackjack, and even virtual slot machines accept Bitcoin for buying chips. Even MMORPGs, or massively multi-player online role-playing games, utilize Bitcoin as an acceptable form of payment. Dice games, quiz games, flash games and many other forms are popping out everyday that let you earn and spend this wondrous cryptocurrency while having fun. Giant companies like Microsoft, Dell, have jumped into the Bitcoin wagon and now accepts it as a form of payment. Airline companies and online travel booking websites are following suit. The future looks bright for Bitcoin as being the best chance to be accepted globally among other cryptocurrencies.

5. Merchants and businesses are at an advantage. Bitcoins are completely digital, and have built-in protection. They cannot be reversed or charged back by the sender, and it cannot be counterfeited. Hackers cannot hack into the system as easily as they obtain credit card information. POS hardware and systems are not needed, as a transaction can be done using the customer’s own smart phone or tablet. Customers are also protected by surprise charges and fees, as merchants cannot add any invisible charges without them seeing it.

6. Transactions are fast and easy. Send or receive virtual money at any point in the globe, any time. Don’t worry about added transaction or transfer fees; it is completely negligible and almost non-existent. Send the payment, and it arrives in minutes, seconds even, when the bitcoin network processes the request.

Bitcoin Cons:

1. Bitcoin has a dark side to it. Anonymity can work both ways, with the cryptocurrency being used in the Silk Road. The Silk Road is an online black market, where illegal drugs, weapons and other criminal activities take place. Because Bitcoin is anonymous, people who use the Silk Road frequently have little risk in being caught by their government.

2. It is volatile, even more than gold. Those who think that Bitcoin is a good investment may wish to think again. Sudden and extreme price movement within a short amount of time have been recorded, and this prevents Bitcoin from achieving its goal of becoming an accepted form of payment by more merchants. Those who currently have accumulated Bitcoins are storing it not for making electronic purchases, but primarily for investment purposes, where it can steadily gain profit. That would still depend on its growth and development in the next years to come.

3. It is still too new and too young. The future of Bitcoin may be bright today, but who knows what will happen a few years down the line? The system may be secure but it is far from being complete. Also, not a lot of people other than the younger generations and those who spend a lot of time surfing the web may have heard of Bitcoin. Understanding this cryptocurrency is not as simple as giving or receiving pieces of paper. Implementing this in business will require additional training for the staff as well. This can get big depending on the overall size of the company in question.

4. Needs more time to be accepted, and buying with it is severely limited. The general direction of Bitcoin and its applications are undeniably growing, but most people would not use it until it has achieved buying power like credit or debit cards. There is no easy process to buy and sell Bitcoins when compared to PayPal. Brick-and-mortar stores are more resistant in accepting this form of currency as they are more comfortable with traditional ways of payment.

This entry was posted in Bitcoin.

How Bitcoin Currency Works And Its Role in Gaming and Gambling

How Bitcoin works

Bitcoin made its debut into the business world as the premiere decentralized electronic currency. It has continued to skyrocket in value with recent findings placing it at $250, but this has experienced a nosedive and as at 11th April it was valued at less than $150. Many people are still not sure of what it is and its mode of action, but the following discussions will clear the doubts.

Bitcoin is a digital currency that is run independently by a group of people using sophisticated computers and software that capable of calculating complex mathematical problems, on which this currency is based. It is worth noting that, unlike the conventional currency that is printed by a Central bank, this currency is generated mathematically using computer software in a network. This process is referred to as Bitcoin Mining. This complex number-crunching task was innovated in order to ensure that the mining process becomes complex in the long run. It is worth noting that the maximum number of Bitcoin that can be mined is set at around 21 million. This was set up to ensure that Bitcoins would never be flooded to such an extent that they cause inflation or become devalued.

The role of the network system is to ensure that the process of mining and transfer of the currency between the users follows the set rules. The network is, therefore, responsible for monitoring and verifying the Bitcoin mining and transfer process. It does this by collectively maintaining a log of all transactions as they happen. The computers that participate in this network usually communicate to set up and agree on the relevant updates and upgrades to be made in the official log. This is the computationally intensive process that mines Bitcoins. If an update to the log is approved by the Bitcoin network, then the user is assigned a specified number of Bitcoins. This process happens every 10 minutes or so. This process calls for powerful and sophisticated computers to take place.

Just like the normal currency, Bitcoin or their smaller units called satoshis, can be transacted for the conventional currency in the exchange market and transferred from one person to another via the internet using specified software. Therefore, it is an ideal currency for carrying out international transactions oblivious of the exchange and bank rates.

How Games Use Bitcoin Currency

With the creation of many online games taking place, the need for a better and convenient payment system is necessary. Crypto-currencies have emerged as the ideal payment schemes that simplify the way individuals pay and make money from playing Bitcoin games as well as placing bets. Bitcoin has been widely adopted as the best fit to handle all the transactions related to gaming. This is due to its ability to reach virtually every part of the globe and there isn’t a single payment system that can match such credentials.

Many gaming industries have tipped Bitcoin to become the biggest method of payment due to its many benefits. Bitcoin can solve some of the major online gaming challenges that are experienced by the industry. Some of the problems that can be comfortably sorted out by adopting the use of Bitcoins include the following:

  • � Developing a borderless payment system
  • � Effecting real-time payments both ways
  • � Developing a system that charges miniscule fees for any type of transactions
  • � Maintaining client privacy all the way

The Bitcoin is able to solve all the above challenges associated with other modes of payments because it has the following features and benefits:

Discreet- all the purchases conducted for online games are kept private. It will never be disclosed unless you permit. Additionally, the transactions made are not traceable to the user. Additionally, no one can freeze Bitcoin accounts nor interrupt the transactions.

Fast Payment

Unlike the conventional payment methods that usually take painfully long periods, Bitcoin transactions can be instantaneous. This makes it ideal for real-time gambling transactions.

No constraints Payments

This is the only form of payment that allows for transactions to take place regardless of the geographical location. This means that online poker games can enjoy their game from virtually any location in the world. Additionally, the gaming industry is not inconvenienced by bank holidays or such type of inconveniences. Therefore, those who do not have access to the popular payment methods such as PayPal, MasterCard or Visa can play online games using Bitcoin.

Irreversible transactions

Other payment methods provide the customer with the option of chargeback or reversing payment at will. This presents an opportunity for fraud and this may have a negative effect on the iGaming world. However, with Bitcoin currency, all transactions are irreversible and hence eliminating the possibility of fraud.

Bitcoin Gambling Explained

The use of Bitcoin in gambling is one the rise and this can be attributed to the many benefits of Bitcoin as explored above. It has opened new doors for gaming, gambling and lotteries using the bitcoin casinos on the internet.

Therefore in order to participate in gambling, you will have to make use of the Bitcoin. In the same way, if you win any of your gambles, you will receive payment in the same currency. You can bet your bitcoin money n any of the following: sportsbooks, gambling games, spread betting, casino games, and online lotteries.

Bitcoin gambling is usually run using gaming software that is developed by the casino administration. They can also rent out or purchase them and then customize them in tandem with their needs.

The gaming software is responsible for conducting and running the game with little or no intervention. If a game requires that all the players to be human, the software will act as the table dealer. Because many people are skeptical about the fairness of the Bitcoin gaming, many bitcoin casinos reveal the working of the gaming software algorithms.

The most popular bitcoin gambling game played at the Bitcoin casinos is Poker. Additionally there is a whole load of other games, lotteries and versions of the popular games.

Gambling using Bitcoin is fast gaining popularity due to its discreet nature, miniscule transaction fees and can be accessed from anywhere in the world.