Bitcoin is magical internet money, where users can transact merely with the push of a button and, sometimes, no button at all! But the pioneering cryptocurrency was first invented by Satoshi Nakamoto in 2009, and since then, it’s been growing in popularity by leaps and bounds and currently, it’s used to wager NBA Odds, soccer odds with big winning margins.
To understand this seemingly new phenomenon, you’ve got to go back to the beginning and learn more about where it came from. Below are five things that you have always wanted to know about Bitcoin:
What is Bitcoin?
Bitcoin is a decentralized virtual currency that enables users to purchase and buy products and services without the involvement of financial institutions, credit card companies, or other intermediaries.
The currencies are “mined” by users who give processing power to validate the operations of other users. These coins are then stored in digital wallets in the cloud or on people’s computers.
How does it work?
Satoshi Nakamoto, an unidentified programmer, or maybe a team of programmers, developed Bitcoin. In 2009, it was made available as open-source software. Bitcoins can be exchanged for cash and vice versa at special currency exchanges like Coinbase or Circle and ATMs worldwide.
The coins also can be bought directly from one another using online marketplaces like LocalBitcoins.com or OpenBazaar.org. Once you have them in your wallet, you can wager at BET US and make quick withdrawals.
Who controls the supply of bitcoins?
No one controls the supply of bitcoins. It’s controlled by software and a network of computers that maintain the blockchain — the public ledger recording every transaction in bitcoin history. Because it’s completely decentralized, no one can change or alter the blockchain without everyone else knowing about it.
Is Bitcoin inflationary?
Yes, but only at a very low rate. Bitcoin has a fixed supply of 21 million coins, which will be reached by 2140. However, not all coins have been mined yet. Currently, there are about 17 million bitcoins in circulation. It’s estimated that about 80 percent of all bitcoins will have been mined by 2032 (although this estimate could change).
At this point, miners will still receive block rewards, but these will decrease over time until all 21 million coins have been mined and no more new ones can be created anymore; this process is known as “halving” and happens every four years or so
Why do Bitcoins have value?
Bitcoins gain their value in the same way traditional currencies do: through supply and demand. Just like you decide what your dollar is worth based on what you need to buy at the store with it and how much you think other people will be willing to trade for it.
This way too individuals decide what their bitcoins are worth based on what they need to buy with them and how much they think other people will be willing to trade for them.
Is Bitcoin a Bubble?
Yes and no. Bitcoin is certainly in a bubble, rising more than 500% this year alone. But it isn’t going away anytime soon — or ever, if you ask some people. Bitcoin has survived several crashes already, and its price keeps going up.
Is Bitcoin Legal?
Yes, bitcoin is legal in most countries around the world. However, some exceptions, like Bangladesh, Bolivia, Ecuador, and Kyrgyzstan, have banned bitcoins.
How long does it take for a Bitcoin Transaction to be Confirmed?
Bitcoin transactions are irreversible after being included in a block and added to the blockchain. Confirmation times depend on the fee paid by senders, with miners prioritizing transactions with higher fees. On average, transactions take between 10 minutes (at a high fee) and 1 hour (at a low fee).
Is it Safe?
There are many myths about Bitcoin, the most popular digital currency globally. It is not safe for investment, it is a scam, and so many other stories are circulated. But the fact of the matter is that Bitcoin has been around for almost ten years now and has gained quite a lot of popularity over time.
This makes it the most popular digital currency in the world. Many countries have tried to regulate its usage, but nothing has worked. So, is it safe? Well, yes! Even bookmakers like BET US allow wagers to use it because of the safety.
Verdict
There’s no doubt that Bitcoin is an exciting new concept in the world of currency and is sure to stand up to being “tried out.”
Although it might not be ready for mainstream consumers yet, it’s certainly worth paying attention. This is if you’re a business owner, as you could stand to benefit in several ways if you play your cards right. Exciting times are ahead for both Bitcoin believers and nay-sayers alike.
