Bitcoin is the latest craze taking over the internet, and soon enough the cryptocurrency could revolutionize the way we think about money, as well as the way we handle transactions. The fact that all Bitcoin transactions are part of the public domain, coupled with how simple and effective a tool it is to use, makes the digital currency appealing to all consumers, including sportsbook players.
Sportsbooks that Accept BitCoin
|Rank||Bookmaker||Overall Rating||Bonus Rating||Deposit Bonus||Views||Visit|
|1||.||.||50% up to $3,000||4,519||BET NOW !Read more…|
|2||.||.||50% up to $2,500||3,426||BET NOW !Read more…|
|3||.||.||100% up to $1,000||3,519||BET NOW !Read more…|
|4||.||.||100% up to $250||3,659||BET NOW !Read more…|
|5||.||.||50% up to $250||2,959||BET NOW !Read more…|
What is Bitcoin ?
Bitcoin, a cryptocurrency – a word which here means a system that employs encryption techniques to regulate the generation of units of currency and transfer of funds, all the while operating independently of a central bank – in operation since 2009, has been at the forefront of conversations involving technology, the economy, and consumers’ faith in fiat currency. But despite its considerable age, there are some consumers who are still unfamiliar with the Bitcoin.
Why Bitcoins were Invented
Bitcoins were invented by an online persona named Satoshi Nakamoto that represented either the person or people behind the invention of a purely digital exchange system, one that would not only circumvent the cash and coin model that ruled ubiquitously throughout human history, but that would also remove the need for a central bank.
A central bank is a monetary institution that has a monopoly over the printing, distribution, and supply of a nation’s currency. In the US for example, this institution is called the Federal Reserve. The Federal Reserve prints Federal Reserve Notes – colloquially referred to as the US Dollar – and distributes it to the US Government, who in turn distributes it to the populous.
Consumers actively work to produce labor or goods and willingly accept US dollars in exchange for these services or goods. Herein lies the problem; the US dollar is a fiat currency, which means that it is backed by the government, or the faith consumers have in said government, and not by an actual commodity. With most consumers having a growing distrust for the government, the need for a currency that would bypass a governing body became evident.
How Bitcoins Work
For the sake of argument, let’s say you wanted to send your family member, John, some money, roughly $100 worth of money. If you chose to send the wealth in US dollars, you would send John 100 Federal Reserve Notes. Furthermore, you would have to choose to send it by mail, bank, or by some fund transferring service i.e. PayPal or Western Union.
Bitcoins aim to remove all of that hassle as well as any unwanted third-parties. If you wanted to send your family member money in the form of Bitcoin, all you would need to do is purchase the Bitcoin using a Bitcoin wallet, and then process the transaction to John directly yourself, where they would get deposited directly to John’s Bitcoin wallet. In doing so, you have just traded in a currency that is backed by cryptographic proof rather than a central bank.
Are Bitcoins Safe?
While on their own Bitcoins might not seem like the safest alternative, compared to a fiat currency, Bitcoins are a much better option. Most central banks are private institutions, and since they have a monopoly over that nation’s ruling body they tend to also have a tremendous amount of influence over that government. Most institutions don’t actively exercise this influence, but there’s still no need to have an unnecessary gun pointed at your head.
Bitcoins are safe because every transaction is recorded publically while being enforced by a series of foolproof, impenetrable algorithms. These operations are immensely intricate and a deep understanding of computation is required in order to have the slightest insight into how Bitcoins operate securely. If what makes Bitcoin’s safe could be explained in a few sentences, it would not be that infallible of a system.