It is problematic to get a grip on what bitcoin is actually all about. On the surface level, it is a digital currency. It can be transferred to anyone through the Internet to their special e-wallet that is stored on their phone. There are no fees for transferring any bitcoin, and people can use them to buy items online.
So what is so special controversial about this very basic and rudimentary idea?
Bitcoin is certainly not the first digital currency that has ever been out. But it is most certainly the most popular. It is hard to grasp why Bitcoin has managed to rise to such a high level in popularity. There are about 200 total digital currencies out there now as well as a couple hundred that have faded away. Bitcoin is both polarizing and potentially groundbreaking if it can manage to reach that next peak.
What is Bitcoin at now?
The biggest problem with bitcoin is that everyone sees it as a value in relation to another currency. For example, a single bitcoin is worth about $150-$200 right now. But this is not the purpose of bitcoin in the long term. The purpose is to gain its own intrinsic value that goes above being attached to an established currency.
Where can it go?
Bitcoin has the potential to be a global powerhouse. Now, it may only disrupt and mildly tease the dollar’s value and long-term use right now, but it’s global prowess and ease of transfer could make it a real legitimate source. There are people now hoarding bitcoins in the hundreds of thousands in hopes that they get a lot of value. But there may be a lot of people that are expecting to sell it when it increases in value, but they may actually use it. This will give it an economic value that will in turn grow this cryptocurrency into legitimate long-term option for buying and selling.
How does one use it?
There are a handful of major outlets accepting bids coin payment online. Satoshi Slot is one way to use the coins through its intuitive slot machine system. Others are making big purchases using bitcoin through special shops. It is estimated that all the bitcoins will be allocated by late 2017.
One of the truly fascinating things about the Bitcoin cryptocurrency, as well as the legions of imitators it spawned, is how high grade cryptography has been used to secure it. It is more than a little surprising to some that a worldwide network of peer to peer computers could someone underlie a currency that is almost impossible to forge or subvert, but the truth is that this has been accomplished.
Ever since the currency was first unleashed upon the world, a ledger has been building up of all the Bitcoin transactions that have ever happened. Referred to in the lingo of those who use the currency as the “block chain,” this unbroken string of transaction details stretches back from the present to the first Bitcoin that was ever created.
How this ledger is maintained and upheld is interesting, too. As they hash away at difficult mathematical problems in the hopes of earning Bitcoin rewards, Bitcoin miners are not just doing empty, pointless work. In fact, they are generating prospective signatures for each stage of the Bitcoin block chain, looking for a solution that will meet the requirements currently put forth by the network itself.
Each small such victory, then, adds another link to the block chain, as well as a piece of a Bitcoin to the balance of the lucky discoverer. Because it is so difficult even to find a single solution, the prospect of forging an entire block chain all over again is almost impossible to imagine.
That keeps the block chain secure from those who would like to counterfeit their own Bitcoin or otherwise act in underhanded ways. In fact, this basic principle has a wide range of uses, whether in the world of Bitcoin or elsewhere.
The site Satoshi Slot, for example, uses a closely related principle to show to gamblers that its results are on the up and up. It publishes beforehand a list of the signatures for gambling results that it has yet to produce, offering these up as proof of the fact that it operates above board. Just as Bitcoin users can check that the block chain’s integrity is intact, they can use these results to verify that the bets they made with the currency were treated fairly.
This came as good news for those who love gaming. It first started with the inception of online casinos then there came one that accepts bitcoins. Bitcoins have made transactions easier as there are no delays besides them being a cheaper mode if transaction.
The decision to launch the use of bitcoins at Vera John came after the two partners agreed on this move though it was not easy to come into agreement. This has become a viable decision as there are more people loving the experience.
The casino became the first one that is registered and licensed to accept the members to make deposits and withdraw their profits using bitcoins. When a member deposits bitcoins into the Vera John account, they are converted in real time. This exchange is done at the current rate of Euros in the market.
With this casino, you can enjoy all the things that you loved in an offline casino. There are a variety of slot games including the Satoshi Slot. You can play all these games using your account. The software running the games does not need any updating to be able to work with bitcoins. The interesting thing is that you can use bitcoins to play other games found on the site unlike in other casinos.
The casino has not opened its membership to players from the United States because in the US there are strict rules against gambling. It works together with coinapult that acts as the bitcoin’s payment processor. The bitcoins deposited at Vera John by members are sent to Conaipult. The bitcoins are then converted to Euros and deposited into a member’s account at Vera John. This means that bitcoins are being used not as a currency but as a means of payment.
When you enroll as a member with this casino, you do not have to worry about its legal standing. It is under the regulation of Malta Lotteries and Gaming Authority. This means that betting is fair for all members. The company is also audited frequently.
If you are looking for a casino where you will feel safe and protected, then it is at Vera and John. The bitcoins mode of payment has even made it easier.