Bitcoin is a distributed network protocol that keeps a ledger of balances of the Bitcoin token. The Bitcoin-token is a snippet of code that is representative of ownership of a digital concept. Both the ledger and the Bitcoin-token are known as Bitcoin. The system of distributed ledgers makes it possible to send a peer to peer payments, without needing authorization from a central authority such as a payment gateway or a bank.
Bitcoin was created by an anonymous software developer who goes by the pseudonym Satoshi Nakamoto in 2008. His idea was to create a means of exchange that could be transferred electronically in an immutable, verifiable, and secure way without centralization. Today Bitcoin can be used to pay for groceries, website hosting fees, services on Fiverr and even make deposits on gambling sites, just like your conventional currencies.
How to Store Bitcoin
Before you go out there and get Bitcoin you will need to have a place to store them – a wallet. The wallets, as opposed to the conventional wallet, does not hold the Bitcoin but rather the private key that makes it possible for you to access your Bitcoin address.
Wallets can be on a physical storage gadget, a mobile device or computer, or just the wallet address written on a piece of paper.
How to Get Bitcoins
There are several ways to get Bitcoin that include:
- Buying them online
- Buying them in person
- Play online and mobile games
- Do odd jobs online
- Write about cryptocurrency
If you are looking to get some Bitcoins fast, the best way to get them is to buy them online or in person. You can Buy Bitcoin in Nigeria from a range of websites both local and international that accept credit card, bank transfer, and even Paystack. If you would prefer to get Bitcoins in person, then you need to register at websites such as localbitcoins.com, where you can meet and exchange Bitcoin for cash with people in your locality.
Playing games or doing odd jobs online takes too much time and earns too little, and I would not recommend it as a way of earning Bitcoin fast. If you are a good writer though, you can get writing jobs at cryptocurrency forums, news outlets, and blogs, which will pay you in Bitcoin.
Can you Gamble with Bitcoin
Bitcoin makes it easy for sports bettors, poker room as well as online casino players to engage in their favorite pastime without the nuisance of legal restrictions, payment delays, and high fees. This is made possible by Bitcoin’s decentralized and anonymous nature that makes peer to peer transactions painless.
Many online casinos now support Bitcoin payments, which players can now use to pay instead of the cumbersome credit card, or bank payments. All you need to do to use Bitcoin as a payment method is to go to the "Bank" or "Payments" section of the website and change your preferred withdrawal and deposit method to Bitcoin.
Bitcoin as a currency is not going away, especially given the number of businesses that have been moving to accept Bitcoin as a payment method. Unlike cash, Bitcoin is a decentralized and anonymous method of payment, which makes it perfect for online gambling, particularly if you are worried about your private information getting out. The fact that it is borderless and does not come with all the bureaucracy of fiat currency also gives you the freedom to enjoy your favorite pastime without too much restriction.
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