Bitcoin is definitely the most famous crypto currency in the world reaching a rate of almost $20,000 in its peak. It still has its opponents, but it is gaining more and more authority on the global financial market.
One of the most widespread usage of Bitcoins today is in the gambling industry. Players, myself included, have discovered in recent months a rise in the number of betting sites, online casinos and poker rooms that accept deposits and withdrawals via Bitcoins. Since the official websites of bookmakers and casinos are really complicated, most players prefer to read reviews from third-party websites which have the most important information on one place. For example, a few days ago, me and a friend were reading betting reviews in order to find bookmakers which accept Bitcoin as a payment option; after reading the bet at home review, it turned out one of the most reputable online bookmakers doesn’t accept Bitcoin, but despite disappointment, we really liked the layout and the thorough bookmakers’ reviews at Betenemy.
As you can see, Bitcoin and other cryptocurrencies are widely used in the gambling industry and will most probably even greater use in the near future, but how did it all started? If I have to be honest, one year ago, I wasn’t so much familiar with cryptocurrencies, too, but all that hype made me be think of the possibilities Bitcoin offers. A wise man once said that one must know his past if he wants to know his future, so let’s go back and have a quick glance at the history of Bitcoin.
Bitcoin was released in January 2009 and is considered to have been invented by Satoshi Nakamoto. The only way to obtain Bitcoins, except from buying them, is mining them. After that, you can exchange them for other currencies, products, or in the example we showed you earlier, to gamble with them. With the rise of Bitcoin, a new type of E-Wallet appeared - the cryptocurrency wallet.
One of the biggest mysteries regarding Bitcoin is the identity of its founder. No one, almost a decade after the release of Bitcoin, knows who exactly Satoshi Nakamoto is. There are theories that such a vast undertaking couldn’t have been by the powers of only one person and that Nakamoto are actually a couple of people. This is not so important, however, since he / she / they created the first blockchain currency in the world and made, or at least are trying to make, banks and other third-parties obsolete.
The reason for that is Bitcoin is a decentralized currency, governed by no central bank in the world, while bitcoin transfers can be send directly via a peer-to-peer network. Each transaction is authenticated by a network node and recorded in a blockchain. This should give all transactions a lot of publicity so that there can be no misuse, but that is not always the case.
In recent years, after Bitcoin gained so much popularity, there have been a lot of reports associating Bitcoin usage in illegal transactions and theft from exchanges. The biggest criticism so far, however, is the claim of many authorities that Bitcoin is actually one big economic bubble.
So, now, after you know the basic history and most notable advantages of Bitcoin, why don’t you give cryptocurrencies a chance? You don’t even have to start with Bitcoins, there are lots of other cryptocurrencies out there, although for now, Bitcoin is really the most secure and reliable one.