Getting started with crypto: What is Bitcoin?

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Considered to be the first cryptocurrency, Bitcoin has taken the world by storm when it was first released in 2009. Today, despite the speculations and its high volatility, Bitcoin remains to be the largest digital currency with a market capitalization of $898,823,125,044 as of writing.

Unlike fiat currency, Bitcoin is a decentralized digital asset. Meaning to say, you can buy or sell Bitcoins without an intermediary like banks or financial institutions. Instead, it relies on cryptography and peer-to-peer software to process transactions in just a matter of minutes. 

The creation of Bitcoin has also given birth to more than 7,000 cryptocurrencies known as altcoins. This includes Ethereum, Litecoin, Cardano and Ripple.

However, most people still wonder how cryptocurrencies like Bitcoin found their place on the market. During the Great Financial Crisis of 2008, the shortcomings of banks became much more apparent. As a result, people demanded better security and less reliance on central authorities when it came to transactions and safe storage. 

This, in turn, has led Satoshi Nakamoto to launch the Bitcoin protocol. However, despite the popularity and hype of the cryptocurrency through the years, you might have still wondered: What is Bitcoin? 

To know more about this cryptocurrency, its benefits and how it revolutionized industries, continue reading below!

The father of Bitcoin: Who is Satoshi Nakamoto?

Satoshi Nakamoto is the pseudonym of the person or group who authored the original Bitcoin paper and designed the first blockchain database. However, little is known about Nakamoto. 

Three years after launching the first digital currency, he disappeared. Until now, his identity has remained unknown, making it one of the greatest mysteries in the history of cryptocurrency.

The birth of Bitcoin
In 2007, Satoshi Nakamoto started writing the code for Bitcoin. The following year, Nakamoto published a whitepaper on a cryptography mailing list titled Bitcoin: A Peer-to-Peer Electronic Cash System.

The whitepaper proposed a decentralized approach to financial transactions. Moreover, this would create an electronic payment system that runs on cryptography, allowing two parties to transact directly without a middleman.

On January 09, 2009, the Bitcoin network officially came into fruition when Nakamoto launched version 0.1 of the Bitcoin software on SourceForge. In addition, he mined the genesis block of Bitcoin (block number 0) with approximately 50 Bitcoins (BTC).

Nakamoto continued to make modifications and developments on the source code of Bitcoin until the 2010s. However, he cut ties with Bitcoin and left the business in Gavin Andresen’s hands by giving him full control of the network.

Although the reason behind why Satoshi Nakamoto decided to hide his identity, there is speculation that he believed Bitcoin will be much more beneficial without a leader. Since he was outspoken about the threats of central banks to the financial system, he did not want the same to happen with the cryptocurrency that he started.

Possible identities of Satoshi Nakamoto
Even though Satoshi Nakamoto had managed to stay in the shadows, people did not stop trying to uncover his real identity. Over the years, there are alleged identities of the Bitcoin father that mainly focused on computer scientists and cryptographers, including:
  • Nick Szabo
    Nick Szabo is a computer engineer that pioneered the concept of smart contracts in 1996. He also conceptualized Bit Gold in 2008, a decentralized currency that was a precursor to Bitcoin. His work was almost similar to the structure of Bitcoin that many people deemed him to be the most qualified Satoshi Nakamoto.

    This was further supported by an author named Dominic Frisby when he consulted a stylometrics expert. He concluded that Szabo’s writing style was identical to that of Nakamoto’s.

    In addition, Nick Szabo also worked for DigiCash, an early proponent of using cryptographic protocols in payment methods. However, Frisby admitted that these were just circumstantial pieces of evidence.

    Moreover, Szabo has consistently denied the allegations that he was Satoshi Nakamoto.

  • Craig Wright
    Among the individuals that remained silent when they were accused to be Nakamoto, Craig Wright is different. He is an Australian academic that claimed he invented Bitcoin and had been running it since 2009.

    When Wired Magazine wrote a profile on him, the evidence included leaked emails referencing a ‘P2P distributed ledger’. Another proof was that a crypto paper had been published at Wright’s blog which appeared when the Bitcoin whitepaper was released.

    However, inconsistencies were found in Craig Wright’s claims. For instance, the blog entries were proven to be backdated. Vitalik Buterin, the co-founder of Ethereum, also publicly called him a fraud.

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Benefits of Bitcoin

There is no doubt that the creation of Bitcoin had been a game-changer. As Bitcoin continues to gain traction, various investors and industries are entering the world of cryptocurrency

Multinational companies like Microsoft, Shopify and Wikipedia are now accepting Bitcoin as a payment method. Aside from that, you can use Bitcoin for better security and privacy to play your much-loved online casino games here at Bitcasino. 

Take a closer look at the benefits of Bitcoin that you can take advantage of:

Bitcoin transactions are pseudonymous
Before you can make transactions or purchase something in an online shop, you are required to provide personal information such as your name and e-mail address. Although the verification process is done to prevent crimes, giving out your personal information online puts you at the risk of identity theft.

However, Bitcoin transactions work differently. This isn’t to say that they provide complete anonymity, but they will not oblige you to give sensitive information. Instead, the transactions will only be identified through a blockchain address.

Lower transaction fees
Typically, wire transfers and fiat currency exchanges involve transaction costs such as withdrawal fees and various taxes. Imagine if you have to make multiple bank transfers every month, a huge chunk of money from your funds will be deducted. This will make it harder for you to save money, much less sustain your financial assets.

On the other hand, Bitcoin offers a much lower transaction cost since there are no intermediaries involved. This can be beneficial for travellers and people who need to conduct international payments. Besides, transferring Bitcoin from one party to another is fast, with an average processing time of 10 minutes.

Bitcoin transactions are immutablee
Once Bitcoin transactions are sent and processed, they cannot be reversed or tampered with. The government, financial institutions and other third parties have no power to amend, manipulate or falsify any type of transaction that happens within the network of Bitcoin.

The immutability that Bitcoin offers can also increase the overall efficiency of businesses by providing them with complete historical data of business transactions.

Easy mobile payments
For as long as you have an internet connection and a smartphone, Bitcoin users can now pay for goods and services wherever they are. No more falling in long lines at the bank or jumping from one physical store to the next just to purchase a product.

Since you only need a smartphone to transfer Bitcoins, this will also provide better accessibility for people that do not have access to traditional banking systems, debit cards and other conventional payment methods.

Improved online casino gaming
As cryptocurrencies gain more traction, the online casino industry also changed. Today, various online casinos are finally accepting crypto payment methods for the convenience of players, especially Bitcoin.
Using Bitcoin has also helped operators like Bitcasino to become more independent, completing transactions and services without the reliance on external factors.

Take a look at the advantages of using Bitcoin in online gambling:

Privacy
Most players, if not all, do not want their gambling-related transactions to show up in their billing statements. This is especially true when you live in a country where online gambling is still treated as taboo.

This is where Bitcoin and other cryptocurrencies come into play. With Bitcoin gambling, you don’t have to worry about giving your credit or debit card details. For better privacy, you can also install a VPN service to prevent anyone from snooping on your online activities.

Once you have your winnings, you can sell or trade your Bitcoins on crypto exchange sites that do not implement a know-your-customer (KYC) policy such as Binance and Kraken.

More game variety and promotions
Bitcoin casinos such as Bitcasino offer more game variety that you won’t find on traditional gambling sites. Moreover, betting sites that offer Bitcoin have cheaper operation costs since they run on a blockchain, leading to better payout percentages for their players.

You’d find these in slot games and live dealer games such as blackjack, poker, roulette and many more. Moreover, crypto casinos offer lucrative bonuses and promotions to attract non-Bitcoin players to visit their platforms.

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How to play with Bitcoin at Bitcasino

There is no better way to enjoy playing casino games than making Bitcoin your primary payment method. With ironclad security and quicker transactions, you’d have more confidence when betting on your favourite online slots and table games.

Here at Bitcasino, things are made easier for you. Say goodbye to lengthy verifications and deposit your funds in just a matter of minutes! 

Depositing in BTC

To start playing at Bitcasino using Bitcoin, make sure to follow these steps:

  1. Log in to Bitcasino using your account information.
  2. In the upper right corner of the page, click ‘deposit’.
  3. Select BTC on the Funds tab. Once done, click the small circle on the left side of Bitcoin (BTC) to activate your chosen crypto and make a deposit.
  4. Once a menu appears, copy the account link and paste it into the address book of your e-wallet to start the transaction. For an easier process, you can just use your smartphone’s e-wallet app to scan the QR code.
  5. You will receive a notification once your transaction is complete.

Take note that the minimum deposit is 0.0005 BTC. 

Play within your means! Bitcasino does not require a maximum deposit amount so it’s up to you to decide how much money you’re willing to lose. However, players are highly encouraged to practice responsible gambling. 

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Deposit via Moonpay

At Bitcasino, you can also deposit cryptocurrencies like Bitcoin via Moonpay. Here are the following steps to keep in mind:

  1. Log in to Bitcasino with your account details.
  2. Click ‘deposit’ on the top right of the screen.
  3. Once you’re directed to the deposit page, scroll down and click ‘purchase crypto with Moonpay’.
  4. Select the amount of BTC you want to buy. The exchange rate will be displayed at your disposal.
  5. Under the section ‘Send your bitcoin deposit to’, copy the bitcoin address. Then, enter it into the Moonpay frame under the section ‘wallet address’.
  6. Once done, Moonpay will transfer the money to that address. Just make sure that the wallet address you’re using is compatible with BTC.
  7. A one-time Moonpay code will be sent to your registered email address. Copy the login code and enter it under ‘verification code’.
  8. Enter your details. Make sure to upload identification documents such as a passport or driving license.
  9. Upload your most recent image.
  10. Input your credit card details.
  11. Confirm your payment.

Making a withdrawal

To withdraw your Bitcoin winnings, here’s how you make a withdrawal:

  1. Log in to Bitcasino.
  2. Click on your username located at the top right corner of the page.
  3. Once the site directs you to your Funds page, choose BTC and enter the amount you want to withdraw.
  4. Enter your wallet address.
  5. Click the withdraw button.

Switch to Bitcoin gaming at Bitcasino

At Bitcasino, aside from the wide array of games that you can enjoy, safe payment methods such as cryptocurrencies (BTC, ETH, LTC, etc.) are at the tip of your fingers. 

Now, you can enjoy a more private and secure gaming experience that gives you full control over your funds. If you cannot wait to bet on your favourite casino games, deposit BTC now and start playing!