BitCoin – Payment option
Bitcoin is a cryptocurrency, in other words electronic money or currency. Bitcoin as payment option itself is interesting because it has been put on the market without having a bank or any redeemer in between.
In ordinary transactions, there is a bank or any other redemption company that manages the transaction. As for Bitcoin, this happens in a special network that manages the money and the transfer between two identities.
Bitcoin was invented in 2009 under the pseudonym Satoshi Nakamoto. Bitcoin has an open source code that came on the market in 2009. Many have invested in Bitcoin for a long time and one Bitcoin has had a high value. Recently the value decreased drastically and Bitcoin is often accused for being a bubble.
It has also picked up a bad rumor for being used for illegal payment in criminal networks as there is a lack of transparency about who sends what transactions. As for Bitcoin, there is no organization that takes care of the management, everything is done digitally and there is only a fixed amount of Bitcoins in the network and it is not possible to expand.
This is very different from traditional means of payment where you can print more banknotes or coins. The identity is also a big part where traditional systems identify you but as far as Bitcoin is concerned, the user is never identified. The system only checks that the user has Bitcoin enough and that the transaction history is correct. When this is checked, the transfer takes place.
Each Bitcoin wallet has a unique number that identifies the user, but nothing more. Money sent in the Bitcoin network can never be sent back. This is because there is no one who can determine whether the transaction was wrong or not. What’s sent is sent.
How much is 1 Bitcoin worth?
One Bitcoin today has a high value but it can be divided into smaller parts and the smallest part that can be paid with and used is one hundredth of a million of a Bitcoin. It is therefore a very small part and it also makes it possible to pay less amounts with this system. If you want to pay your casino game with Bitcoin, make sure that the casino receives Bitcoin as a means of payment.