Bitcoin is a decentralized form of Crypto currency. That is, they are not regulated by financial institutions or the government. Thus, unlike traditional bank accounts, you don’t need a long list of documents such as ID so you can set what is known as Bitcoin wallet. Bitcoin wallet is what you will use to access your bitcoin and send Bitcoin to other individuals.
How to set up an account
You can get a Bitcoin wallet from a Bitcoin broker like Coinbase. When you open a wallet through a certified broker, you are given a Bitcoin address which is a series of numbers and letters, similar to the account number for bank accounts and private keys which are a series of numbers and letters as well, which functions as your password.
How Bitcoin serves as an anonymous payment processor
You can do 3 things with Bitcoin, you can make a purchase, send money anonymously to someone or use it as an investment. More and more traders have received Bitcoin as a form of payment. By utilizing Bitcoin instead of cash, you basically make that purchase anonymously. The same applies to sending money, based on the fact that you don’t need to send a mountain payment so you can make Bitcoin anonymously, basically you can send money to others anonymously.
How Bitcoin works as an investment
Bitcoin prices fluctuate from time to time. Only to put things in perspective, back at the beginning of 2013, the average bitcoin price of around $ 400 per bitcoin, but at the end of 2013, the price for bitcoin rose to more than $ 1000. This means that if you have 2 Bitcoin worth $ 800 In early 2013 and you save it as an investment at the end of 2013 the Bitcoin will be worth more than $ 2000, not $ 800. Many people store Bitcoin due to the fact that the value fluctuates.
Bitcoin Casino and Poker Sites
Because of Bitcoin anonymity, the gambling industry has taken Bitcoin as a payment method. Both Bitcoin casinos and Bitcoin poker sites will live and offer their players to make deposits, play with Bitcoin at the table and pull directly into their Bitcoin wallet. This means that there is no tax or possibility for government control. Just like ordinary Nevada casinos where you don’t need to register anywhere and all your transactions are anonymous.
How do you send Bitcoin
In order for you to pay for goods and services or send Bitcoin to an individual, 3 things are needed. Your Bitcoin address, your personal key and the address of the Bitcoin individual. Since then, through your Bitcoin wallet, you will place 3 information sheets, namely: input, balance and output. Input refers to your address, balance refers to the number of Bitcoin that you will send and output is the recipient’s address.
