Deposit with Bitcoins at SlotsMagicWednesday, Jan 17, 2018 14:59
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Cryptocurrencies and Bitcoin
Cryptocurrencies are essentially digital assets which work as a medium of exchange that uses complex cryptography methods to secure transactions, control the creation of additional units, and to sanction the transfer of said assets. Cryptocurrencies are deemed a subset of digital currencies as well as virtual currencies. Bitcoin was the first cryptocurrency when it was created in 2009. Since then, numerous other cryptocurrencies have sprung up in the hopes of grabbing a slice of Bitcoin’s action. Speaking of Bitcoin, it is most popular and widely used cryptocurrency in the world today.
Astonishingly, this alternative payment system does not work with a central bank or a single admin. It’s run on a peer-to-peer network and transactions take place directly between users without any intermediary sources needed. Bitcoin transactions are verified by nodes on a network and are verified through the use of high-level cryptography and saved in a public distributed ledger that is commonly known as a blockchain. Believe it or not, but no one actually knows who actually created Bitcoin except that whoever did create this marvellous invention goes by the name of Satoshi Nakamoto.
Mine That Coin!
Bitcoins are made from a process called mining. This is a record-keeping service that relies on the use of a computer’s processing power. Mining keeps Bitcoin’s blockchain up to date and each time a new transaction occurs, it is added to a new group of transaction called a block. Each of these blocks contains a cryptographic hash of the last block which links it to the previous block and this is how the name 'blockchain' came about.
Bitcoins can be exchanged to pay for currencies, goods, and services. As this payment method continues its meteoric rise as an alternative payment option, more and more companies are beginning to see the value of it and are now offering it as a payment option on their sites. As it stands right now, it is said that there over 6 million users using a cryptocurrency with most of them using bitcoin as their preferred payment method.
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