Bitcoin Explained

With the rapidly growing popularity of Bitcoins, it's important to know what they are and how to safely use them. Whether you plan on using Bitcoins for online gaming sites, shopping, or other purchases, this guide will help you use them.

An Overview of Bitcoins Bitcoins are an electronic currency

They were introduced to the world at large in 2009 by an anonymous developer that goes by the name of "Satoshi Nakamoto." Bitcoins are transmitted all over the world in secure, encrypted transactions. Miners discover new Bitcoins and make them available for purchase.

How to Buy Bitcoins

Unless you have the technical skills needed to mine new Bitcoins, you will need to buy them by converting your currency of choice into Bitcoins. There are a variety of conversion sites. Since Bitcoins do not have a centralized bank or organization, Bitcoins are converted through peer-to-peer transactions. You look for someone who wants to sell their Bitcoin(s), pay them via PayPal, and then they send the Bitcoins to your electronic address.

Using and Storing Bitcoins

Bitcoins are stored in electronic wallets; this is just an electronic address. You can store your Bitcoin wallet in a variety of ways, from local storage on a hardware to mobile devices and web storage. In general, people believe that storing Bitcoins in a paper wallet made on an uncompromised computer is the safest way to store them. You can use Bitcoins for many different transactions. While Bitcoins have gotten lots of negative press for being used for illegal purposes, there are plenty of ways to use Bitcoins legally. Some people use Bitcoins for online gambling, where you can play safely and anonymously by funding your account at any of the brands recommended in our bitcoin sportsbook reviews. You can use Bitcoins for online shopping at retailers that accept Bitcoins. Some brick-and-mortar stores and restaurants even accept Bitcoins now. When you make a purchase, you send your Bitcoins to the given address. They are received almost instantly, at which point you can get access to your purchase.

Selling Bitcoins

If you use Bitcoins for online gambling, you may want to convert Bitcoins back to cash at some point. You use the same sites that you use for buying Bitcoins, described above. You can post the amount of Bitcoins you have for sale. When someone buys them, they send you money (usually via PayPal) and you send your Bitcoins to their electronic address.

Frequently Asked Questions:

Is it safe to use Bitcoins? Bitcoins are very safe to use, and in many cases they are safer than more traditional currencies. The variety of ways to store Bitcoins allow you to choose a method that makes you feel most comfortable. Depending on what you use Bitcoins for, it may also be safer to use them than to use other currencies. For example, online gambling is technically legal in most parts of the United States. However, that doesn't stop banks from halting transactions to and from online gambling sites. Since Bitcoins are anonymous, it is safer to use them for your bitcoin sports betting.

Can I use Bitcoins offline? A couple of years ago, the answer would have been no. However, as Bitcoins have gained popularity, some offline merchants have started to accept them. Since they are not widely accepted, they are still mostly used online. But who knows what will happen in one, five, or ten years?

What are Bitcoins worth? Since Bitcoins are a decentralized form of currency, their value is constantly fluctuating. At the time of writing, one Bitcoin was worth $1,146. The amount has been fluctuating between $1,100 and $1,200 for several days. Whether you are buying or selling Bitcoins, it is important to know its exact worth at the time you are buying or selling them. You do not want to buy them for more than they are worth, nor do you want to sell them for less than they are worth.

How do I get a Bitcoin wallet and start using Bitcoins? For new Bitcoin owners, storing a Bitcoin wallet on a secure server may be the easiest way to store your Bitcoins. You may want to look at reviews for any Bitcoin wallet site; this can tell you how easy it is to use and how secure it is. I personally recommend coinbase as your bitcoin buying, selling and wallet provider as they allow online transactions using your bank account, eliminating the need to purchase a money order or money transfer through a retail location.

If you don't use a site such as coinbase, you might look into applications that you can download to your computer and apps you can use on your smartphone for just this purpose. Once you are able to send and receive Bitcoins, you can use them in any way you choose!

If your still confused at all about bitcoin, read some of the documentation over at