What is Bitcoin?

If you’re a bitcoin novice and need some information before you take the plunge into online bitcoin betting, we’re here to help. Take a look at our quick rundown of what bitcoins are, how to buy them and how to start using them at Betcoin.ag!

 

Betcoin

Bitcoin

What makes bitcoin different?

  • Anonymous
  • Instant Transactions
  • Peer-to-peer, no banks
  • Low transaction fees

For the initiated, bitcoin (BTC) is a groundbreaking, innovative type of digital currency, anonymously created in 2009 by the elusive Satoshi Nakamoto. It’s a decentralised currency so there’s no banks or governments involved, rather it’s all designed around the users themselves with no middlemen – it’s a currency inspired by the internet and the digital age we now live in. It’s a global currency, controlled by bitcoin owners all around the world. Transferring bitcoin is done via a peer-to-peer network, so from one bitcoin source to another. A bitcoin itself does not have any value of its own, its value fluctuates depending on the market. The Bitcoin Network is a sharing a ledger known as the “block chain”, which contains every bitcoin transaction processed. It allows the user’s computer to verify the authenticity of each bitcoin transaction. Anyone can process the transactions by ‘mining’ for bitcoin, wherein a computing power of a specialized hardware is used.

 

 

How do I get my hands on Bitcoin?

Bitcoins can be purchased by anyone from either exchanges, or directly from other people via marketplaces. Paying for bitcoins can be done with credit and debit cards, wire transfers or even using other digital currencies. The ease of purchasing bitcoin does depend on where you live, as in some jurisdictions it is more difficult paying for bitcoin with wallets such as PayPal.

This is because such transactions can easily be reversed with a phone call to the card company (ie ‘chargebacks’). Since it’s hard to prove any goods changed hands in a transfer of bitcoins, exchanges avoid this payment method and so do most private sellers.

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What is Litecoin?

Just like bitcoin, litecoin is another crytocurrency that is digitally generated by mining. After Bitcoin it is the second most successful cryptocurrency in existence. Litecoin was created in October 2011 by former Google engineer Charles Lee, who was motivated by an ambition to improve upon bitcoin. The key difference for users being the 2.5 minute time to generate a block, as opposed to bitcoin’s lengthier 10 minutes. Litecoin can confirm transactions must faster than bitcoin. Litecoin can also handle a far higher volume of transactions thanks to its speedier block generation. Litecoin has the highest market cap of any mined cryptocurrency, after bitcoin.

 

What are the differences between Bitcoin and Litecoin?

  Bitcoin Litecoin
Coin Limit 21 Million 84 Million
Average Block Time 10 Minutes 2.5 Minutes
Algorithms SHA-256 Scrypt
Created By Satoshi Nakamoto Charles Lee
Creation Date January 3rd, 2009 October 7th, 2011

 

Gambling with Bitcoin and Litecoin

There are an increasing number of gambling sites out there which facilitate bitcoin betting. For players interested in wagering with digital currency, deciding which sites are the best can be confusing. Players should look out which sites have good promotions, reliable software and and secure banking.

 

How do I play with Bitcoin on Betcoin.ag?

When players create a new account on Betcoin and login for the first time, they will be given a unique deposit address for bitcoin deposits and a unique address for litecoin deposits. From their private wallet (or a Coinbase.com wallet or QuickyCoin.com wallet) they can send the bitcoin or litecoin to the address shown at the top of the website when they are logged in. All deposits can be made to these addresses and they will be credited to each player’s account with one confirmation received. Once the deposit is confirmed, players can get betting right away!