The Truth about Bitcoins

What Is Bitcoin?

Although Bitcoin is complex within the coding and concepts of its technical programming as a player or affiliate you will not need to understand exactly how it’s operated besides some key facts. Bitcoin is afterall extremely similar to other online payment methods like paypal but with many better features and including a few things folks might consider downfalls.

Here is a list of some main key benefits of the Bitcoin concept:

  • Non Reversible Transfers
  • Anonymous
  • Low Transfer Fees
  • Not Considered A True Currency

As one can imagine and some are quite familiar with these features are a necessity to enjoy gambling online no matter where your location might be. The United States government made it extremely hard in the past for individuals to deposit using a credit card or online cashier method like Paypal. This is no longer the case as Bitcoin is not operated under any government authority or company. Bitcoin is a peer to peer technology some would say was developed for these advantage reasons alone.

The downfalls are extremely difficult to come up with but as a seasoned bitcoin user there is a few issues that could have been disastrous.

«  BTC Address And Login Info

«  Accidental Sending To Wrong BTC Address

«  None Reversible Transfers

«  Value Of Bitcoins

Although not having reversible sending and receiving is considered a good thing with a random bitcoin address indeed its possible to accidentally send bitcoins to the wrong address. If you would accidentally do such consider the bitcoins lost as there is no way to get them back without knowing the sender you accidentally sent the coins to.

Another concern comes with using either an offline or online wallet. When you create an offline wallet you are provided your own personal random bitcoin address. When doing so you will need to create a username and password for such address so you can login and receive or send whenever you so choose. If you happen to lose your password it can be extremely hard to locate or reset your password. Some wallets actually do not offer such and indeed you would more than likely lose your entire bitcoin balance. It’s extremely important to print and make backup copies of your address and user info so this does not happen to you

The main issue most folks have with bitcoin is how volatile they can be. When I originally got involved with bitcoins they were trading around the $100.00 mark. Within a few weeks of that and selling approximately 59 bitcoins the price per coin skyrocketed to around $1100.00 each so you can imagine I was pretty sick over the potential lost profit I once held to. The current trading price has been more settle though with each bitcoin ranging around $500 each. It’s no secret bitcoins are an extremely popular item that has only a limited amount to go around.

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