What is Bitcoin?
Bitcoin is an electronic currency & payment system based on an open-source on line, person to person or adress to adress internet protocol. There is no centralized issuer; instead individual users volunteer computing power in effect executing and recording the Bitcoin network’s transactions in a decentralized way. In simple dummy terms bitcoin is basically REAL internet money (that you can buy things with and most everyone nowadays are accepting them) in its own currency which like a stock goes up and down and you can cash at out anytime. The most simple site to do this with is www.coinbase.com. You can buy, sell, and cash out in matter of minutes! If you still rout bitcoins here is a link of fortune 500 companies that accept this form of payment. http://www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies-stores-take-bitcoins.html
How does it work?
The first step is to download a Bitcoin e-wallet to your computer or mobile device. You can then purchase Bitcoin from one of several online exchanges, as well as at many traditional retailers. When you purchase Bitcoin it is credited to your e-wallet almost instantly, and you are free to transact directly with an ever-increasing range of merchants.
Is it secure?
YES. Because of the nature of Bitcoin, transactions cannot be reversed and chargebacks are not possible. You cannot be locked out of your e-wallet account, and you have total ownership rights over your funds.
What are chips worth?
On LuckyFLop, 1 chip is always worth exactly 1/1,000 of a BTC. This can also be represented as .001 BTC and is often referenced as a 'millibit'.
Why do bitcoins have value?
They have value because people find the Bitcoin as a useful tool to be to transfer value or actual money on the net. Bitcoins are traded freely in many markets and prices emerge based on supply and demand. Right now bitcoins have been steady as compared to what it was when it first was introduced to the market. Like any stock when its introduced its unpredictable. Goes up and down until it finds its median.
So it’s like a currency, but it isn’t backed by a government? That doesn’t seem right.
Bitcoin begs the question: “Can there exist a currency backed purely by mathematics and computing power instead of a central issuer?”
Government backed fiat currency has long been the norm. It is a system where units of currency can be added or subtracted at the whim of the issuer. Staunch Bitcoin supporters feel it’s no advantage to the health of a currency that a few people have the ability to make arbitrary changes to it. With fiat currencies, the issuing government is charged with protecting all aspects of the currency, including counterfeiting. In the case of Bitcoin, math and computing power replaces government. The anti-counterfeiting duties are done by computer code and have never been defeated.
There are many other aspects to consider on the subject of mathematics and computing power currency governance. The Bitcoin project is truly an economic experiment.
Government backed fiat currency has long been the norm. It is a system where units of currency can be added or subtracted at the whim of the issuer. Staunch Bitcoin supporters feel it’s no advantage to the health of a currency that a few people have the ability to make arbitrary changes to it. With fiat currencies, the issuing government is charged with protecting all aspects of the currency, including counterfeiting. In the case of Bitcoin, math and computing power replaces government. The anti-counterfeiting duties are done by computer code and have never been defeated.
There are many other aspects to consider on the subject of mathematics and computing power currency governance. The Bitcoin project is truly an economic experiment.
Where can I buy and sell Bitcoins?
You can buy them from whoever has them and sell them to whoever wants them. There are centralized options as well as decentralized options, for example:
www.Coinbase.com is a USA-based centralized wallet service that also allows you to buy or sell bitcoins for a small fee using your checking account.
www.Localbitcoins.com is a service for connecting local buyers and sellers of Bitcoins around the world.
Other options include exchanges like Bitstamp, BTC China, and BTC-E. Finding the most popular exchanges by volume per currency can be done by inspecting the market data on an aggregator site like BitcoinAverage.com.
We urge everyone to exercise their due diligence when selecting a place or individual to buy or sell Bitcoin from.
www.Coinbase.com is a USA-based centralized wallet service that also allows you to buy or sell bitcoins for a small fee using your checking account.
www.Localbitcoins.com is a service for connecting local buyers and sellers of Bitcoins around the world.
Other options include exchanges like Bitstamp, BTC China, and BTC-E. Finding the most popular exchanges by volume per currency can be done by inspecting the market data on an aggregator site like BitcoinAverage.com.
We urge everyone to exercise their due diligence when selecting a place or individual to buy or sell Bitcoin from.
This seems so complicated. I just want to play poker.
We offer this information for anyone who is interested, but understanding the science behind Bitcoin is irrelevant to playing on our site Once you have an account balance, it’s normal poker from there. (Normal poker with low rake and fast cashouts, thanks to Bitcoin!)
