Bitcoin Review

The digital age has changed daily life in so many ways and this Bitcoin review will explain how a once scuffed at and obscure digital currency is poised to change the way the world banks. You've no doubt heard "Bitcoin" in some form or fashion by now. Enough to wonder what it is, where it comes from, and how it works. Well those are very simple and extremely complex questions to answer all at the same time.

The simple version is Bitcoin is a digital currency that has no central banking authority and allows users to make semi anonymous transactions online and in person. Which means there is very little regulation around the world in place dealing with digital currencies at this time. You're wondering how you make an anonymous transaction in person with digital money right? Our page on paper wallets will explain it step by step as well as how to store your Bitcoins safely offline.

What Is Bitcoin?

The complete answer requires far more space than we have here to address what is Bitcoin. However there are a few key points to make here that will help you understand what makes it all work. The underlying take away from this part of the review is that Bitcoin is not just a digital currency but a cryptocurrency.

A cryptocurrency uses secret code or cipher and encryption techniques to verify accounts and transactions. It's money meets cryptography, hence the name "crypto-currency". In the case of BTC this is done in whats known as a Blockchain.

Where Do Bitcoins Come From?

Now that we know what Bitcoins are it's time to find out where do bitcoins come from. In October of 2008 unknown persons released a paper "Bitcoin: A Peer-to-Peer Electronic Cash System" which was the first step to where we are now. In January of the next year it went live as an open source cryptocurrency and the rest as they say is... well you know. Later the name Satoshi Nakamoto surfaced as the creator of Bitcoin but to this point no one has been able to put the name to a real face or person.

The real star of the show and the genius of it all is really the Blockchain the runs the whole network. Every transaction ever made with Bitcoin is keep in a ledger made of blocks of information which are in essence chained together. Again hence the name "Block-Chain". Now inside these blocks are very complicated math equations based on the elliptic curve digital signature algorithm. New Coins are created through a process known as mining where the first person to solve the block and process the transactions within is rewarded with newly created Bitcoins.

What You Need To Know About Bitcoin
Current Bitcoin Price
Pros:
SPEED
ANONYMOUS
NO FEES
Cons:
RISK
LEARNING CURVE
Are Bitcoins Safe?

Yes, bitcoins are safe but they are very volatile compared to other indexes and foreign exchanges in terms of risk and reward. There have been studies done that say Bitcoin is seven times more volatile than gold, and nearly 20 times greater than the American dollar. This is because of the lack of a stabilized structure involved and insufficient liquid assets. It can even be argued that the volatility is due to the concern that Bitcoin won’t pass the test of time and its long-term value may is at risk. It’s important to remember, though, that it is a new currency and these types of risks are fairly understandable. It needs more time to grow and mature and if it continues on the path it’s on now those risks and concerns will go by the wayside.

How Do Bitcoins Work?

The way Bitcoins work is based on digital signatures created by elliptic curves and rendered in the form of a set of Bitcoin address one public and one private which you use to spend your BTX. When you want to buy something you simply use your bitcoin wallet to create a new address. Your public address is a derivative of your private address and can't be forged. The miner solves these elliptic curve digital signature algorithms one by one until the block is finished and all transactions have been verified at which time your purchase is complete and the proper amount of Bitcoin was removed from your account.

Is Bitcoin Regulated?

As of now, Bitcoin is not a regulated form of banking in most places throughout the world but there are mumbles in the airwaves about how it could happen soon. Even without regulation, Bitcoin has still made its way into the payment options for some major online sites, though, if it is regulated it could clean up some risks involved and improve the already excellent Bitcoin technology. The biggest reason behind the apprehension of regulating Bitcoin is because it’s such a new form of currency and we still don’t fully understand the ins and outs of blockchain banking. Regulating something that isn’t fully understood is just foolish so it makes sense that it’s a process that could take a while. Some other worries are due to the fact that it is a decentralized form of banking, people are worried that using Bitcoin could leave businesses more susceptible to criminal activities like money laundering and tax evasion. That being said, if you are going to judge something on the cons, you must also understand the pros. Regulating Bitcoin would provide timely and low-cost international transfers of money and make overseas banking transactions much easier than they are today. With so many questions circling Bitcoin, it’s unlikely we will see its regulation anytime soon but it is being discussed so don’t be surprised if we do see it happen sooner rather than later.

Is Bitcoin Legal?

The legality of Bitcoin involves drastic variance from country to country and a lot of countries don’t even have a definitive answer to the question, is Bitcoin legal?

Some ban Bitcoin completely, while it is allowed in others which have caused governments across the world to classify bitcoins in many different ways. The legality of Bitcoin depends on where you are and what your intentions are with the currency.

Safest Places To Buy Bitcoins

When it comes to online banking transactions, safety is the most important aspect of the process and that holds true when deciding on a place to buy your Bitcoins. Things you should be looking for in a safe Bitcoin site are things like free wallet’s that allow you to transfer your Bitcoins so you have a choice as to where your Bitcoins are. Also, sites that allow you to use multiple methods to convert your money into Bitcoins is always nice, so you have a variety of different options to choose from. When deciding on the safest places to buy Bitcoins, you can choose between Coinbase, Circle, or Uphold but it really is up to you. Review these sites and decide what site you feel the most comfortable banking with.

Most Secure Bitcoin Wallet

There are four types of Bitcoin Wallet’s, software wallets, online wallets, hardware wallets, and paper wallets. Each of them come with their own different security measures but the most secure Bitcoin wallet is definitely hardware. Hardware wallets are cold-storage devices that create keys while processing transactions. These keys are private and offline and generate the keys on the drive itself. They look just like any USB drive, and all you have to do is plug it up to your computer when making your transaction. Paper wallets are also a great option and are very secure as well.

Top Bitcoin Sellers
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Best Exchanges To Sell Bitcoins

As Bitcoin continues to grow in popularity, there has been a significant spike in places to sell your Bitcoins and as far as the best exchanges to sell Bitcoins is concerned, that is really dependent on your preferences and expectations. Coinbase, LocalBitcoins, Circle, and BitQuick are all highly reputable bitcoin exchange sites that users would enjoy. There are a lot of others too, so just check out all of the top sites and see which one you like the most.

Most Trusted Bitcoin Exchanges

Probably the most trusted Bitcoin exchanges on the web can be found at Coinbase and Kraken. Coinbase is a little bit different from other exchanges as they provide the ability to sell and buy Bitcoins and exchange them for your countries currency. This is possible because their software allows their users to house, receive, and send bitcoins whenever they want. Coinbase has become so popular that it is considered to be the PayPal of the Bitcoin world. Kraken is highly thought of in the Bitcoin exchange business and they offer some of the most advanced trading tools out there. They are a relatively newer site so they aren’t as popular as Coinbase but they are certainly on that path. You can’t go wrong with either of these Bitcoin exchange sites.

Top Bitcoin Exchanges
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Latest Bitcoin News
What Gives Bitcoin It’s Value?

The Real Value Of Bitcoin: Finding the “Missing Piece of The Puzzle”

Proposed Bill Penalizes U.S. Travelers For Not Declaring Bitcoin

How U.S. Bill S.1241 could change how you travel with bitcoin.

Mark Cuban To Blame For Drop In Bitcoin Price?

Mark Cuban single handily dropped the price of bitcoin by tweeting his honest opinions on the subject. What that means and why it is significant will be covered here.

Bitcoin - Is It The New Market Craze

Is Bitcoin’s Latest Growth Spurt Leading To The Newest Market Craze?

Chinese Markets Allow Withdrawals After A Nearly Four Month Moratorium

Chinese Bitcoin Exchanges Reopen Withdrawals On The Eve Of Further Restrictions From People’s Bank of China.

Bitcoin News
Who Accepts Bitcoins?

The best part about the current state of Bitcoin is that there are a ton of different types of sites that accept it. There are now all types of retailers accepting Bitcoin including travel sites, computer sites, electronics, and tons of other retailers. Then there are sites like bitcoin gambling sites that include casinos, sports betting sites, horse betting, and online poker. In the very near future, you will pretty much be able to buy whatever you want with bitcoin including cars, real estate, and more.

Expedia.com is one of many websites that accept Bitcoins so you can use this virtual currency to take a flight or a cruise wherever you want in the world.
Tesla is yet another business that accepts Bitcoin, it just shows how far Bitcoin has come seeing as you can buy a car with bitcoins now.
Even Virgin Galactic accepts Bitcoin and they are a spaceflight company that is working to provide space travel to tourists. Of course, this also means that they take Bitcoin at Virgin Mobile and Virgin Airlines as well.
We’ve already shown you that you can use Bitcoin to pay for extravagant, and expensive things at big name companies but you can even use Bitcoin to pay for things as small as gift cards at egifter.com.
Bitcoin Gambling Sites

One thing that there is no shortage of is online gambling sites that accept Bitcoin. The truth is that the online gambling industry was struggling to process payments before Bitcoin came around. Every single online gambling site that accepts US players was having a very hard time processing credit cards because of the laws involving banking. But Bitcoin solves all of that and is actually alot safe for the consumer to use. They do not have to even use their name to sign up at some of the online gambling sites that accept Bitcoin because it is not really necessary. Bitcoin makes it possible for the player to make a deposit without having to give information like your address and credit card numbers.

So, our bitcoin review would not be complete unless we discussed the most popular types of Bitcoin gambling sites. Below you will find the basics and if you click on the links then you will find full details on that type of gambling.

Bitcoin Casinos

More and more online casinos are starting to allow Bitcoin as a banking option every day and now just about all of the top sites are Bitcoin casinos. Each of these sites offers up incredible gaming opportunities, wildly generous bonus options, and customer service that will make you feel like a high roller at a 5-star casino. Decide which site you prefer to play with, deposit your Bitcoins and enjoy your gaming experience.

The best part about online casinos that accept Bitcoin deposits is that they have all of the same games that land based casinos have. You will be able to play online slots, video poker, craps, and many other games that you will find in Vegas. In fact, you may even find some new games that are not found in any casino in the world unless it is online. Overall, you will be amazed at how far the technology has come with online casinos and we tell you how to use bitcoin to do it.

Bitcoin Sports Betting Sites

Bovada, BetOnline, and Sportsbetting.ag are all three hugely popular sports betting sites and are probably the three best Bitcoin sports betting sites as well. Each of them lists Bitcoin as one of the primary options for deposits and payouts and though they haven’t offered Bitcoin for very long, it is already one of the top options on all three sportsbooks. You will find betting lines on just about any sport you want from the collegiate and professional level and the bonuses and promotions offered will help your experience be even more enjoyable and lucrative.

With all of the banking issues that some online sportsbooks have had, Bitcoin offers a instant alternative. Bitcoin sportsbooks include the best betting sites in the world and they are available to players from all over the world, including the USA.

Bitcoin Horse Racing Betting Sites

Bitcoin horse racing betting sites can be found everywhere now. Bitcoin is becoming so popular that all of the top gambling sites that offer racebooks are adding Bitcoin to their banking methods. If you want to look for the best sites, then you want to make sure you pick a racebook that offers betting lines on racetracks all over the world. You can also sift through a couple of sites and check out the features they offer and you will see that some sites even provide mobile betting options which allow players to bet on horse races through their phone. There are a lot of opportunities to win big money with Bitcoin horse racing betting sites so decide on your favorite site now.

Bitcoin Poker Rooms

Poker is probably the most popular internet gambling game there is and for those of you who want to use Bitcoin as your banking source, you need to not only know which Bitcoin poker rooms you have to choose from but why you should choose certain Bitcoin poker rooms as well. You want to definitely make sure you are picking a site that has every poker game you want to play and has high limits so you don’t feel restricted in your experience. BetOnline is one specific poker room that has excellent gaming options and limits and they are accepting of Bitcoin. It also happens to be one of the most popular gambling sites on the web so you know they are a solid option. It is a safe site that accepts players from all over the world so create an account now and see what all they have to offer.