What is Bitcoin?
Bitcoin is an electronic currency and payment system based on an open-source, peer-to-peer internet protocol. There is no centralized issuer; instead individual users volunteer computing power, executing and recording the Bitcoin network’s transactions in a decentralized way. More information can be found at bitcoin.org
Why do bitcoins have value?
Bitcoins have value because people find the Bitcoin protocol to be a useful means of value transfer. Because there is a fixed amount of bitcoin, the value is purely determined by aggregate supply and demand.
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. In a fiat system, 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 when 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 performed by computer code, and have never been defeated.
There are many other aspects to consider on the subject of mathematics and distributed power currency governance. The Bitcoin project is truly an economic experiment.
Where can I buy and sell bitcoin?
The short answer is: you can buy bitcoin from anyone who has it, and sell bitcoin to anyone who wants it. Bitcoin is permissionless, easy to send and receive in any quantity, and functions similar to any other currency.
There are many centralized exchanges, as well as decentralized options. A growing number of merchants accept or exchange bitcoin, and bitcoin ATMs can be found around the world. We do not endorse any one exchange method.
This seems so complicated. I just want to play poker.
We offer this information for anyone who is interested. Understanding the science behind Bitcoin is irrelevant to playing on Seals. Once you have an account balance, it’s normal poker from there. Normal poker with low rake, and cashouts in less than 12 hours, thanks largely to the effectiveness of what we’re talking about.
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