Bitcoin Wallets

There are a number of bitcoin wallets to choose from, some are cloud based and others are downloaded to your computer. All wallets provide the same functionality i.e. transferring bitcoin from one place to another but each wallet has their own benefits and below you can find our current recommendations on the top bitcoin wallets:

Cloud Wallets

Cloud wallets are the easiest & most convenient to use, however when storing your bitcoin in the cloud you are ultimately handing over responsibility to the business holding your BTC. When it comes to storing bitcoin in a cloud wallet, trust is essential. Here are a few commonly used cloud wallets:

• Bitcoin Wallet
• AirBitz

Software Wallets:

Software wallets are downloadable programs that run from your computer. They are considered more secure because you have total control over them but they do come with their own risks.

• Bitcoin Core
• Electrum

How to Buy and Sell Bitcoins

Buying Bitcoins

There are a number of ways to get hold of bitcoins, Here are some options to help you make your purchase:

• Cubits create a wallet and convert directly from your bank account
• Bitstamp currency trading platform
• localbitcoins.com find people near you who are willing to sell bitcoins face to face.
• How to buy bitcoins find your local and most secure bitcoin exchanges.
• BTXE

Spending Bitcoins

Bitcoin transactions are very simple; when purchasing from a website or store that accepts bitcoin, they will provide you with an ‘address’ to send the bitcoins to. All you need to do is open your wallet and send the appropriate amount to the address provided.

• BTXE Bitcoin Shopping List

Most transactions are instant, but they can take up to a few hours to arrive. To deposit in your Vegas to Macau account, just send your chosen amount to the address located in your profile under deposits!

What is a “Bitcoin”?

Bitcoin is often described as being like something in between gold and a dollar bill - it’s not quite a currency (no one’s printing it) and it has elements of gold (limited supply). It is called a ‘digital currency’ and it can only be created and stored online. There is no single entity that controls bitcoin, all transactions are made ‘peer to peer’ i.e. from one individual to another and all transactions are entirely anonymous.

Bitcoins are produced by several users running computer scripts all over the world; these scripts solve difficult mathematical problems and once solved, an amount of bitcoin is ‘released’. These mathematical problems ensure that transactions are anonymous and it also gives rise to the term ‘cryptocurrency’ which is often used to describe bitcoin.

Bitcoin is used to purchase products and services electronically, and there’s an increasing demand for bitcoin in markets where anonymity and security is crucial.

Who Owns Bitcoin?

No one owns bitcoin; the currency is held entirely on the Internet and there is no single person, business or government with control over its supply or the rules on how it can be used. Bitcoin is generated by a ‘pool’ of bitcoin ‘miners’ that run these mathematical problems to solve the blockchain and earn bitcoin. This network of miners is also the very same network responsible for processing the transactions that take place, meaning bitcoin is not only a currency, but a payment network as well.

Who Created Bitcoin?

Bitcoin was developed by a software developer known as ‘Satoshi Nakamoto’. Satoshi grew tired of the conventional means of processing payments and the fees that came with them, so his idea was to create a currency that was unlinked from “legal” currencies and the associated transaction fees. This isn’t to say that bitcoin is free from fees, but the fees on transactions are heavily reduced and are insignificant in comparison to what you might expect from a wire transfer or PayPal.

Are There Unlimited Bitcoins?

Bitcoin is limited because the protocol that established the network is forcibly capped at releasing around 21 million bitcoins. However, this is 21 million ‘whole’ bitcoins. A single bitcoin can be divided into halves, quarters, tenths and still transacted - in fact, the smallest possible amount of bitcoin is called a ‘Satoshi’ and is 0.00000001 of 1 bitcoin. In this regard, there is plenty of bitcoin to go around.

Bitcoin is Decentralized

The best way to describe a bitcoin transaction is to compare it with a typical ‘cash in hand’ transaction from many years ago. When an individual purchases an item from another individual with cash, there is no government record taken to know that this transaction ever existed. While all bitcoin transactions are monitored on the ‘block chain’, much like cash payments, there is no record of the individuals involved in the transaction.

Bitcoin does not run through a central bank and there is no ‘bank’ that controls money supply by printing or removing bitcoin from the market. Bitcoin is produced through these mathematical problems mentioned above and there is a limited supply that cannot be manipulated by anyone, anywhere in the world.

This lack of government or bank control means that seizures of bitcoin are theoretically impossible. The impact that Black Friday had on the poker community many years ago cannot be repeated if players deal with bitcoin.