Bitcoin

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bitcoinBitcoin is money that is entirely virtual. In other words, it is a type of online digital currency. You can use this money to buy services and products, but not many online stores are accepting it yet. However, more and more online betting sites are starting to accept Bitcoin as a banking method, so this review will take a much closer look at this method of payment.

Let’s Take a Look at the History of Bitcoin

The domain “bitcoin.org” first came into being on the 18th of August, 2008. In October the same year, Satoshi Nakamoto released a detailed paper that fully explained the ins and outs of bitcoin. In January the following year, Nakamoto released the very first bitcoin software. To this day, the true identity of Nakamoto remains unknown.

The first bitcoin transaction was received by cypherpunk Hal Finney. He downloaded the software when it was released and, on the 12th January, he received ten bitcoins. The first bitcoin commercial transaction took place in 2010 when Laszlo Hanyecz bought two pizzas for 10,000 bitcoins.

When Nakamoto disappeared in 2010, it was estimated that he had created (mined) around one million bitcoins. The control was handed over to Gavin Andresen, who became the lead bitcoin developer. He has since left the position though.

The value of bitcoin is something that can decrease or increase very quickly. The highest bitcoin price ever reached is $19,783.06, which was achieved on the 17th December, 2017.

At the time of writing this review, the value of bitcoin is around $8,357.75.

Do You Need to Create a Bitcoin India Account?

As this is a type of currency, there’s no such thing as a bitcoin account. After all, you don’t have an Indian rupee account, do you? What you have is a bank account where you keep all of your Indian rupees. Therefore, what you need for bitcoins is somewhere you can keep them safe. This is where a bitcoin wallet comes into play.

A bitcoin wallet is exactly like your digital bank account. You can come here to receive, send, and manage all of your bitcoins. It works like this:

  1. You can buy bitcoin from BTC Direct, and they are sent straight to your wallet.
  2. If you then want to make a purchase using your bitcoin, you click the “Send” option and enter the email address of the recipient.
  3. The coins will then be sent from your wallet to their wallet.

What Are the Best Bitcoin Wallets?

There are so many different wallets that you can choose from. Below you can find eight bitcoin wallets that are widely regarded as being some of the best around.

  1. Coinbase
  2. Trezor
  3. Electrum
  4. Blockchain
  5. Robinhood
  6. Exodus
  7. BRD
  8. Mycelium

N.B. Take the time to read up on all the above wallets before selecting which one you would like to use. Your final choice should depend on how experienced you are when it comes to using bitcoins. Furthermore, you should ask yourself whether you would like to purchase a small amount or take a risk and invest in a large sum.

How Do You Make a Bitcoin Wallet?

All of the above apps can be downloaded pretty easily from the Apple or Google Play store. You simply need to search for the one you want to download and follow the clear instructions that will be provided.

If you are a beginner, we would highly recommend that you download the free wallet BRD. This is what you will need to do.

  1. Visit the Google Play or Apple store and make a search for BRD.
  2. Download it and, once you have opened it, create a six-digit pin. You will need to insert this pin every time you want to open the app.
  3. 12 words will then be generated by the app. You should write these words down and store them somewhere safe as these act as a backup. To make sure that you have written down the correct words, you will be asked to enter two of the words.
  4. Once you have done this successfully, you now have access to your first bitcoin wallet.

N.B. Please do not store your random words on your computer or mobile as this leaves you open to hacking. Write them down using a pen and paper and keep it somewhere safe.

Is There Any Verification Process?

As there is no such thing as a bitcoin account, there is no such thing as a bitcoin verification process. Furthermore, you do not need to go through a verification process when you download and create a bitcoin e-Wallet.

What Fees Occur When You Use Bitcoin?

You do not actually have to pay any fees when sending bitcoin, but, if you don’t, then your transaction will likely not be processed by the bitcoin miners.

These miners are computer geniuses who are responsible for maintaining the bitcoin blockchain. When a miner manages to add a new block, they are given a set number of bitcoins as a reward, alongside the transaction fees. Miners don’t need to process a transaction in order, they can pick and choose what transactions they want to include in each block (which can only hold 1MB of data). Since the miners get to keep the transaction fees in each new block they add, they often pick the transactions that have higher fees instead of those with low or non-existent ones.

What is the Average Bitcoin Fee?

At the time of writing this review, the average bitcoin fee is $0.30. However, like we just mentioned, you can set your own transaction fees to ensure that it is processed. So, if you need your transaction to be processed quickly, we recommend that you set your fee above the average $0.30.

A congested network occurs when there are loads of people trying to submit transactions at the same time. When this is the case, you will be required to pay a much higher fee for your transaction to get processed at all. At one stage in 2017, bitcoin transactions were very popular, meaning that the average fee needed to get your transaction processed was $40.00

On average though, bitcoin fees are a lot cheaper than those which are charged by your bank. Furthermore, on average, bitcoin payments arrive a lot faster than ones that are paid using your bank.

How Can I See My Transaction Fee?

Thankfully, the majority of bitcoin wallets are able to examine the current activity levels in the blockchain and give you a recommended figure. Alternatively, if you are making a transaction that you want to be sure will be included in one of the next blocks, you can go to the options in your wallet and set it to higher-than-average.

If the bitcoin wallet that you are using does not calculate the fees automatically for you, then there are a number of sites that you can use which will suggest what fee you should add. You can find these by simply searching for “bitcoin fees” on Google and clicking on the first or second link.

We know that bitcoin fees can seem quite complicated to begin with, but once you get used to the process, it all becomes very straightforward. Anyway, if you stick with what your wallet recommends, you will be okay 99% of the time.

Let’s Look at the Pros and Cons of Using Bitcoins

Pros

  1. Transactions are much quicker: When you make a payment with a bank, it will usually take a couple of working days for your payment to be processed. However, when you use bitcoins, the process can be completed in as little as ten minutes.
  2. Much smaller fees: Even if you are required to pay above the average fee to ensure that your payment is processed, you will still be paying a lot less than you would if you were making use of a different payment method.
  3. Access to markets that were previously inaccessible: There are over two billion people in the world that mobile phones and Internet access, but do not have access to the common exchange systems. These people can make use of the bitcoin market. For example, it is believed that one in three Kenyans have a bitcoin wallet.

Cons

  1. Attractive to hackers: Many law enforcement authorities do not have the theft of bitcoins high up on their priority list. Cybercriminals are fully aware of this, which means that trying to hack into bitcoin wallets has become an attractive pass time for hackers.
  2. The value fluctuates all the time: The value of bitcoin is forever changing, so one day you could be rich and then the following day you could lose it all. This is why we recommend that you only convert to bitcoins the amount of Indian rupees that you can afford to potentially lose.
  3. Not every betting site accepts it: If you come across a sportsbook that you would like to create an account with, there is a good chance that they do not accept bitcoin as a method of payment. However, the number of betting sites that do is gradually growing, which is good to see.

Some Last Words about Bitcoin India

This cryptocurrency has come a long way since 2008 and although we have highlighted the potential risks of this payment method, it is still strengthening its position as a popular way to purchase goods on the Internet. Therefore, many people must believe that the pros of this banking option, outweigh the cons. To be honest, the other cryptocurrencies out there don’t come close to bitcoin.

However, having said that, we would recommend that you choose a more stable payment method such as PayPal, Skrill, or Neteller. With these, you do not run the risk of waking up one morning to find out that the value of bitcoin has decreased dramatically overnight and the bitcoins that you have in your bitcoin wallet are now worthless.

This is just our opinion, you are, of course, free to use whatever banking method you like. If you do decide to start using bitcoin, please do a bit of research first.