This review predominantly focuses on ways of generation of decentralized anonymous digital currency - Bitcoin (Bitcoin, BTC). It was originally invented on the Internet and used only in online spaces, having no material equivalents in a form of coins or banknotes. Also, Bitcoin is commonly called a cryptocurrency, since all processes are based on a reliable cryptography (encryption). This currency is not regulated by any institution, and its emission is based on complex mathematical algorithms generated by millions of computers around the world.
What is Bitcoin? Why is it so popular today and why is it applicable to the gambling market in particular? What is so special about this currency and how are anonymity and security ensured? These and the rest of important issues were thoroughly reviewed by Slotegrator’s experts.
Why is Bitcoin so popular today?
As a monetary unit, Bitcoin guarantees complete anonymity and security. It functions according to the principle of peer-to-peer network technology. Previously, it was used exclusively for file exchange between computers. The main advantage of its implementation as a cryptocurrency, is that the peer-to-peer technology of the encrypted computer network does not require a common center.
It means that Bitcoin is not controlled by any existing financial regulator, so that such regulators do not influence its course, transactions, money supply, etc.