Bitcoin is the first decentralized digital currency. Bitcoin's are
digital coins that are sent through the internet. Compared to all other
alternatives, bitcoins have a number of advantages.
transferred from person to person via the net similar to an email
without having to go through a bank which means the following:
Fees are much lower
Use them in every country
your account cannot be frozen
There are no prerequisites or arbitrary limits.
How does a Bitcoin work?
Bitcoins are generated all over the internet with a free application called a bitcoin miner.
Mining requires a certain amount of work for each block of coins. This
amount is already adjusted by the network such that bitcoins are already
created at a predictable and limited rate.
Your bitcoins are
stored on a digital wallet which might look familiar if you use online
banking. When you transfer bitcoins, an electronic signature is added.
After a few minutes, the transaction is verified by a miner and
permanently and anonymously stored on the network.
software is completely open source and anybody can review the code.
Bitcoin is changing finance similar to the way that the net has changed
publishing. When everyone has access to a global market, great ideas
Here are some examples how Bitcoins are used today:
Purchase video games
Gifts (gift cards)
person to person
and of course Poker....
bitcoin exchanges exist to exchange bitcoins for USD or EUR or other
decentralized currency. Bitcoins are a great way for small businesses
and freelancers to get noticed. It doesn't cost anything to start
accepting bitcoin. There are no charge-backs and nominal fees and you get additional businesses from the bitcoin economy.
This is a difficult question, I have been around for over a year now and
have seen a few people stick around under the same screen name I trust a
For now I am going to avoid naming names, rather focus on
the characteristics I look for, but nothing beats experience and being
around for awhile IMO before trying to deal. There is an old saying here
in the midwest that goes "take the cotton out of your ears and put it
in your mouth" if you are new anywhere you should use this reasoning
I look for longevity, I trust people who have been around
for a long time, 6+ months and have some playing time in and are regs.
This is pretty easy to pick up on watching chat. Those same people
usually have a high WOT. WOT is not a guarantee of anything, but if
someone is shady they usually have bad comments net to their name, lots
of untrusts. Do your research, don't rush.
If I do not know
someone I ask the chat, usually someone will say something positive
about a guy who is solid and also if they are sketchy. Be careful who
you listen to of course, no one solid minds you wot-ing them IMO.
the people on here at the forums? That always makes it easier to me if
they have a forum presence, though it is not mandatory. To me it shows
that they care about the community and are willing to donate their time
to helping out. Are they mentioned in the forums at all?
Good/bad...worth a read. IMO you should read everything here about the
site you can for many reasons, not just for avoiding scams. For Seals
you have GAB and Sealsdeals, as well as Bitcoinpokerblog all with useful
info (esp GAB )
do not stake new players, I do not know who they are, they could be the
same guy who scammed yesterday under a different screen name and often
times are. I never loan $ and I have never been burned. I deal in chips
ONLY through a trusted escrow and we will soon have a list of people
that are as solid as they get after we clear a few things up. If you
feel compelled to loan, you will have to develop your own comfort level
and formula for figuring it out, I have none.
There are no
guarantees in life other than death and taxes but with some thought and a
lot of listening and learning you can eliminate a lot of red flags.
If you see me on feel free to ask any questions.
How do I get a wallet...?
You have several options for wallets. There are online wallets, offline
wallets, and paper wallets (you can actually print out and store
two factor authentication
can be backed up and stored offline
http://coinbase.com which is a popular US site that exchanges bitcoin to USD tied to a bank account
two factor authentication
tied directly to a bank account
wallets are convenient and can get to at any workstation but the
biggest drawback is that it's depended on the site. If one of the site
goes down, you will not be able to access your wallets.
safest place for your hard earned bitcoins is an offline wallet. It
takes it off the net and then it's tied directly to your harddrive.
Here are some offline wallets.
is a long download but is a solid wallet. It downloads the entire chain
to your computer so that it will give you absolute control of your
coins on your computer offline.
Multi Bit http://multibit.org
easy to use wallet and lightway for it syncs online to the block so it
doesn't require a huge download and is tied directly to the blockchain
as the offline backup option to blockchain
this is an advanced wallet if in case you want to backup, encrypt, option to print out your wallet.