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BTC Bitcoin Cryptocurrency Betting
Bitcoin is the cryptocurrency that started it all. There are dozens of other cryptocurrencies you can use to deposit at BookMaker and hundreds more on the periphery, but Bitcoin is the most well-known of the bunch, and the only one your aunt Ethel and uncle Fred know.
Week of July 6, 2020 News Update
There have been some interesting developments in the world of Bitcoin over the last week. As previously discussed in this space, one of the favorite tactics of scam artists over the last couple years has been to pose as Elon Musk in order to separate unsavvy investors from their crypto. They generally take over a verified Twitter account and direct users to a website that is seemingly related to Tesla or Musk, and then ask people to share their Bitcoin in exchange for an even bigger reward from Musk. Of course, that money never comes, and these scams have stolen millions.
It appears as if these scams have moved on from spoofing Musk though, and they are now spoofing another popular celebrity with a somewhat off-kilter personality. Digital con artists are now posing as Joe Rogan, and they have already bilked people out of more than $30,000 according to a report from Decrypt. These scammers have also used spoof accounts for Ben Shapiro, and you can bet that Kanye West will be spoofed at some point as well.
In better news, a famous author has declared that its time to move away from real estate and gold and into Bitcoin. A Forbes article notes that Robert Kiyosaki told his radio show listeners that crypto is the wave of the future and the best investment in the current market, rather than the traditionally stable investments of property and precious metals. Real estate markets around the world are certainly taking a hit as a result of the coronavirus pandemic, but it might be a bit much to say that property is being phased out.
Bitcoin BTC Weekly Price
| WEEK |
BITCOIN PRICE IN USD |
| July 6, 2020 |
9375.47 |
| June 29, 2020 |
9190.85 |
| June 22, 2020 |
9648.72 |
| June 15, 2020 |
9450.70 |
| June 8, 2020 |
9771.49 |
| June 1, 2020 |
10167.27 |
| May 25, 2020 |
8906.93 |
| May 18, 2020 |
9726.57 |
| May 11, 2020 |
8601.80 |
| May 4, 2020 |
8912.65 |
| April 27, 2020 |
7795.60 |
| April 20, 2020 |
6881.96 |
| April 13, 2020 |
6845.04 |
| April 6, 2020 |
7271.78 |
| March 30, 2020 |
6429.84 |
| March 23, 2020 |
6416.31 |
| March 16, 2020 |
5014.48 |
| March 9, 2020 |
7923.64 |
| March 2, 2020 |
8869.67 |
| February 24, 2020 |
9650.17 |
| February 17, 2020 |
9690.14 |
| February 10, 2020 |
9856.61 |
| February 3, 2020 |
9293.52 |
| January 27, 2020 |
8909.82 |
| January 20, 2020 |
8657.64 |
| January 13, 2020 |
8144.19 |
| January 6, 2020 |
7769.22 |
Full List
| December 30, 2019 |
7293.00 |
| December 23, 2019 |
7355.63 |
| December 16, 2019 |
6932.48 |
| December 9, 2019 |
7400.90 |
| December 2, 2019 |
7321.99 |
| November 25, 2019 |
7146.13 |
| November 18, 2019 |
8309.29 |
| November 11, 2019 |
8757.79 |
| November 4, 2019 |
9412.61 |
| October 28, 2019 |
9256.15 |
| October 21, 2019 |
8243.72 |
| October 14, 2019 |
8374.69 |
| October 7, 2019 |
8245.62 |
Week of June 29, 2020 News Update
It will be interesting to see what Bitcoin does over the next couple weeks in response to recent world events. The cryptocurrency has tended to trend upward following international incidents, so there is a decent chance we see the leading crypto surpass $10,000 once again as tensions between India and China are high, and Iran and Israel are rattling their sabers once more.
India and China were involved in a border skirmish a couple weeks ago in the Galwan Valley. The two superpowers have had an uneasy relationship throughout their history, but the June clashes led to deaths for the first time since 1975. India has reported that 20 soldiers, including a colonel, died in the incident, while China has not disclosed its number of dead or wounded. As the Galwan Valley is located in the disputed Kashmir province, there are concerns over more aggression in the area soon.
On Thursday, there were reports of a mysterious explosion that took place at an Iranian nuclear enrichment facility. Iran has yet to report an official cause of the incident or what exactly happened, but there is already rampant speculation that Israel was somehow involved. Israel has publicly denied any involvement in the incident, yet Iran is unlikely to believe that given the history between the two countries over the last four decades.
Week of June 22, 2020 News Update
After flirting with breaching the $10,000 mark once again earlier this week, Bitcoin has taken a hit over the last few days. It is threatening to drop below $9,000 a coin, and that has brought out the cynics.
Investor Jim Rogers recently told Forbes that he believes Bitcoin will eventually zero out. Rogers stated that he believes governments around the world will begin to restrict cryptocurrency as they became more knowledgeable about it, and they will clamp down on it in the same way they have done with gambling and other activities.
Other investors believe the opposite is true though. There has been growing concern over the global economy, and various moves used by central banking systems around the world could lead to inflation among the major currencies. That would make Bitcoin more valuable as there is a fixed quantity, and indeed a recent report stated that most people that have bought Bitcoin are simply holding it in their digital wallets.
In other Bitcoin news, $1 billion worth of Bitcoin options will expire tomorrow. That has led to speculation that cryptocurrencies will again be highly volatile over the coming weeks and months, as traders make decisions about what they plan to do with their options. Most experts are saying that it’s unlikely we will see a large move in the narrow short term though, but keep an eye on the options market.
Week of June 15, 2020 News Update
After Bitcoin’s most recent halving, we knew that there would be changes on the horizon, and some of those changes have started to take place. A recent report from Glassnode indicates that the number of people mining Bitcoin hit a ten-year low this week.
The halving meant that it was immediately less valuable to spend the time and resources necessary to mine a block of Bitcoin. Mining a block in the chain now returns 6.25 Bitcoins per block instead of 12.5 Bitcoins, and that has led to many Bitcoin miners calling it quits. There were many late adopters that got into Bitcoin mining when the premier cryptocurrency was close to $20,000 a coin, and although Bitcoin has rallied from its nadir last spring, the global economy has played a major factor in many miners selling their equipment and moving on to other pursuits.
Unfortunately, it appears that more people have been scammed by the fake Elon Musk Bitcoin giveaways. A recent report stated that these scams have led to at least $2 million in gains for the fraudsters over the last two years, and that kind of return sadly means that more scams are coming. As always, the most important phrase in cryptocurrency is caveat emptor, so it’s a good idea to be extremely skeptical of any giveaway.
Week of June 8, 2020 News Update
The big news in Bitcoin this week is a leaked report saying that the Pentagon is wargaming potential scenarios involving cryptocurrency. Due to the protests that have gripped the United States over the last few weeks, the military and government agencies are hypothesizing a scenario where young adults attempt to destabilize the traditional economy by moving to Bitcoin and other cryptocurrencies.
On the surface, this seems like something out of a bad science fiction movie, but it’s not as far fetched as you might believe. More and more Generation Z cohorts are expressing their displeasure with capitalism and its inherent inefficiencies, especially given the vast income inequality on display. The levels of income inequality in the United States have surpassed what we saw during the age of the robber barons, but it appears there is no substantive change on the horizon.
If the federal government is going to spend millions on a wargame involving Bitcoin, you know that they believe the cryptocurrency is here to stay. We’ve seen growing, albeit sometimes begrudging, acceptance of crypto in general and Bitcoin in particular over the last few years, and the people that equated it to the tech bubble two decades ago increasingly appear to have egg on their face.
Week of June 1, 2020 News Update
Fans of Bitcoin and cryptocurrency investors in general were disappointed in Goldman Sachs report casting doubt upon the future of Bitcoin and crypto issued last week. However, another big name in the financial industry has reportedly expressed his support of Bitcoin. Bloomberg has advised people to invest in Bitcoin, and a report issued by the financial giant on Tuesday stated that the premier cryptocurrency could double in value by the end of the year.
Bloomberg Senior Commodity Strategist Mike McGlone wrote that, “Something needs to go really wrong for Bitcoin to not appreciate.” McGlone highlights that Bitcoin has differentiated itself from every other cryptocurrency, and it has become synonymous with crypto in general, indicating a market dominance that only companies like Kleenex, Coca-Cola, and Q-Tip possess.
Additionally, McGlone states that he believes Bitcoin is in a great position due to uncertainty because of the coronavirus epidemic. Investments in this crypto can be a bulwark against both inflation and fluctuations in the stock market, and the lack of face-to-face contact in transactions has accelerated the shift from fiat currency to digital currency. Other commodities like oil have taken major hits too, leaving Bitcoin in a rare position.
Unfortunately, this report is not bullish on other cryptos like Ethereum, Ripple, and Litecoin. The expected Bitcoin surge will not be a rising tide that lifts all boats, as Bitcoin’s market dominance will largely insulate it from its competitors in this sphere.
Week of May 25, 2020 News Update
Some crypto wonks believed that Bitcoin was set to receive a boost from an unlikely source this week. There was cautious optimism that investment management firm Goldman Sachs was going to recommend investing in cryptocurrency, but instead the company issued a scathing report on digital currency:
The report stated, “We do not recommend Bitcoin on a strategic or tactical basis for clients’ investment portfolios even though its volatility might lend itself to momentum oriented traders,” according to a Bloomberg article. Goldman Sachs further announced that they were bearish on Bitcoin by comparing crypto to different speculative bubbles throughout history, stating they aren’t an asset, and declaring that there is no reason to believe they are an inflation hedge.
However, while Goldman Sachs continues to refuse to enter the crypto space, another asset management company is diving in headfirst. Grayscale Investments continues to buy huge quantities of Bitcoin, and Kevin Rooke published a report claiming that the firm has purchased nearly 20,000 Bitcoin over the last two weeks.
Grayscale has doubled down on Bitcoin thus far in Q2. The group purchased a large quantity of crypto during Q1, and they have increased their investment through the first two months of Q2. Over 85 percent of Bitcoin has been mined, so it will be interesting to see if other former miners follow their lead and begin to accumulate crypto.
Week of May 18, 2020 News Update
There has been rampant speculation that Satoshi Nakamoto may have recently made a sizable Bitcoin trade. One of the era’s biggest mysteries is the true identity of Nakamoto, and the internet was buzzing with the news that one of the first big blocks of Bitcoin mined was sold on Wednesday morning.
A Twitter account set up to notice trades of some of the first blocks of Bitcoin tweeted that 40 Bitcoin was transferred to an unknown wallet. These Bitcoins were all mined within the first month of the cryptocurrency’s existence, so only a handful of people could have owned them. Many are hoping that this could lead to the identity of Nakamoto being revealed if the trade was indeed initiated by him, but that’s unlikely to happen.
The trade does put Craig Wright into a very tough spot. Wright has claimed to be Nakamoto numerous times in the last few years, but most people have been skeptical about those dubious claims. He reportedly denied that he was responsible for the trades, and that’s an issue as he claimed in court that the block of Bitcoins exchanged were ones that he owned as Nakamoto.
Wright is in a world of legal trouble. In March, a judge harangued him for giving false statements and forged documents, and it’s clear that he is lying about at least something else too as those actions are mutually exclusive. His trial is set to start on July 6, and this weakens his already shaky position.
Week of May 11, 2020 News Update
The halving has happened. Bitcoin officially reached its halving point on Monday evening. This is the third time that Bitcoin has been halved since its inception in 2009, and the reward for mining a Block of Bitcoin is now 6.25 BTC. The initial reward for mining a block of Bitcoin was 50 BTC, and the first having dropped the reward to 25 BTC back in 2012. The second halving occurred in 2016, decreasing the gain to 12.5 BTC per block.
This is substantial because most Bitcoin has been mined, and many of the companies that were mining Bitcoin are likely to scale back their operations with the diminished reward. Most miners have been backing off for some time now due to the worldwide financial crisis, and it’s unlikely that any new big fish enter this pond at this point. According to Blockchain.com, 18.37 million out of 21 million Bitcoins have now been mined. That 21 million figure is a hard-cap, so that should lead to steady price increases as Bitcoin becomes more scarce.
There is plenty of speculation with regards to where Bitcoin will go in the coming weeks and months, but the price of Bitcoin rose substantially after the first two halving events. While demand may have decreased due to the economic situation, supply has precipitously dropped off, so it’s likely to see Bitcoin push past the $10,000 mark.
Week of May 4, 2020 News Update
It’s a boom time for Bitcoin. Bitcoin looks set to stabilize north of $10,000 for the first time since mid-September of last year, and that’s a great thing for investors. The leading cryptocurrency has more than doubled in value since the bottom fell out of the financial market in mid-March because of the coronavirus, as everyone is gearing up for the halving. The halving will take place next week, and the anti-inflation measure has many people believing that Bitcoin might be safer than certain national currencies at this point. Some countries will be tempted to print more money to deal with the growing economic problems caused by the virus, but Bitcoin is immune to these types of devaluations because of its inherent nature.
Billionaire hedge-fund investor Paul Tudor Jones helped spur Bitcoin’s run by proclaiming that he was investing in the cryptocurrency as a hedge against inflation. He has equated Bitcoin’s role at this moment to gold in the 1970s, and he stated that crypto is the best hedge because of its purchasing power, liquidity, portability, and trustworthiness.
That last factor really resonated with others, and it signaled that many mainstream pundits are starting to put more faith in Bitcoin. In these trying times, Bitcoin might be the best investment out there, as it can be a bulwark against inflation that could devalue a lot of currencies by the end of the year.
Week of April 27, 2020 News Update
After nearly two months of uncertainty, Bitcoin has roared back in the last two weeks. The cryptocurrency surpassed $9,400 briefly on Thursday, April 30, as investors have regained trust in the global markets following large scale government intervention in the wake of COVID-19. We saw the S&P 500 post its best month in over three decades, and Bitcoin has seen a strong rally too.
One of the underlying reasons for the increase in the price of Bitcoin is the zero percent interest rate from the Federal Reserve. The Federal Reserve has been very proactive about trying to stimulate the economy given the havoc the virus has caused with businesses, and they have unveiled an unlimited quantitative easing plan. While some in the crypto community dismiss QE and fear it will lead to inflation, we haven’t actually seen that happen on a large scale. Instead, QE helps out businesses and crypto benefits too as a rising tide lifts all boats.
The other reason for the rise in the price of Bitcoin is the much anticipated halving. The halving is expected to occur in a little over two weeks, and that will make Bitcoin more difficult to mine. With fewer Bitcoins entering the market, that will lead to a rise in the price of coins that are already available. This is the time we generally see Bitcoin’s price go up, as the halving is priced in the nearer the event draws.
Week of April 20, 2020 News Update
The price of Bitcoin is the highest it has been in over a month, as there is cautious optimism that some parts of life can find a degree of normalcy soon. While most countries around the world are still in states of lockdown or quarantine, we are seeing more areas slowly reopen for business. Individual states in the United States are starting to roll back restrictions, and we are seeing East Asian countries like Vietnam lifting most of their restrictions too.
That isn’t the only reason we saw the price of Bitcoin rise this week though. There have been slight changes in Bitcoin mining that have helped make the supply side of the market more efficient, and futures contracts are being traded well on the exchanges. That bodes well for investors going forward, and they are hopeful that the cryptocurrency will continue to make up its losses.
In an interesting development, we saw many people invest their government stimulus checks into Bitcoin, providing the boost that economists often talk about when it comes to individuals receiving such payments. We know this happened because of the open ledger system used in Bitcoin, and over the last week, we have seen many people buy exactly $1,200 of Bitcoin.
There continues to be optimism that Bitcoin can be used as a hedge against potential inflation as well, further buoying its standing in the minds of investors. Many countries are dealing with major economic problems right now, and in situations like this, we seem to always have at least one country make the mistake of printing more money in a short-sighted attempt to solve the problem.
Week of April 13, 2020 News Update
Given the circumstances, it has been a relatively quiet week in the world of Bitcoin. The price of Bitcoin has remained relatively steady over the past week, and that’s almost certainly a good sign considering the state of the economy. While the stock market is roaring thanks to trillions in government handouts, other parts of the economy are crumbling as more and more people are laid off or furloughed due to the coronavirus. In the last month, 20 million Americans have filed for unemployment, smashing all previous records in this metric.
Mark Cuban has been in the news this week for his most recent comments on Bitcoin. Cuban owns Bitcoin and has invested millions of his own fortune into crypto companies, but he remains largely skeptical on the future of crypto. He has advised the public not to invest in Bitcoin because he doesn’t believe crypto has intrinsic value, and most investors can’t afford to take as many chances with their money as Cuban.
His main contention with Bitcoin and other cryptos is ease of access. There still aren’t many stores or online retailers that accept Bitcoin as a form of payment, so investors have to exchange their money into hard currency before using crypto to procure anything. That’s not a streamlined process, and while it has improved significantly over the years, it still needs some work. A breakthrough in that area would be huge, and it would likely lead to a significant increase in the price of Bitcoin and other cryptos.
Week of April 6, 2020 News Update
If you made the shrewd decision to buy Bitcoin when it reached its nadir last month, you’re a very happy camper right now. The price of Bitcoin has risen over 40 percent in the last three weeks as investors are once again banking on the premier cryptocurrency’s long-term viability. There are serious doubts about the global financial market during the COVID-19 pandemic, and many analysts believe that we will see stagflation in some of the biggest countries in the world. The unemployment rate is at record highs in most places, and governments are being forced to heavily subsidize their economies in order to keep their country’s currency from collapsing.
Of course, the big news in Bitcoin this week is the halving for Bitcoin Cash that took place on Wednesday. Some of the rise in the value of Bitcoin was due to the upcoming halving, and this built-in measure to limit the amount of Bitcoin Cash means that you do not have to worry about inflation with cryptocurrency.
Bitcoin Cash split off from Bitcoin in 2017, and there has been a rivalry between the two camps since that moment. Roger Ver has been the bannerman for Bitcoin Cash, extolling it as an upgrade over Bitcoin, but critics say that the creation of Bitcoin Cash (BCH) has devalued Bitcoin (BTC).
In May, Bitcoin will undergo another halving as well. That has investors excited, as the amount of Bitcoin mined in a block will fall from 12.5 Bitcoin a block to 6.25 Bitcoin a block.
Week of March 30, 2020 News Update
It appears that Bitcoin and other cryptocurrencies have stabilized after their freefall during the start of the month. Bitcoin has largely stayed between $6,100 and $6,700 a coin over the last two weeks, and that has investors slightly optimistic that we have seen the worst for digital currencies. There is reason to hope that investors looking for safe investments could turn to crypto too given the complete collapse of the world’s top commodity, oil.
Oil prices were in freefall even before the coronavirus epidemic caused the global economy to come to a screeching halt. Russia and Saudi Arabia began a price war in February that saw both countries flood the market with oil and undercut each other constantly. Oil and gas exports make up the lion’s share of Saudi Arabia’s total exports, and Russia’s economy is heavily dependent on oil prices too, so this price war has hit both countries especially hard.
With hundreds of millions around the world stuck at home and unable to travel, that has led to the price of oil and gas taking a nosedive. There are now serious concerns that oil could fall under $10 a barrel, and there are additional problems as companies are running out of places to store all their excess oil. That is likely to lead to complete stops in production at some wells, as companies would be hemorrhaging money given the cost of oil drilling.
Week of March 23, 2020 News Update
The price of Bitcoin has fluctuated wildly over the past month. The rampaging coronavirus epidemic is largely to blame for the sudden price shifts, but the cryptocurrency has bounced back after bottoming out last week. That’s good news in the short term, yet there are other indicators that we are about to enter a bear market.
Over the past couple weeks, the amount of Bitcoin trading has fallen precipitously. The more casual traders seem to be leaving the market, and the lack of new investors will likely lead to a slow decline in the price of Bitcoin and other cryptocurrencies. It’s hard to blame people who aren’t 100 percent committed to Bitcoin. In these economically uncertain times, people are opting for more traditional currencies, and they are eschewing digital currencies since they are still presumed as risky by some analysts.
As unemployment rises in the coming weeks and months, more investors may decide to cash out too. In the United States, unemployment rates are skyrocketing with rates at 20 to 25 percent, and more companies may decide to lay off additional workers as businesses remain closed and Americans are asked to stay at home.
In other news, the sudden drop in the price of Bitcoin has led to some companies deciding to postpone their crypto mining operations. Digital Farms in California was one of the latest companies to announce that it was putting a halt to its digital mining last week, and other mining companies are expected to follow suit.
Week of March 16, 2020 News Update
It’s been a wild week for Bitcoin. The premier cryptocurrency collapsed alongside the global financial markets late last week and early this week. Its price fell as low as $4,106 last Friday, dropping 50 percent in value in less than 72 hours. That precipitous drop was much worse than what we saw from the stock market, but Bitcoin has roared back over the last few days.
The price of Bitcoin has rallied from under $5,000 a coin to over $6,000 a coin as of late Thursday. Its price has increased by over 18 percent this day alone, as investors have realized that the market was set for a correction. As the United States continues to take drastic measures in order to stabilize its economy in the short term, it is potentially hurting the USD in the long term, and that has some investors hedging their bets with crypto.
This is the first big existential test for Bitcoin. Bitcoin was founded in the middle of the 2008 financial crisis, but it was largely an unknown quantity until the world pulled itself out of the muck and the global economy stabilized. The coronavirus is threatening to derail the global economy once more, and the coming months will tell us what investors think about Bitcoin’s viability.
Crypto’s price in relation to gold in particular will be something to watch.
Week of March 9, 2020 News Update
The financial markets are in freefall right now. As the spread of COVID-19 has disrupted life around the world, economies have ground to a halt in many countries. Sports leagues are being cancelled, various businesses are shutting their doors, and no one knows when things will return to normal.
The Dow Jones Industrial Average has plummeted from a high of nearly 30,000 points to just over 21,000 points in the last three weeks, and drastic measures that were taken to try to salvage the economy have been unsuccessful. Some were hoping that Bitcoin would be a haven in times like this, but those beliefs have eroded after what we saw happen with Bitcoin over the last week.
Bitcoin’s price has collapsed over the last two days. In less than 48 hours, the price of a Bitcoin fell by nearly 50 percent, cratering until it crossed under $4,000 early Friday morning. At that point, there was a rally where many decided to buy back into crypto, and it is currently sitting at around $5,300 a coin.
Crypto will eventually rally alongside the financial markets, but no one knows just when that will happen. COVID-19 is projected to get far worse before it gets better.
Week of March 2, 2020 News Update
Financial scams are all too common in today’s society, and the world of Bitcoin has been touched by these misdeeds too. All sorts of scams can be run with crypto due to its nature, and one of the most common scams we see pop up repeatedly is promises of free Bitcoin from Elon Musk.
The scam usually goes something like this. A verified account with a blue checkmark on Twitter changes their name to Elon Musk, and then they direct you to a website promising free crypto. They tie it to a website like Medium where an author can impersonate Musk and post some of his lengthy missives to make you believe it is him, and that website usually has a URL with ‘Tesla’ in it and the logo somewhere on the site. The site will state that Musk will send you at least double your investment back provided you send at least 0.1 BTC, and that you could receive as much as 50 times the Bitcoin back in return.
Musk has given away free Bitcoin in the past, giving an air of truth to the scam. However, Musk has never asked anyone to first send him Bitcoin, and anyone that asks you to send them something first for a promise of something in return is almost certainly a scam artist. Try to think of these situations in the same way you’d think of cash transactions, and as always…caveat emptor.
History
In January 2009, Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto remains hotly debated to this day, but that person or group changed the world with this invention.
Like many major breakthroughs, it took a while for people to grasp why Bitcoin was special. Bitcoin was created in the midst of the banking crisis, and one of its major goals was to give people another option to buy and sell products outside of a heavily regulated and centralized banking system.
The first entities to fully embrace Bitcoin were black market enterprises like Silk Road. For a while, Bitcoin became synonymous with the notorious website, but its use became more and more widespread starting in 2013.
That led to the price of Bitcoin skyrocketing and reaching incredible heights in 2017. On January 1, 2017 a single Bitcoin was worth $998, but that price rose by nearly 20 fold near the end of the year, hitting an all-time high of $19,666 on December 17, 2017. Since then, the price of Bitcoin has fallen considerably, but early adopters are still well ahead of the game.
Stability
One of the major criticisms of Bitcoin is that the currency wildly fluctuates, but we have not seen a ton of movement in the cryptocurrency since Thanksgiving 2018. As Bitcoin has become more accepted and understood, investors are getting a better understanding of what leads to price changes, and that has led to the Bitcoin market looking a lot like the stock market.
Security
There have been fears over how secure Bitcoin is over the years, but transactions are even more secure as they are in the traditional marketplace thanks to blockchain technology. Whereas we are constantly hearing stories of companies having their databases hacked and identities being stolen, the nature of blockchain presents this from happening with Bitcoin.
For a transaction to occur, the sender must know their private key and digitally sign the transaction, and the signature must be verified by the network using the public key. The number of private keys makes it nearly impossible to hack into another person’s account, but there is one thing to keep in mind. You MUST keep your private key backed up somewhere or else you will lose access to your Bitcoin. Don’t make the mistake of not backing up your private key and risk losing your hard earned money.
How do I buy Bitcoin?
You can buy Bitcoin by using one of the major currency exchanges such as Coinbase or Gemini. These exchanges allow you to use a credit or debit card or bank transfer to buy Bitcoin. You can then send Bitcoin to your sportsbook account and you can withdraw Bitcoin from your sportsbook account to your digital wallet.
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