Bitcoins have been deemed as decentralized form of cryptocurrency. It implies that they may not be regulated by financial institution of the government. Moreover, unlike the traditional bank account, you would not be requiring a long list of paperwork inclusive of ID to establish a Bitcoin wallet for playing bitcoin games.
The Bitcoin wallet would be used for accessing your Bitcoins and for sending Bitcoins to various individuals.
Setting up of Bitcoin account
You would be able to acquire Bitcoin wallet from a Bitcoin broker. When you open the wallet with the assistance of certified broker, you would be given a Bitcoin address that would be series of numbers and letters appearing similar to an account number for the bank account. You would also be handed a private key that would be series of letters and numbers serving as your password.
You may have several questions pertaining to anonymity aspect of the Bitcoin cryptocurrency.
How would Bitcoin work as anonymous payment processor?
When it comes to Bitcoin, you would be able to do three things with it.
- Make purchase
- Send money anonymously to someone
- Utilizing Bitcoin for investment purpose
Several merchants have been known to use and accept Bitcoins as a major mode of payment in the present times. Therefore, with the utilization of Bitcoins rather than cash, you would essentially be making purchase anonymously. Similar could be said for sending money, which would be based on the fact that you do not have to submit huge payment for establishing Bitcoin anonymously. You would be able to send money anonymously to anyone or playing on Bitcoin Casino.
All you would require having is a Bitcoin wallet, private key and Bitcoin address of the individual whom you intend to send money. You would be required to put three important pieces of information inclusive of input, balance and output.
