Solved

Bitcoin machines and gaming

Posted on 2014-03-11
2
370 Views
Last Modified: 2014-03-20
Hi experts,

Recently, bitcoin machines were setup in Singapore and people can buy them for online gaming.

Can someone give me a 2-3 liner explaination what is bitcoin and how it can be used by young adults for online gaming?

Thanks
0
Comment
Question by:sharepoint2014
2 Comments
 
LVL 48

Expert Comment

by:dbrunton
ID: 39922627
Bitcoin is a form of currency generated by computing devices (you can use PCs to do this, but the big investors use specialized devices).  It has no physical form like coins or notes but exists only in computing devices (storage).  To pay for anything you transfer your Bitcoin from your storage device (cloud, USB stick, computer, etc) to someone else's Bitcoin storage device.  In this case it is probably an online gaming machine.

To really understand Bitcoin refer https://en.wikipedia.org/wiki/Bitcoin
0
 
LVL 62

Accepted Solution

by:
btan earned 500 total points
ID: 39923358
Bitcoin is digital currency, also referred to as BTC. imilar to PayPal, Bitcoin allows you to own and transfer internationally accepted currency conveniently at a standardized price. Unlike your bank activity, there is no cost to use the network and your Bitcoin activity is kept completely private and anonymous. It can be generated using real money and in existence at the exchange rate of approximately USD $200/BTC.

To get a more detailed list of online and real world businesses that accept Bitcoin, please check out Bitcoin Wiki Trade Section. In your use case, this gaming is where you exchange the BTC for credit to play or buy asset. It differs for various games, so you may want to see the list and find the one supported and details

by the way, this is from Singapore and trading online  https://www.itbit.com/p/about
0

Featured Post

Back Up Your Microsoft Windows Server®

Back up all your Microsoft Windows Server – on-premises, in remote locations, in private and hybrid clouds. Your entire Windows Server will be backed up in one easy step with patented, block-level disk imaging. We achieve RTOs (recovery time objectives) as low as 15 seconds.

Question has a verified solution.

If you are experiencing a similar issue, please ask a related question

Monitor input from a computer is usually nothing special.  In this instance it prevented anyone from using the computer.  This was a preconfiguration that didn't work.
If you get continual lockouts after changing your Active Directory password, there are several possible reasons.  Two of the most common are using other devices to access your email and stored passwords in the credential manager of windows.
Notifications on Experts Exchange help you keep track of your activity and updates in one place. Watch this video to learn how to use them on the site to quickly access the content that matters to you.
Articles on a wide range of technology and professional topics are available on Experts Exchange. These resources are written by members, for members, and can be written about any topic you feel passionate about. Learn how to best write an article t…

777 members asked questions and received personalized solutions in the past 7 days.

Join the community of 500,000 technology professionals and ask your questions.

Join & Ask a Question