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Bitcoin machines and gaming

Posted on 2014-03-11
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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
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Question by:sharepoint2014
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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
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btan earned 1500 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
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