Fastest Way to Get Bitcoins
The fastest and easiest way to buy Bitcoins is by looking for sellers who accept cash deposit at Local Bitcoins . Go to this site, create an account, log in, and go to the Buy Bitcoins online in the United States with Cash Deposit section (or to your relevant country's site), and find a seller who is asking for a cash deposit to a nearby bank.
Once you find a seller who has a price you like with a good trust rating at a nearby bank, and click on [Buy]. Then enter the dollar amount and click [Send Trade Request]. At this point, the bitcoins you are buying are deducted from the Seller's account on Local Bitcoins and placed into Escrow for 4 hours.
You will see information or receive an e-mail with the sellers' name and account number at that bank. Once you have this, go to the bank with your cash. Get a deposit slip if needed and fill it out with the account number (some banks just have the teller take your account number verbally) and bring it to the teller. Tell the teller you want to deposit cash into the seller's account. Hold onto the receipt for the cash deposit from the teller as proof that you made the deposit in the unlikely case of any dispute.
Go back to your computer / phone and mark the transaction on Local Bitcoins as [Deposit Completed]. This will automatically notify the seller that you've completed your deposit. They will log onto their on-line banking website, and confirm that you made the deposit. Because the trader may be accepting multiple trades at the same round dollar amount, it is a best practice to add a few cents to the deposit so that it is a unique dollar amount and less likely to be confused with other depositor's deposit.
What's a Bitcoin?
It's the state-of-the-art in money. It's a new form of electronic money . It's already become "the gold standard" of digital currency.
Ya know how email changed old-fashioned mail forever? Well, Bitcoin is changing money forever.
Based on some old technologies, and some new technologies. Bitcoin is the result of combining. the very state of the art in cryptographic security + the idea of a limited quantity commodity similar to gold and silver (where there's only so much of it) and using it as money + the idea of massive numbers of computers connected by the internet. forming a strong, resilient, indestructible peer-to-peer network. It's called a cryptocurrency.
Since the invention of Bitcoin. Money will never be the same.
Why would I use Bitcoin?
Bitcoin is the world's first completely decentralized currency . This means it has no issuing entity . therefore, no single point of failure . In many ways Bitcoin is more secure than your bank. If your bank were to fail, your money could be gone forever. The Bitcoin network is made up of millions of computers all over the world, connected via the internet. The entire Internet would have to go away, in order for the Bitcoin network to fail.
As easy as sending an email . Just one click. Bitcoin payments are sent with one click - just like email. And transactions are always as free and as fast as email.
Zero transaction fees . In the United States, merchants pay 45 billion dollars per year in credit card transaction fees. And for what? So that the transactions can be reversed as "chargebacks" up to six months later? That doesn't seem fair at all. Bitcoin transactions are free. Whereas credit cards and other online payment systems typically cost 3-5% or more per transaction, plus various other exorbitant fees. Bitcoin usage and transactions are always free. It doesn't matter if you send $0.01. or $1,000,000.00. the transaction cost is always the same: free *
No such thing as a chargeback . Payments are irreversable. No matter whether you accept Bitcoin payments for your business or otherwise, payments can not be reversed. There's no such thing as a "chargeback". No way to get a "bounced check". No "reversed transactions". Not with Bitcoin. Payments can only be "refunded" if and when the recipient, voluntarily, as a separate new transaction, decides to send the money back. This protects merchants from fraud. Credit cards and PayPal can, and often do, reverse transactions up to six months later.
As anonymous as you want it to be . Just like with cash, transactions can be totally anonymous. Transactions are only identified by your Bitcoin address, and you can have as many Bitcoin addresses as you want. You create another new Bitcoin address with one click any time you want to. Bitcoin transactions can be made to be: anonymous ***
Financial privacy . Gone are the days of "Identity theft". In the old days, credit cards required merchants to have proof positive of your identity in order to shop there. Because a Bitcoin address can only be used to receive money, and it cannot be used to extract money. with Bitcoin, the merchant only needs to know two things: Did you pay? and, Where do you want your stuff sent to? Isn't that the way it should be? Does your banker really need to know what you buy online?
Your account cannot be frozen . No one can freeze your account and keep your money. (as long as you keep control of your bitcoins yourself and don't keep your bitcoins in an online bank or wallet service. See the Security tab for recommendations)
No big brother . Third parties can’t prevent or control your transactions. Transfer money easily through the internet, without having to trust middlemen; no central bank, nor central authority.
No censorship of who you're allowed to send money to . No more blocking who you can make payments or donations to. just because someone doesn't agree.
It's not a bank. It's not a paypal . What may be the best feature of all? "Bye bye, PayPal." "Bye bye, Bank."
More secure than online banking existing in the world today. Traditional banks use encryption when you log on to your online banking. The cryptography technology used in Bitcoin is even more secure. In other words, if it were to ever become possible to hack in to it. Then ALL the world's banking would be compromised. With today's known technology, experts all agree. It is absolutely un-hackable and un-breakable: secure Ŧ
Bitcoin is transparent and verified . Bitcoin is a free open source software (FOSS) project, which means it has total transparency. Millions of programmers all over the world see every bit of the program's source code. They constantly monitor it, study it, and report on it. to verify that there are no flaws or irregularities.
Send payments to anyone worldwide . Bitcoin has no artificial national boudaries or limitations on where money can be sent, or on how much, or how little, can be sent. You can now use Bitcoin to shop online for millions of items, or make a donation to a charity or organization, and you can even make purchases at physical stores. shops, and restaurants that now accept Bitcoin. using a free app or any device with a web browser.
No central bank . No privately-owned Federal Reserve central bank can print more money for themselves. not Bitcoin anyway. The value of each Bitcoin does not go down when the privately owned corporation known as "The Fed" decides to print more dollars. In fact, it might even go up in value. as it triggers more people to seek out alternatives to storing their money in the world's fiat currencies.
There will never be more than 21 million Bitcoins . The number of Bitcoins is limited by the design of the network. This number can never be increased. Also.
Bitcoins are virtually infinitely divisible . Currently, Bitcoins are divisible up to 8 decimal places. For example, you can send someone 0.00000001 of a Bitcoin. In the future, as the value of Bitcoin goes up, you might be sending your favorite coffee shop 0.00000003 Bitcoin for that cafe latte. Also, in the future, Bitcoin could become even more divisible, if needed. as the value of one Bitcoin becomes larger and larger.
How much is a Bitcoin worth?
The value of a Bitcoin (as measured in US Dollars or any other currency) is determined by the automated online markets. These markets operate 24 hours a day, 7 days a week, 365 days a year. They match buyers and their "bid prices". with sellers and their "asking prices". automatically.
Normally, what we call the "value of a Bitcoin" is simply the last amount a Bitcoin sold for on one of the major markets (or an average of several).
See the Value tab for links to web sites that give real-time value information.
What Can I Buy With Bitcoin? [MakeUseOf Explains]
If you’ve never heard of Bitcoin before, then don’t worry because you’re in the majority. Let’s just say that it’s a virtual currency (meaning you’ll never be able to hold an actual Bitcoin in your hands) and leave it at that. For some people, that might sound silly. For others, Bitcoin is slowly but surely becoming the currency of the future. You can learn more about Bitcoin from our Bitcoin guide .
Over the month of March, the value of a single Bitcoin nearly quadrupled when it shot up from
$40 USD to
$140 USD. Combine that with the fact that there are nearly 11 million Bitcoins in circulation and you can see that Bitcoin isn’t something to scoff at. The concept of it is foreign, yes, and many distrust the integrity of the Bitcoin. but it’s turning into something that may very well be commonplace in a decade or so.
But as with all currencies, the main purpose of a currency is to allow the holder to purchase something using that currency. Who cares what the worth of a Bitcoin is if you can’t buy anything with it? So what can you buy with Bitcoins?
Before we delve into the uses of the Bitcoin, we need to understand what it is and why it exists. Learning this will give us insight into the kinds of people who have adopted the currency, the kinds of people who haven’t adopted the currency, and what sorts of goods and services fit the Bitcoin philosophy.
Simply put, Bitcoin is a decentralized digital currency. This decentralization – which means that there is no central person, group, or organization that produces or regulates the Bitcoin – is one of Bitcoin’s main draws. For example, the American Dollar is controlled by the US. Bitcoin has no such owner, thus offering a level of anonymity that other currencies don’t provide. (Note: Bitcoin’s anonymity can be cracked, but that’s a topic for another time.)
The other draw of Bitcoin is its digital nature. The first world has been moving towards online shopping in sweeping movements over the last decade or so, and digital transactions are all the rage due to their convenience factor. At the click of a button or the swipe of a card, you can quickly and painlessly purchase goods at your leisure, even while wearing your pajamas.
Combine the decentralized, anonymous nature of Bitcoin with the convenience of digital currency and you can see why people would love it, at least in theory. If you want to learn more about Bitcoin before you continue, check out our very own MakeUseOf Bitcoin manual .
Now in order to hop into the Bitcoin economy and start buying things, you first need to get your hands on some Bitcoins. At this point, you have two options: you can either mine Bitcoins yourself, or you can just buy Bitcoins off of someone who has them in exchange for real world currency.
How to Buy Bitcoins - The Ultimate Starter Guide
The term “mining” tends to be somewhat confusing for new Bitcoin users and there’s no guarantee that you’ll earn any Bitcoins for a while, so you should leave off mining until you’re better acquainted with the Bitcoin system. Until then, you’re better off just buying them off of trustworthy Bitcoin sources .
Once you have Bitcoins in your possession, how do you actually spend them? You need a Bitcoin wallet. This wallet is what tracks your Bitcoin status and it allows you to make Bitcoin transactions with other people or companies. Wallets can come in the form of software (computer programs), mobile (phone apps), or web (online sites). Be careful where you store your Bitcoins!
So by now, you’ve bought some Bitcoins to use and you have a properly functioning wallet. Where can you spend them and what sorts of items can you buy with them?
SpendBitCoins has a list of places that directly accept Bitcoins. The list is absolutely massive and the kinds of things you can buy are numerous. Their featured products include a Bitcoin-to-real-currency exchange, dedicated server hosting, and an online mining game.
The diversity of available purchases using Bitcoins is astounding. Don’t believe me?
WordPress began accepting Bitcoin payments last year .
BitMit is an online auction site not unlike Ebay.
StompRomp is an American guitar store that accepts Bitcoins.
BitJack21 is an Internet blackjack casino that uses Bitcoin as its main currency.
Coindl is similar to iTunes: buy music, books, games, and software.
Ogrr lets you buy and sell items from video games, like World of Warcraft.
Bitcoin Store sells all kinds of electronics for Bitcoins.
Coinabul converts your Bitcoins into gold and silver.
Bitherbs sells herbal goods and natural products for Bitcoins.
BannerAdExchange lets you buy advertisement space for Bitcoins.
I’m not going to go through and list everywhere you can spend Bitcoins, but it should be apparent that Bitcoin popularity is on the rise and you’ll eventually be able to buy whatever you want with it. All you have to do is look in the right places and search well. Check out Bitcoin’s own trade page to find categorized vendors.
And if you’re making person-to-person transactions, then you can literally buy anything as long as you can find the right people who are selling the right goods or services. Remember how Bitcoin is decentralized and therefore anonymous to a degree? Well, there is a subset of Bitcoin users who use the currency for illicit purposes. Let’s leave it at that. MakeUseOf does not condone illegal behavior of any kind.
What can you buy with Bitcoins? As it turns out, you can buy a lot . We aren’t at the point where you can waltz down to your nearest grocery store and buy a few apples yet, but we’re getting there. I’ll be honest: I never expected Bitcoin to gain this much traction, but I’m glad it has. Hopefully they can keep the momentum going and revolutionize world currency.
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