Why Use Bitcoin and How to Buy Bitcoin and Other Cryptocurrencies…
| Article by: Wade | Last Edit Date: 2020-08-22 02:58:49 |
Why Use Bitcoin Bitcoin can be sent from person to person online anonymously… You might even think of it as online cash. If you want to buy something and not leave an identity trail, bitcoin is great solution. Bitcoin is also a quick and easy way to send money overseas if both parties have bitcoin wallets. So it’s not surprising that many black market vendors use bitcoin. (And other cryptocurrencies have similar properties.) Here’s some bullet points about the positive sides of bitcoin… Pros: >Bitcoin is not regulated by any agency >You can send bitcoin from your phone or computer >Leaves the buyer and seller anonymous > Mostly untraceable >Widely accepted by online vendors who value privacy And of course there is a downside to bitcoins too. Cons: >Extremely volatile market value >Since they are nearly untraceable, if someone steals your bitcoin, they are gone… or if you send them to the wrong address, they are not recoverable by contacting any institution >There is often a small fee for buying and sending bitcoins >It can take time to buy bitcoins, for them to be sendable and for transactions to go through once they are sent If you are new to bitcoin and would like a good explanation of how it works, watch these two short videos: How Bitcoin Works in Simple Terms You will have to convert your currency into bitcoin. It’s about the same as trading your currency for any other currency. To do that, you will need a bitcoin wallet, or an account which allows you to store bitcoin. I’ll talk about how to buy bitcoin in a minute. Once you have bitcoin in your bitcoin wallet, you are free to send it to anyone else who has a bitcoin wallet. There may be a small fee, but it’s worth it for freedom. You will need the bitcoin address of the person you would like to send bitcoin to. Bitcoin addresses look like this: 3L3eHopZzMq7YAK5nA8k31G4FBU6Bqniqo Part of what makes bitcoin anonymous is one bitcoin wallet can have hundreds of address and there is no name connected with these addresses. Your wallet will provide you with multiple bitcoin addresses and any one of these addresses will deliver bitcoin to your account. How to Buy Bitcoin and What to Know about It The first thing you should know about buying bitcoin, is you can buy any amount of bitcoin. If you want $100 worth of bitcoin, you can do that. It doesn’t matter what value a whole bitcoin is, you can just buy as much bitcoin as you will need. I’ll go through some common sites where you can get bitcoin… There are several ways to buy bitcoin, but for Americans and those new to bitcoin I especially recommend using coinbase.com. It’s a large exchange, a very secure website; they use dual authentication to keep your account safe, so you will not only need your password when you login, but you will also need a code sent to your phone or a code from a dual authentication app. To sign up for coinbase.com, you will need to submit and ID just as if you were opening a bank account. This ID can be a picture of your driver’s license or your passport works too. Once signed up, you have the option to add cash to your account or buy bitcoin, or a number of other cryptocurrencies. (If you add cash you can always use it to buy bitcoin later.) The best way to add cash to your bitcoin account is by withdraw from your bank account. This usually takes a few business days, and sometimes the Coinbase site will hold money for a few more days after that. These holds on your sending are to prevent fraud, to prevent someone from getting into your account and sending themselves all your bitcoin immediately. While this is safer, it is annoying having to wait. But once the cash has cleared your account, you can buy bitcoin and send them immediately. I recommend coinbase.com for these reasons: >It’s cheaper and more convenient than many other bitcoin purchase methods >You can use it from the convenience of your own home >It’s very easy to use once you get the hang of it >It’s also a very secure place to store your bitcoin Coinbase.com also supports many other types of crypto currencies as well. Bitquick.co is another site that has gained popularity. With this site, you are actually buying bitcoin from another individual. Bitquick holds the bitcoin in escrow until you have deposited money into the seller’s account. Then bitquick releases the bitcoin. I’ll give some quick pros and cons of using bitquick.co as opposed to coinbase. Pros: >You can get your bitcoin deposited much faster this way, in just 3 hours >If you buy less than $400 of bitcoin you don’t have to provide your ID making your bitcoining even more anonymous >You can use cash >Probably one of the most anonymous ways to purchase bitcoin >You will have to go to a bank to make the transaction >Fees are higher [BitQuick Review](https://www.youtube.com/watch?v=rANDqTWm2U) This is a site where you can find local people who are buying and selling bitcoin. People on this site take all kinds of payments for bitcoin. You can even meet a person in person and give them cash for a bitcoin. The site does require you to register an ID with them, then they hold the bitcoin in escrow while the transaction is being made, which is whatever the buyer and seller have agreed upon beforehand. If you use this site, each person has a rating, make sure you use someone who has done several transactions and has a good rating. Overview of How Local Bitcoins Work This site will also send you to a bank, but it seems to have a quite simple process and allows you to get your bitcoin within 20 minutes of making the payment. It definitely seems worth investigating. I haven’t used this site personally, but I’ve seen it recommended by others. Click on the site link above to watch a video and see instructions of how this site works on the site’s website. You can also check out this video:
This site is also a peer to peer site, but it is decentralized, safe and does not require you to register to use it. You don’t need to verify any personal identification information on this site. Only the buyer and seller may exchange personal information. It may be a little more difficult to get started using this site, but here are some videos if you are interested. Install and Setup Bisq Other Options For Buying Bitcoin and Cryptocurrencies There are many other options to buy and sell bitcoin and other cryptocurrencies. To find some other options, you can check out this website:
Once you get the hang of bitcoin, it’s really not that hard. I still think that for small transactions and starting out, coinbase.com is perhaps the simplest option. Bitcoins are not regulated like credit cards and other only payment option and they are difficult to trace to a person’s identity. (However, they are not impossible to trace… Further reading about how to be more anonymous with your bitcoins If you’ve got any questions feel free to shoot them my way on an email…
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| Bitcoin | Black market | Freedom |