Every day people more and more hear on the Internet and even from the television about the new virtual crypto-currency – BitCoin.
Nowadays, a person cannot find much information on what this new digital currency is and how to buy BitCoins because it’s not well-known enough.
Nevertheless, BitCoins increase their popularity fast.
What is Bitcoin and how can you buy this money?
What is BitCoin in plain words?
It is a new generation of the decentralized digital currency which was created on the Internet and which works only there.
No one controls it and the emission happens with the help of the work of millions of computers all over the world.
They use a program to decipher math algorithms.
The main peculiarity of BitCoins is the absence of the central administrating network and it means that the currency is completely decentralized.
There can be 21 000 000 BitCoins and not a single one more.
This is a strict limit to which their amount will aim.
3 ways how to buy BitCoins
There are 3 methods how a person can buy BitCoins. They are the exchange market, using a bank account or with the help of other people.
Exchange markets are considered to be the easiest way how to buy or sell your coins in case you are not going to exchange them for something or you manage too much currency.
The biggest of them are bitsamp.net and kraken.com.
The purchase of BitCoins using a bank card is a good choice when you need a small number of coins or you need them fast.
Nevertheless, due to the risk of fraud, this purchase is usually accompanied by the higher commission and big expenses for processing.
There is nothing easier than to learn how to buy BitCoins from another person who actually has them.
Still, there are some pitfalls here as well: you should be very careful because anything can happen when you exchange any money.
Buy them in the public places where you have a good signal on the phone in order to be able to check whether the coins were transferred to your e-wallet.
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How to buy BitCoins and start using them?
To save your coins you need to study how to create a special e-wallet or use any service which provides with this possibility.
After you decided how to buy BitCoins you should take care of the wallet. There are 4 services which save the crypto-currency:
How to buy BitCoins and discover their advantages?
There are 7 advantages why you should buy BitCoins:
The network is decentralized that’s why all operations happen anonymously.
It’s only possible to trace the latest transactions but even special services won’t be able to define to whom the money was transferred and what for.
The alternative to the existing money.
BitCoin is an alternative and a rather convenient way of payment.
Nowadays, there are already plenty of places on the Internet and in real life which accept them.
The absence of taxes.
When you pay with BitCoins you do not pay taxes because it is not a currency officially.
BitCoin is really international because it is the same everywhere and it is very convenient.
For example, you can pay from one wallet in any place and do not even think how and where to exchange currency.
The absence of control.
No one controls BitCoins.
They belong to the society only and it is impossible for the politics to influence them.
The absence of commission fee.
You do not pay commission fee if you transfer the money.
However, if you wish to send the coins momentarily, you’ll have to pay the sum you think will be enough (the more you pay the faster the transfer will happen).
There is no chance someone will make the copies of BitCoins and trick you because it’s extremely difficult.
It’s much easier to get the new ones.
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How to buy BitCoins and how to discover their disadvantages?
Some precautions for those who wish to learn how to buy BitCoins:
This new virtual currency is not secured by anything but demand.
If the demand decreases, the price can go down with it.
Out of law.
There is a risk that the countries won’t make this currency legal and it will definitely kill the interest of many people and they won’t use it.
Lack of good security measures which defend from thefts, loss, and other risks.
There is a risk to be tricked by an exchange system because this currency is not official yet.
Moreover, you should not forget the threats of viruses, which may steal the access to the wallet and so on.
The absence of control and the anonymity of the payments make it easy for the terrorists to use it and pay for the drugs, weapons, etc.
It will create a big problem to legalize these coins and it has not been solved yet.
Big fluctuations in the currency value.
Big fluctuations in their value scare many people from buying it.
For instance, now 1BTC costs $350, the next week it will cost $400 and then $300 again and so on.
In a nutshell, the price depends on the demand greatly and it is known to be very unstable and speculative.
What can I buy with BitCoins?
A person can buy quite a lot with BitCoins: from a pizza to the flight in the space.
Nowadays, tens of thousands of sellers all over the world accept such payments with pleasure.
Here is only a short list of what you can buy with BitCoins:
Cars can be easily bought with BitCoins.
In December a dealer company Lamborghini from Costa Mesa in California sold a car – Tesla Model S – to a person who paid with BitCoins.
Education in the university.
Nicosia University, which is located in the Cyprus’s capital, in November, started to accept BitCoins for its services and goods – from the books to the fees (this university is well-known for the popular services concerning distance education).
Gold is often compared with BitCoins (or visa verse to be precise) because both can be used as a store of value, which does not lose its cost because of the governments’ wasteful actions.
The Amagi Metals Company sells gold, silver, platinum and even old money and accepts BitCoins.
Goods for your wardrobe or house from the Overstock site.
In the first day the company began to accept BitCoins, it sold the goods for $130 000 in the virtual currency.
Online games can also be bought with this money.
The Zynga Company announced the possibility to buy some products at its official website.
So, you can buy a virtual tractor in your virtual farm with the virtual money.
You can purchase a blog.
The WordPress Company, which program software for blogs was a revolution in the world of journalism, joined the revolution of the digital money.
The company says that accepting payments in BitCoins corresponds to its promise to make the business “democratic”.
A flight in the space.
If you have a little more than 290 BTC, you can order a space trip from Richard Branson’s “tourist company” Virgin Galactic.
Goods for fans because nothing can be compared to the popularity of the professional sports.
Not long ago the baseball team Sacramento Kings announced that their fans will be able to buy tickets, T-shirts, hot dogs and other goods with BitCoins.
Even daiquiri can be bought in the Clevelander Hotel, which is known for its fun parties near the pool on the south coast of Miami.
It started to accept BitCoins when hundreds of crypto-currency fans gathered in Miami to visit the North American BitCoin conference.
Pizza in Brooklyn.
If you are looking for pizza near the Fort Green Park in Brooklyn and you have BitCoins, you should visit Lean Crust Pizza.
The owner Daniel Ly is the BitCoin aficionado and two of his other establishments – Greene Ave Market and Oxford Kitchen – take such money as well.
As it was previously mentioned, BitCoin is convenient from the point of view that you do not need to cooperate with different banks or mediators and risk someone will steal your money or you’ll lose it.
If you decided how to buy BitCoins, you should close the deal and do it.
For example, the online stores let their visitors look at the products, compare the prices taking into account the characteristics and cost.
After the choice is made a person can pay with virtual crypto-currency without any commission fees or cash to the delivery man.