Bitcoin is different than any currency you’ve used before, so it’s very important to understand some key points. Unlike government issued money, that can be inflated at will, the supply of bitcoin is mathematically limited to twenty one million bitcoins, and that can never be changed.
Bitcoins are impossible to counterfeit or inflate. You can use them to send or receive any amount of money, with anyone, anywhere in the world, at very low cost. Bitcoin payments are impossible to block, and bitcoin wallets can’t be frozen. Short of turning off the entire world’s internet, and keeping it turned off, the Bitcoin network is unstoppable and uncensorable.
While Bitcoin brings unparalleled freedom, it also requires increased user responsibility, but the rewards are well worth your time. Read on to learn how to save 20% on everything from Amazon thanks to Bitcoin.
Choosing a wallet is easy, but there are lots of different options. The most important distinction is whether you control your own bitcoins just like a physical cash wallet or you have to trust someone else to hold your bitcoins for you. There are advantages and disadvantages of both approaches, but in general we think it is best for users to hold their bitcoins themselves. You can have as many different Bitcoin wallets as you want, but it’s easiest to get started with a wallet for your iPhone or Android device so you will have your bitcoins with you wherever you go.
Obtaining bitcoins works just like obtaining any other currency. You can sell something you already have for them. You can ask your existing employer to pay you in Bitcoin. You can use a Bitcoin based payroll service like Bitwage without your existing employer even needing to know. You can start accepting them as payment at your current business. But the easiest way is simply to buy them on one of our trusted Bitcoin exchanges.
Why would you want to spend bitcoins?
How about 20% off everything at Amazon? Or how about 20% off every purchase you make at Starbucks? Or you can find a local place near you that already accepts Bitcoin. The possibilities are endless, so get started today!
Secured way for getting started
Bitcoin is a paradigm shift that’s changing the way we perceive money. It allows individuals to have full control over their finances without needing to go through a bank. Many investors are starting to use bitcoin as a long term store of value and hedge against financial uncertainty.
If you’re new to Bitcoin and feel overwhelmed with all the information then here are three easy steps to get you started.
Step1: Secure your Private Keys
The first thing you need to do is make sure your private keys are safe. Bitcoin is an open public ledger and key pairs give you ownership of coins on that ledger. Each pair has a public and private key that looks like this:
Your public key is like your email address, you share it to receive coins and your private key is like a password that allows you to send coins. If you lose your private keys or if someone steals them your coins will be lost forever. This is why it’s important to keep them safe.
You have two options to keep your keys safe; invest time to learn how to secure your computer properly or invest a bit of money on a hardware wall to make it easy. Trezor is an easy to usehardware wallet that will keep your keys isolated from any viruses.
Step2: Buy Coins
Once you have everything set up to keep your private keys safe you’ll be able to purchase your first coins. There are different exchanges to buy coins and the most popular one is Coinbase. When opening up any account on an exchange you’ll need to set up 2-Factor Authentication. In the event that a hacker steals your password they’ll need to get access to your phone because it generates a secondary login code.
You can purchase coins by sending money from your bank to the exchange. If you don’t want to use a bank then you can also meet up locally with someone to buy them directly with cash. Direct peer-to-peer purchases usually charge a 5-10% premium over the spot markets.
Step3: Transfer the Coins Over to your Wallet
Unless you’re actively trading you want to make sure that you control your own private keys. Leaving your coins on an exchange can be risky. If an exchange gets hacked or goes bankrupt you could lose money.
Once the bitcoins are in your possession you can use them for all kinds of things such as storing value, sending cheap payments, tipping, electronic cash, making purchases and trading. Bitcoin is a really efficient form of money that can be accessed 24/7 without spending limits or restrictions.