The idea of cryptocurrencies had been around for some time prior to the creation of Bitcoin, but it had never really taken off in a big way. However, in 2008 when Bitcoin first came to light, and in 2009 following the release of the digital currency, suddenly everything changed.
Bitcoin was created by Satoshi Nakamoto – but no one knows who this is. Keeping themselves anonymous, it is unclear as to whether Satoshi Nakamoto is an individual, male or female, young or old, a group of people or even a group of robots, or simply the name of a company. No one knows anything, and while there have been several guesses as to who it is, there has never been anything confirmed.
Satoshi Nakamoto created Bitcoin following a research paper they published titled Bitcoin: A Peer-to-Peer Electronic Cash System. This paper essentially outlined all the need to know information about Bitcoin, how it would work as a cryptocurrency and all the benefits of it being used. It didn’t take very long at all for his Satoshi Nakamoto’s ideas on paper to become a reality.
Since then, Bitcoins growth has been very up and down. It took a while for the trend to catch on; people were unsure about this new currency made entirely from digitally generated code, with no real coins. Other people were intrigued by the idea and liked the fact that it didn’t have any ties to official banks or governments, allowing a sense of freedom and also for all transactions using the currency to be a little speedier than with ordinary money.
Bitcoins value peaked in 2014 before dropping quite rapidly but has been on a steady rise since then. By the end of 2015, the Bitcoin was worth double what it was at the end of 2014, and by the end of 2016, the value had doubled again. Economic experts now expect Bitcoin to keep on doubling in value until one Bitcoin is worth about £2000. However, as with all currencies, the value is ever changing and only time will tell what lies in store for the Bitcoin.
Once you’ve been fortunate enough to earn yourself a pretty good stash of Bitcoins, you’re going to want to spend them! There’s actually more choice than you may have first thought, so where will you decide to spend them? Here are six things you probably didn’t know you could buy with Bitcoins.
A common investment with Bitcoins is precious metals, most popularly silver and gold. You can purchase these in very small quantities, or you can buy whole bars of them. These investments are relatively worthwhile because they grow in value over time so you may actually be able to sell them for even more than they were originally worth in future.
There is a website that sells food survival kits in the event that there’s a zombie apocalypse. These kits have 72 hours worth of food and drink supplies and can be purchased using Bitcoins.
Yes, it’s true; you can now buy cars with Bitcoins. Whereas before you could rent cars using Bitcoin, you can now use websites such as BitMit.net to purchase both brand new and second-hand cars using your Bitcoins, which is pretty cool.
If you go to a casino to spend your Bitcoins, you can actually buy yourself even more Bitcoins! Place your bets in BTC rather than in your common currency, and all of your winnings will come back to you in BTC. Better yet, why not choose to play in a casino that accepts nothing but Bitcoin? It’s a risky way to try and purchase more coins, but if it works out, you can earn a big payoff!
As unrealistic as it may sound, you can actually rent, and even in some places buy houses using Bitcoin as your method of payment. It’s not very common, and there aren’t many houses that accept Bitcoin as a form of payment, but if you take a look online, there are a few places up for grabs, located all over the world!
But only if you’re in San Francisco, where a local bakery provides a cupcake delivery service to anyone living in San Francisco. You can pay for this service in Bitcoins, which is another bonus!
When it comes to buying and selling Bitcoins, it’s definitely not so easy to do the selling part as it is to do the buying part. However, there are ways to make it all a little more straightforward; so here is how to buy and sell Bitcoins in as easy a way as possible.
One of the ways you can sell Bitcoins is by doing something called a ‘Direct Trade.’ Working kind of like eBay or similar selling sites, you can list the Bitcoins you want to sell online and then wait for a buyer to show interest and make an offer.
If Direct Trading isn’t working for you, you could try something called ‘Exchange Trades.’ These kinds of deals are very straightforward, setting up a straight swap with someone else so that everything happens very quickly. However, there are fees that can be applied to Exchange Trades, so you might want to take these into consideration.
Another easy way to sell Bitcoin is via Peer-to-Peer trading markets. This is where people sell their Bitcoin in exchange for products from a website such as Amazon, with a discount. It can wrack up a small fee for those purchasing the Bitcoins, but it’s a really straightforward and speedy way to sell your Bitcoins for something you actually want.
You can also sell Bitcoin in person, to family and friends. Agree on a sales rate, take down the details you need and do the transaction there and then. Provided the agreement doesn’t turn ugly, this is probably the best way to sell Bitcoins.
Before you even think about buying Bitcoins, you need to get yourself a Bitcoin wallet to keep them in. There are so many different kinds of wallets out there on the internet so make sure you do your research before hand and pick one carefully.
You can mine your own Bitcoins but this is one of the longest processes in order to get your own coins, and it’s a very gradual process- it would take an extremely long time to make even one Bitcoin, but if you’re not worried about speed and have a lot of patience, mining your own coins is definitely an option.
You can buy Bitcoins face to face in the same way that you can sell them (obviously!). Again, this just means setting an exchange rate with the other person, making sure that the seller is trustworthy and that you actually get the coins that you’re after and you’re not being scammed.
You can also visit what’s called a Bitcoin ATM. This is just like an ordinary ATM, but instead of giving you your own cash, you give the machine money and get Bitcoins out of it!
There are more and more options opening up for buying Bitcoin all the time; the main thing to do is make sure you’re not being scammed out of your money. Always buy from a trusted seller.
Bitcoin is a form of digital currency that is quickly growing in popularity. Despite it being a very real currency, and definitely a legitimate one, there are some things you should know before you choose to pay with something online using Bitcoins.
First things first, while the currency is a genuine one used by a vast number of people all over the globe, it is still yet to be recognized as an official currency. This doesn’t bring about too many negative connotations; it just means that you still need to pay taxes on it and treat it as an ordinary currency. Be aware of this when using Bitcoin regularly as a method of payment.
In addition to this, Bitcoin is still very much an experimental currency; it is altered and tweaked with all of the time to make sure that it is continually providing users with the best service it can. Sometimes fees applied for using Bitcoin may increase, or you might come across some technical issues. This is just a small price to pay for being able to use such a unique and advanced method of payment, however!
A lot of people think Bitcoin is anonymous; the truth is, it is not. All Bitcoin addresses for all transactions ever made can be seen by any member of the public at any given time- however, the identity of the person behind the Bitcoin address remains anonymous unless personal information is provided during a purchase- then the individual’s identity can be revealed by someone who really knows their way around computers and coding.
Lastly, Bitcoin payments cannot be reversed. If you buy something online using Bitcoins and then you change your mind and want to send it back, it’s just tough luck- you can’t do it as there would be no way to refund you for your purchase. Bitcoin transactions cannot be undone.
The fact that you can use Bitcoin to purchase things online at all is evidence enough that this cryptocurrency is a legitimate form of payment- it’s just important to remember all of the above factors when choosing to use it as a method of payment.
The advancement of technology has revolutionized almost every aspect of our consumer lives, including the way we purchase, sell, receive and collect items. In the recent years, more people have resorted to conducting business using the internet; web sales currently account for a significant portion of sales from both small and large retailers. This has led to the development of online currencies, the most popular one being Bitcoin, here are reasons why online buying and selling has become very popular. Continue Reading →
Bitcoin is a software-based online payment system that was first introduced in 2008 by, Satoshi Nakamoto. Then, in 2009 it was introduced as open-source software. With bitcoin you can make payments and transfer funds all electronically and online. This has led the US Treasury to call it a decentralized virtual currency. It is the first of its kind that is powered by users without a central authority or middleman. Bitcoin is basically cash for the internet. In addition, is can be viewed as the most prominent triple entry bookkeeping system in history. Since bitcoin is an open-source it gives any individual the opportunity to go and review the code. No one person owns it. The most popular client is kept up with by a bundle of open-source developers. In addition, bitcoin verifies transactions with the same high tech encryption methods that are used in government and military applications.
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Bitcoin is an online software payment system. It is an new innovative payment source that is exclusive for use online. This online peer to peer payment method leaves the banks and financial institutions out of the equation. This eliminates any hassles, fees or waiting periods for the transfer of money when paying for items online. The transactions are instant and have very little if any processing fees. The coins are mined or earned by members. These coins do have value and can be used towards the purchase of items online or some gaming sites.
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The popularity of Bitcoin is constantly on the rise and there are some good reasons for that. You see, this digital currency system allows people to do transactions electronically and what’s even better, the money can’t be controlled by any bank. It is believed that this system will become the perfect alternative to convenient money and as a result, some major world economies are already showing their support for it, like the USA and Japan. If you are willing to give bitcoins a chance, you should know that there is a website that can provide you with all the guides and information you might need.
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