Bitcoins explained (easy)

Bitcoins and what are they?

You just found out about Bitcoins and you are not really aware of what they are, or how to use them?

I have this post over HERE talking in detail about them.

But this post will be for the real beginner on Bitcoin who is still a bit confused about it.

Let me start:

Bitcoins are a form of “currency” just as Dollars or Euros.

Bitcoin can be purchased online from other persons using your local currency, a good place to start is in localbitcoins.com

You can also earn Bitcoins for free by using the GPT industry *1

Another way to get you some bitcoin is by selling products or services and get paid in bitcoins *2

And another way to get your bitcoin (And this is the real difference between normal currency and bitcoins) is that you can “mine” them on your computer, *3

Now you now how to earn some bitcoins, but you still don't know the value of the Bitcoins you have compared to you country currency?

Bitcoin price is really volatile, depending on the markets movement, at any given moment in the day it can rise up 300% but on the next hour it can also drop at the same rate :) you can check bitcoin prices in many online websites. Personally I use my wallet to check in blockchain https://markets.blockchain.info/ At this precise moment the Bitcoin USD price is 1-414.17 that means 1 bitcoin is the same as 414 usd. You can check this screenshot:

 

If you just search online for “bitcoin price” you will get hundreds of webpages giving you the current prices don't be so lazy :)

By now you should be aware that Bitcoin is a currency and not a payment processor like Paypal.

So what is the interest in having Bitcoins? Silly question! What is the interest in having any sort of currency?..

The main difference between Bitcoin and “regular” currency is that they are not “regulated” by a Government or by a Bank. They exist only digitally there is no “paper Bitcoin money” Bitcoin relies on anonymous peer to peer transactions which makes it very difficult to trace back to you and they are TAX free!

You got some bitcoins by now and you want to convert them into your own country currency?

Houston we have a problem :) The best way to achieve this is by selling them to other persons who want some bitcoin, to do this the best way will be to go on localbitcoins.com and sell them there. Another way is to buy physical products online and then sell them, some vendors who accept Bitcoin are:

Amazon – You can get all kinds of products with bitcoins, provided by the largest “online” store on the Internet

Victoria's Secret – You can get lingerie from the world's top brand paying with bitcoins

Namecheap – Buy you domain online and pay with Bitcoin

Reddit – You can pay for their subscription services and upgrades with Bitcoin

Bing – Bing also accepts Bitcoins, so you can advertise on one of the biggest search engines with some Bitcoin

ExpressVPN – Premium VPN service provided that accepts bitcoin

Microsoft – Microsoft needs no introduction, this software giant already jumped into the bitcoin bandwagon, so get your products from them with bitcoins.

The third way you can convert bitcoins to your local currency, is by exchanging bitcoins for some “online” processor like Paypal, and then get your money from the payment processor. But solid “online processors” will not accept Bitcoins. So what you need to do is to find a product that you can buy with bitcoins and then sell it to your “online payment processor”

It may sound all too complicated, but it is fairly easy!

Step 1 know what Bitcoin is, NOT a payment processor, but a new currency.

Step 2 Earn or purchase your first Bitcoins

Step 3 Use your Bitcoins

 

 

Hope this text could clarify some of your doubts, any other subject you want to know more about just drop me a comment.

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*1 , GPT industry and Bitcoins, for example bitbin.it is a website identical to pastebin, where you just leave some text, and you gain bitcoins according to the number of hits your paste receives. Faucets are another way to earn bitcoins very easy, a faucet is a webpage that just as some ads in it, and a box for you to leave your bitcoin wallet address. You leave the address there and they will send you free bitcoins every-time you do that

*2 Gaining bitcoins by selling services and products. For this purpose you have the dark web markets, but not only there you can actually accept to be paid in Bitcoins everywhere you want to, just like a normal online payment processor (Paypal style)

*3 Mine your own Bitcoins, achieving this is quite easy in “theory” you just download a mining program for your system, and you leave it making money for you.