September 4, 2017

What are Bitcoins?

Cryptocurrency is becoming a buzz word and the most widely known is undoubtedly the Bitcoin. Bitcoin is a decentralised currency, it does not have a physical form unlike traditional cash and is not regulated by any government.

They have lots of advantages over traditional currencies when making purchases, for instance:

  • As there are no middleman so there are no transaction fees.
  • You can carry out transactions anonymously as you don’t need to provide your name.

Payments to other countries are cheap as there are no exchange rates and no laws involved.

So how do you start using Bitcoins

You need to start by getting a wallet, there are several types so make sure you read through the differences and choose the one that matches your requirements. You then need to buy Bitcoins and store them in your wallet. Apart from buying them you could have a merchant account which allows you to accept them in return for goods and services. Alternatively you can mine them which is an altogether separate subject that again we will cover off at a later date.

To buy Bitcoins you need to go through a broker and you will see that many of the companies we recommend on our home page offer the facility to buy Bitcoins and store them in your wallet for future use. You can spend them on goods and services or you can keep them as an investment. The price of Bitcoin goes up and down like any other commodity and it may be that over time you may make some profit on your holding. Again the companies that we have shown on our home page have been vetted by our experts and will give you the platform you need to trade in Bitcoins and other Cryptocurrencies. So companies such as Ayrex and BD Swiss have been vetted by us, on your behalf, to ensure they offer a trustworthy service that offers a wide variety of options and investment opportunities.

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Comment (1)

  1. Tlind

    04 Sep 2017 - 11:32 am

    Thanks for your article! The information is useful to every beginner and our Tlind project.

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