If you want to acquire bitcoin, it is important to have some background information on what bitcoin is. Bitcoin is a type of currency which is moved and which is transferred electronically; it does not belong to a specific country or nationality. There is no particular banking institution or private individual who controls it. It can move from person to person without the use of banks or transaction fees. People are also able to use alias when receiving or transferring bitcoin.
When buying or selling internationally there are no fees associated therein either. There is also no regulation. This makes the buying and selling of goods cheaper because there are no associated fees. There is also the speculative market of buying up bitcoin because of the belief that they may go up and value and thus generate financial gains for their owners.
Currently, you can purchase bitcoin online as there are several avenues which call themselves ‘bitcoin exchanges’. These also allow for people who are using different currencies to purchase bitcoin for themselves. You will need to set up your virtual wallet online at a reputable site for doing so, such as bitcoin.com or coinbase.com.
From there you can purchase bitcoin or can sell products and services to receive bitcoin from others. You can create invoices that others can make payment to using their tablet or even a cell phone. Users who want to send you bitcoin can do so easily using your bitcoin address. There are also video game apps, such as, ‘The BlockChain Game’, ‘Pop Bubbles’ and ‘Roll And Ball’ which pay out in bitcoin.
The number of bitcoin a person has are stored either on their computers or in the cloud. Unlike the money which is printed by the U.S. Treasury, bitcoin is not federally insured and does not have an FDIC guarantee. In addition, hackers have been known to break in and to steal users’ bitcoins from their virtual wallets. Bitcoin storage can also be subject to virus, accidental deletion and other forms of human error, so be careful and exercise caution with bitcoin storage.
