How to Buy Bitcoins

Bitcoin is now accepted by more and more merchants worldwide. It is becoming an accepted form of currency to pay for international services. Here, we explain how you can purchase Bitcoins and how to use them to make payments.

Purchase Bitcoins

The following are required for this:

  • Access to a computer/tablet/mobile device
  • Internet connection
  • Bitcoin address and online wallet
  • Money to exchange for Bitcoins

 

Bitcoins and their Work

  • Bitcoin: Cryptocurrency that isn’t backed by any central bank.
  • Online payment method ( maintains privacy and anonymity).
  • Exists independently, the exchange process is P2P (peer-to-peer) that doesn’t need banking authority to act as a middleman.
  • Payment and money exchanges are recorded.
  • No.1 anonymous digital currency in terms of both the number of users and the total value of the currency.
  • Aren’t legal everywhere. They are outlawed in China, Russia, Sweden, Thailand.
  • People of these countries can buy Bitcoins using a VPN.

 

Set-up an Address

  • The Bitcoin address is equivalent to bank account number in layman terms.
  • Every Bitcoin user has their own unique address, composed of long and complex series of characters and numbers.
  • Users can have many addresses and store them inside a digital Bitcoin wallet.
  • E.g. “Easy-Wallet”, “BlockChain”.
  • The registration process will generate a URL that points to your wallet.

 

Acquiring Bitcoins

  • Visit a site that trades Bitcoins.
  • Most websites that buy and sell Bitcoins provide registration tools to help you get a wallet.
  • Many payment methods are at hand to exchange physical currency for Bitcoins, including PayPal, bank cards, credit cards, debit cards and so on.
  • Few website exchange-wide varieties of digital currency.

 

Paying with Bitcoins

  • Now you have purchased Bitcoins (inside digital wallet).
  • It’s time to purchase items.
  • A lot of websites don’t accept Bitcoins.
  • Best for digital services.
  • VPNs, cloud storage, software and other digital services don’t require much personal information while signing up for an account.
  • Little Bitcoin symbol can be found under websites payment options section(Bitcoins if accepted )

 

Buy Bitcoins – Alternative Methods (mine your own Bitcoins)

  • Rent hardware in the cloud or purchase advanced graphics cards with high powered CPUs.
  • Choose lease computing resources online (24*7)
  • Use personal computer’s CPU or GPU (massive impact on system performance)

 

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