Bitcoin is an online currency independent of any government authority. It is a completely unconventional idea in terms of money. The digital currency can be used and transferred through smartphones, tablets and computers only. The US Dollar price of one Bitcoin had reached highest of $230 in April this year. At the moment the price of one Bitcoin is around $135.
The legitimacy of Bitcoins has been questioned and is at risk due to enormous fluctuation in the pricing of it. However the convenience of quick money transfers, the reliability, security and universal operation that it brings along is too good to leave behind. The processing fee in comparison is just right. To know how to use the online money, we must consider the following.
1. Download Bitcoin : First of all you need to download the original Bitcoin client, which is open source software. The software is free and available online. Keep these in mind:
- Download the latest 0.8.1 version of the software
- It is Windows, Mac and Linux compatible.
2. Getting a wallet : You will need a wallet with Bitcoins in it to get started with transferring or purchasing. There are two ways to get a wallet. One is by downloading the software. Once the downloading is completed, you will have to install the software to your device compatible of the OS mentioned above.
- Install the software
- The software will automatically create a wallet for you.
- It will download your transaction history.
The second way to get a wallet is visiting Coinbase.com or Mywallet.com and getting it online. Two things to remember getting a wallet in these sites are;
- You need to trust the sites completely with your money.
- Do not forget your password. Write and secretly save it somewhere.
3. Receive your Bitcoins : Once the above is done and you’re ready with an empty wallet, you will need to fill it to an extent you find suitable. You will get an address which is the Bitcoin address. You will use this address to receive Bitcoins
- You can take the bonus programs to earn a few coins while you make other purchases, surveys, etc
- Visit localbitcoins.com and tradebitcoin.com to find if there are people in your area who use Bitcoins too.
- Casascius.com and Bitbills.com can help you get physical Bitcoins. Though these are not quite used as Bitcoins are meant to be online and act as online money. A contrary to physical money.
- Physical Bitcoins can act as memorable gifts. You can get them from memorydealers.com. Remember that you will charge for the production of the physical bitcoins.
- If you’re purchasing Bitcoins in a large amount you can visit different popular sites for help.
With Bitcoins you can keep up with your community, your peers and family in an easy way. These days, reputed stores, malls, restaurants and hotels accept the online money for transactions. Bitcoins are auctioned as well. You can turn your Bitcoins into gift cards online, purchase what you don’t have or want to have using sites that support Bitcoins.
