Bitcoin is something that has received compliments and has been involved in controversy. With numerous advantages against the traditional payment method, Bitcoins represent an alternative payment method many have turned to.
Bitcoins may have its advantages, but that doesn’t mean that it has gained everyone’s trust. It has even been banned in some countries and has been involved in lawsuits. If you have come across the word Bitcoin many times but aren’t exactly sure what it is or how it works, it’s time to clear up all those doubts.
Keep reading, and you will know everything there is to know about Bitcoins, so you are no longer left in the dark about them. If after reading what they are you want to know where you’ll buy Bitcoins, I will mention a few places you can go to get them.
Also Read: 3 Google Authenticator Alternatives to Secure Your Online Accounts
What are Bitcoins?
Let’s start with the Bitcoin basics, what are they? In a nutshell, Bitcoins are electronic currency or in other words cryptocurrency. Bitcoins are also a type of digital public money that is made by mathematical equations. When you either get paid or pay in Bitcoins, the transaction is recorded in a ledger.
After that, there is a competition among computers to certify the operation by clarifying complicated math equations. Whoever wins gets more Bitcoins as a processing fee. The whole process is called Mining. Don’t worry about this process too much since that is only how computer powerhouses get their cash.
Bitcoins have populist roots and first came out in 2009 when the whole financial crisis was still something to worry about. The reason that Bitcoins were created was to try and take power away from governments and bankers who always have the control over the flow of cash.
Also Read: What is PayPal and Why You Must Have It?
What Makes Bitcoins so Controversial?
For some people, just hearing the word Bitcoin make their skin crawl. It’s something that they want to avoid, and hopefully, it will be something they will never have to deal with. So, why are some people so sensitive when it comes to Bitcoins?
The reasons why some people don’t like dealing with Bitcoins is because from 2011 to 2013 Bitcoins were purchased by criminals in huge batches. They would even buy them in batches of millions of dollars. The reason they did this was so that they could move their money around so law enforcement couldn’t get their hands on it.
Another reason that makes Bitcoins so controversial is that they are beyond the control of financial institutions and traditional police. This was something that users loved but was hated by law enforcement.
Bitcoins give the power to the general public and take it away from the central federal banks. If you have an account with Bitcoins, it can not be frozen or examined in the middle of a lawsuit, and you don’t need middlemen banks. These are probably the reasons why so many people deal with Bitcoins despite them being so new.
Where and How to Buy Bitcoins Instantly?
Before I tell you where you can buy Bitcoins instantly, it’s important that you know how to buy them first. If you are going to buy some Bitcoins, the first you are going to need is to have a Bitcoin wallet. What is a Bitcoin Waller? It’s basically a ¨Bitcoin Bank Account¨. It’s where you will receive the bitcoins once you buy them.
First, Create a Bitcoin Wallet
You can’t buy bitcoins if you don’t have anywhere for them to go, right? Keep in mind that there are two kinds of wallets.
Types of Bitcoin Wallets
First, there is a software wallet that is a type of wallet you have on your mobile device or your computer. With this kind of wallet, you are in complete control, but one drawback is that they are sometimes tricky to maintain and install. So if you are new to Bitcoins, this might not be the wallet for you.
The second type of wallet is a hosted or web wallet. This kind of wallet is one that is hosted by a third-party. These are usually the most used since they are easier to use.
The only thing you may not feel too comfortable with is that you would have no choice but to trust whoever is handling this wallet has a high level of security to keep your coins safe. That’s why it is always a good idea to do some extensive research on whoever you are going to trust with your Bitcoins.
If you are new to Bitcoins, four wallets are made especially for you. You can try Bitcoin wallets such as Coinbase, Electrum, Blockchain.info and Bitcoin Wallet for Blackberry and Android.
If you are already familiar with Bitcoins and want a Bitcoin Wallet that is not so easy to use you can try Armory or Bitcoin-Qt. These last options are for more experienced Bitcoin users.
There are various ways you can get Bitcoins. You can either accept them as payment, buy them from a friend, or you can buy them directly from an exchange by using your bank account. Finding an exchange may take time so don’t feel in a rush to finish everything quickly.
Also Read: How to Create a Free PayPal Account? – A Beginner’s Guide
Where to Buy Bitcoins Instantly? – Best Sites to Buy Bitcoins Instantly
First things first, you can’t buy Bitcoins directly from PayPal, but you can work around that. The reason why you can’t directly buy Bitcoins from PayPal is that the buyer can always do a chargeback and there is nothing that the seller can do about that. PayPal is also not a huge fan of Bitcoins since it is the competition, enough said.
The workaround works like this. By using the Virtual World Exchange, you can buy Second Life Lindens (SLL) through PayPal. One you have the SLL you can convert that into Bitcoins, and voila! Once thing to keep in mind is that there is a 6% charge, but the good thing is that this method is much faster than the wire transfer method.
Another tool you can use to buy Bitcoins instantly is through Cubits. This is a comprehensive platform where you can accept, buy, and sell Bitcoins. It has a very easy to use interface, and it supports 17 currencies. If you want, you can also use Mastercard and Visa if that makes things easier for you. Thus, this is the platform which where you can buy Bitcoins instantly with Credit card.
Coinbase is a tool you can use if you want to buy Bitcoins instantly using your bank account. Coinbase can only be used within the United States and can only be processed with a bank account within the country.
If you are still looking for more option, you can always try other services to buy Bitcoins instantly such as:
Where to Buy Bitcoins with Money Orders?
Not everyone uses the same method to buy Bitcoins instantly. If you need to buy your coins with money orders, you can easily do that too. Expresscoin.com lets you buy your Bitcoins with a personal check. However, the process is a bit slow compared to other methods to buy Bitcoins instantly.
The first thing you need to do is make a purchase request and then mail in the USPA Money Order to the company’s address. Take a look at the How To Buy Page, so you can get more information on how everything works. It will give you all the information you need. Though doesn’t allow to buy Bitcoins instantly, despite that a good platform to buy Bitcoins with cash.
Where to Buy Bitcoins Instantly with an Amazon Gift Card?
With Paxful, you easily buy your Bitcoins with an Amazon gift card. You are probably used to using Amazon Gift cards to give your friends things, why not use them to buy Bitcoins instantly as well. This site allows you to trade your Bitcoins for Amazon Gift card fast, secure and in an easy way.
Important Information About Bitcoins If You are About to Buy Bitcoins Instantly:
Bitcoin Prices Increase or Decrease Unpredictably – Since the Bitcoin economy is so young the prices for Bitcoins can either dramatically increase or decrease. I wouldn’t recommend that you keep your saving in Bitcoins, for now, it’s best if you stick to the way we have all been doing it until now.
Make Sure that Your Wallet is Secure – I don’t think you would be careless with the wallet that holds your physical cash, right? Since it has your hard-earned money, you are careful where you put it and make sure you have it on you at all times.
You have to be just as careful with your Bitcoin Wallet. Read up on how you can keep your Bitcoin Wallet safe and practice the advice that security experts give. It just takes one careless movement for others to take advantage and steal your Bitcoins Away.
Possible Security Concern When Dealing with Bitcoins
Bitcoin Transactions are Public – You are probably used not doing much when it comes to keeping your bank transactions safe, right? After all, it’s something that the bank has to worry about, and they are ones that are responsible for keeping the money safe, right?
With Bitcoins, you will need to to be aware of how you can protect your privacy. You may not know this, but every single Bitcoin transaction is public domain. The transaction is saved permanently on the network. Anyone can see the balance and the Bitcoin address.
There is some privacy since your identity as a user is safe but only until you buy something or do some other type of transaction. The sensitive information will be secure and others can’t see it.
Payments with Bitcoins are Not Reversible – If you regret going through with a transaction, the coins can only be refunded by the persons who got them. The transaction can’t be reversed.
That is why you should always trust the person or business you are doing business with. If you ever wanted a refund, you would only have to ask for it since you know that the other party is honest and will respect your wishes. Remember always to read the reviews from other users. This will give you insight as to who you are dealing with.
Also Read: Google Home vs Amazon Echo: Everything You Need to Know About Google Home
The Pro Review from TechReviewPro
As you can see, Bitcoins are quite a handful if you are new to the business. There is a lot to read up on to keep your identity and Bitcoins safe. It’s not just about how or where to buy Bitcoins instantly, but what you have to do to keep your Bitcoins safe also.
There are still a lot of things you can’t do with Bitcoins, but you never know when it will be as widely used as the commonly used payment methods we all use today. Be careful as to where you buy your Bitcoins and who to pay them to when doing business.
- 15 Best Hidden Google Easter Eggs and Games You Should Know
- 7 Best Paid and Free Online Meeting Tools for Web Conferencing
- Google Mentalplex, Google Gulp, and Other Funny Google April Fool’s FAQs You Should Know
- 17+ Best CPM Advertising Networks that Pay Really Higher
- What is Google Guitar? How to Play Google Guitar and Songs You Can Play on Google Guitar