Guide to buying bitcoins
There are many ways to obtain Bitcoins on the open market. Quite simply you can accept them as payment for services or products, and your Bitcoin collection has begun. You can buy them from a friend or acquaintance for an agreed upon rate. You can even buy them from an exchange by using your standard money from your bank account. Cash can be used to buy Bitcoins through various exchanges. The purchase of Bitcoins with a credit card is problematic however. This is because the sale of Bitcoins is final. There are no refunds or reversals allowed. Any credit card transaction can be reversed, or at least disputed. If that happens, there is very little proof that a product has changed hands with Bitcoins. Not only that, but there will be no governing body or regulatory agency that will be able to help you retrieve your money or your Bitcoins once the transaction is wiped out, since Bitcoins are not regulated as currency. And while it’s possible to find some sellers, it’s not recommended to buy or sell Bitcoins with PayPal either, for many of the same reasons. Transactions can be easily disputed on PayPal. Accounts can be frozen and assets locked up while the debate surrounding the dispute rages on. Any setup where the money spent on Bitcoins can be returned by a third party will not be acceptable for the purchase of Bitcoins.
Buying Bitcoins from exchanges is not difficult, as long as you take the correct steps to prepare for the transactions. In order to buy Bitcoins, you must first have someplace to put them. Once purchased, Bitcoins are kept in a “wallet.” A Bitcoin wallet is easy to setup. You can choose either an online, web-based wallet, or you can set up your wallet on the hard drive of your computer. Either if these choices will work efficiently, however both have their drawbacks. System crashes and viruses can impact your hard drive, while hackers and cyber-thieves can attack your web-based setup. In regard to using your iPad or iPhone, things are getting easier. The use of Bitcoin wallets was banned for Apple users at the end of this past year, but that has since been revoked. The use of Bitcoin wallets with Apple devices is growing again, at a rapid pace.
Once your wallet is setup, you are ready to accept your Bitcoin purchases. You can use any number of exchanges to buy and sell your Bitcoins, depending on the country in which you live. Each has varying degrees of transparency or anonymity, depending on your level of knowledge and the nature of your purchase.
Categories: Bitcoin articles
