Many people have heard of Bitcoins as an alternative currency, but they barely use it. And yet you can pay more and more goods and services with Bitcoins, and in times of uncertain economy you could think of Bitcoins as an investment.
The cryptocurrency you buy from other users in the marketplace at Coinbase. You can see with each seller how many Bitcoins he offers and at what price. You can buy in any denomination. Check that the seller is fully registered and verified at Coinbase. For other providers, you should not buy Bitcoins.
You transfer the purchase price for the bitcoins to the bank account of the seller. The data is displayed during the transaction, similar to Ebay. Make sure to write all data for the purchase including the ID in the transfer. Once the money has been received by the seller, the bitcoins will be credited to your Coinbase account. The fees for the purchase carry buyers and sellers in each case in half.
Alternatively, you can earn Bitcoins through mining operations, this will take a bit more time and you’ll need specific equipment. However, it’s also possible to join a mining pool and start mining together with other people. I’ll write more about that in the future.
As a seller, you must deposit Bitcoins into your user account at Coinbase. These bitcoins are blocked as credit and can not be used for further sales – this prevents double sales and slows down fraudsters.
You can also transfer Bitcoins to a vault. These bitcoins can not then be used to buy products. A supplier of bitcoin vaults is for example Xapo . Xapo also offers a credit card – so you can use Bitcoins to pay with a credit card – as well as matching apps for iPhones and Android smartphones.
Use and manage bitcoins
You can manage purchased bitcoins in a so-called wallet, a virtual purse. This is the same for all providers. If you have bought Bitcoins on multiple portals, you can all combine them into one bitcoin wallet. Or you can use smartphone or desktop apps like the “Bither” app, which is available for Windows , iPhone and Android .
More wallets can be found on the website bitcoin.org . Once you’ve decided on a wallet, you can quickly and easily transfer your bitcoins to your new wallet and pay later with this wallet.
Alternatives to Coinbase
Of course you can also buy bitcoins from other providers than at Coinbase. However, most companies are not based in US. An alternative is AnyCoin Direct . The advantage lies in the quick and easy registration and the various payment options. You can purchase the first bitcoins within an hour of signing in – but with some restrictions: until the account is verified, you can only buy small amounts. Relatively fast from the beginning you can work with instant bank transfer and Giropay.
The search for a suitable platform
Meanwhile, there are not countless, but many providers, where you can buy Bitcoins. They differ from each other in many ways.
Some providers require their own wallet on the platform, while others can transfer the money to their own wallet. With exchange offices ( overview ) one buys its Bitcoins directly with a offerer, on market places ( overview ) one buys with other users. Depending on the provider, different exchange rates and fees are called.
Another important difference is the question of whether to exchange his bitcoins on the basis of live courses or fixed courses. Live courses are constantly changing, while fixed exchange rates change less frequently. Of course, it also matters whether a platform has many users, ie high supply and demand.
Of course, the payment methods differ . In addition to cash and bank transfer, some providers allow Bitcoin purchases via credit cards or gift certificates. For US users, the question of where to get bitcoins for dollars is certainly crucial. Bitcoin Charts offers a practical, but not quite complete overview .
After all the hardships with the Blockchain, the Mining or the first Wallet it is comparatively easy to buy and sell Bitcoins. In addition, the presented platforms make a fairly safe impression. In any case, you can transfer your newly acquired Bitcoins always uncomplicated from the appropriate platforms on his own wallet.
If you like it anonymously, it’s probably best to make a personal purchase for cash. The other platforms sometimes require a lot of personal information. Coinbase goes there for my taste a good middle ground, which allows me as a beginner to get started quickly, without having to identify too expensive.
Nevertheless, you have to take a few days to buy your first bitcoin. This is not only because of the complex registration, but also because it takes a few days to get its bitcoins on almost all platforms.