Bitcoin

WHAT IS BITCOIN?

Bitcoin is a digital currency that operates without the need for central authorities or banks, making it completely decentralized. Think of Bitcoin as cash on the Internet. Unlike traditional currencies like dollars and euros, Bitcoin exists solely in electronic form and is created by people and organizations managing computers around the world using software that solves mathematical problems. Anyone with a computer or smartphone and an Internet connection can use Bitcoin. It represents a new category of money known as cryptocurrency, which is rapidly gaining popularity. For more detailed information about Bitcoin, you can read useful articles here: Bitcoin FAQ.

WHY SHOULD I CHOOSE BITCOIN?

Bitcoin offers at least five significant advantages:

  • Anonymity: Any wallet can have multiple addresses to send and receive bitcoins, with no personal information linked to them. While account verification may be required for Bitcoin exchanges (platforms where you can buy bitcoins for fiat currencies like USD, EURO, etc.), it is not necessary for your personal wallet(s). Your Bitcoin wallet is linked to your account if you buy Bitcoin on platforms like Coinbase, but the purpose and details of your transactions remain private. To enhance security, you can use temporary intermediate wallets.
  • Faster Transactions: Paying with Bitcoin can reduce order delivery times by 1-2 days compared to traditional methods like Western Union and MoneyGram, which can take up to 48 hours to confirm payments.
  • Availability: Bitcoin is available 24/7/365. No more dealing with bank hours or holiday closures. With Bitcoin, you can send payments at any time, as long as you have an Internet connection and a computer or smartphone.

HOW AND WHERE CAN I GET BITCOINS?

There are many exchanges on the Internet where you can buy bitcoins using USD, EURO, or your local currency through convenient payment methods (Visa, MasterCard, etc.). Below are some well-known and trustworthy exchanges. Please note that user verification will be required by most of these resources before buying bitcoins due to KYC (Know Your Customer) and AML (Anti Money Laundering) regulations. This process is formal and only needs to be done once when creating an account.

  • Coinbase: One of the most famous exchanges, allowing you to buy bitcoins using a debit card and several online wallets. Popular among users in the US, Canada, and Europe. Detailed instructions can be found at coinbase.com.
  • LocalBitcoins: A p2p (peer-to-peer) platform often compared to eBay. Buyers and sellers agree on trading details before transactions. You can buy bitcoins without ID, using cash deposits or during personal meetings. Available in 13,924 cities and 248 countries. More at localbitcoins.com.LibertyX: Allows direct Bitcoin purchases in over 19,000 US stores. Visit libertyx.com or download their mobile app for iOS or Android to find nearby stores.
  • Wall of Coins: Used in the USA, Canada, Germany, Argentina, Latvia, Poland, and the Philippines. This peer-to-peer cash exchange requires only a phone number. Visit wallofcoins.com to start buying bitcoins.
  • Bitquick.co: An easy-to-use service for buying bitcoins with cash.
  • CoinMama: Buy bitcoins with a credit card. No verification needed for the first $150 purchases.
  • BITPANDA: Popular in Europe, allowing Bitcoin purchases and sales with Visa, MasterCard, SofortUeberweisung, etc.
  • Bitit: Known among European users, Bitit allows Bitcoin purchases with 3D secure credit/debit cards and cash vouchers from over 150,000 stores. No ID required for first €25 purchases.
  • Bitcoin ATMs: Similar to regular ATMs but for bitcoins. Insert cash, and the equivalent amount of bitcoins is transferred to your online wallet. Use Coin ATM Radar to find nearby ATMs and their verification requirements.

HOW CAN I TRANSFER/RECEIVE BITCOINS?

Your bitcoins are stored in wallet software available for almost all operating systems. Be cautious with your wallet information. If you lose your wallet file and don't have a backup, you will lose your bitcoins. A list of official wallets for all platforms can be found here: choose your wallet.

  • Full Wallets: Save complete transaction history since Bitcoin's inception (blockchain), requiring over 100 GB of disk space. Example: Bitcoin Core.
  • Lightweight Wallets: Connect to remote servers for blockchain data, not requiring full blockchain download. Example: Electrum (electrum.org).

When setting up a wallet, you’ll receive a seed phrase (12 or more words) to back up and restore your wallet. Keep this phrase safe.

Transferring and Receiving Bitcoins

  • Receiving: Generate a new address in your wallet and click "Receive" or "Request Payment." Share this address to receive bitcoins.
  • Transferring: In your wallet, click "Send" and fill in:
    • Pay to: The recipient's address.
    • Label: (Optional) Note for your reference.
    • Amount: The amount of bitcoins to send.

BITCOIN ADVANTAGES

  • Ownership: You are the sole owner of your bitcoins.
  • Security and Anonymity: More secure and private than PayPal or credit cards.
  • Faster Order Processing: Orders paid with bitcoins are processed faster than those paid with traditional methods.

If you have any additional questions, feel free to contact us. We’re here to help.