- WHAT IS BITCOIN?
Bitcoin is a digital currency with no central authority or banks controlling it. Bitcoin is fully decentralized. From a user perspective, bitcoin is pretty much like cash for the Internet. Bitcoins aren’t printed, like dollars or euros – they’re produced by people and businesses, running computers worldwide, using software that solves mathematical problems. Bitcoin can be used worldwide by anyone with a computer/smartphone and Internet access. Also, bitcoins are the first example of a cryptocurrency, a well-known, growing new money category. There are plenty of good articles you might want to read before starting with Bitcoin. Here you can find answers to probably all your questions: https://bitcoin.org/en/faq.
- WHY SHOULD I CHOOSE BITCOINS?
There are at least five incontestable advantages to paying with bitcoins:
1. You stay anonymous! Any wallet can have multiple (as many as you want) addresses for receiving and sending bitcoins. These addresses are not associated with your info! Account verification might be mandatory for Bitcoin Exchanges, where you can buy bitcoins for fiat (USD, EURO, etc.), but you don’t need to do this for your wallet or wallets. So, if you buy bitcoins at Coinbase, your account is associated with your bitcoin wallet. However, nobody knows where to and what for you are sending bitcoins. You can use temporary intermediate wallets for higher safety.
2. If you pay with bitcoins, we will deliver your order 1-2 days faster because Western Union and Money Gram sometimes require up to 48 hours to get payment confirmation.
3. If you pay with bitcoins, you get an extra discount from us.
For international warehouse: 10% discount; no code is needed.
For EU Domestic warehouse – 5% discount, no code is needed.
4. Bitcoin is a decentralized currency. Compared to Western Union or Money Gram, bitcoin transfers are fast, and any authority cannot block them! If you pay by WU or MG, they can stop your payment for some reason. In this case, you will need to resend your payment, which implies additional fees, time losses, and inconvenience. With Bitcoin, you won’t ever face such issues. Bitcoin transfers are always accessible, fast, and smooth.
5. Availability 24/7/365. You don’t need to think about when to find time to visit a bank; WU office etc. Do you have holidays or night-time at the moment? With bitcoin, it does not matter. If you need to transfer bitcoins at 3 a.m. on Sunday, they will be transferred at 3 a.m. on Sunday. You don’t even need to leave your house. Only a computer/smartphone and Internet connection are required.
- HOW AND WHERE TO GET BITCOINS?
Many exchanges on the Internet allow bitcoin purchases for USD, EURO, or your local currency through conventional payment methods (VisaMastercard, etc.). We prepared for you the list of the most popular and trusted exchanges.
Please note that most of these options require user verification before a bitcoin purchase, in line with KYC/AML regulations (Know Your Customer/Anti Money Laundering). It is a formal/regular procedure, done only once when registering an account. As we noticed in I.2 exchanges, they know that you buy bitcoins but cannot know where and what you send them. In our store, customers receive different bitcoin addresses to send bitcoins to.
Coinbase is probably the most popular and damn easy-to-use exchange, which combines an attractive interface, a great site to get bitcoins with a debit card, and multiple online wallets for your digital currency. Over 4,800,000 users, including 45,000 merchants and 9000 developer apps, are signed up. Works well for European, American, & Canadian customers. All instructions are provided on www.coinbase.com.
Mobile apps: available for Android and IOS
CEX.IO is a platform where you can easily buy bitcoins with your ordinary VISA/MasterCard. Just go to https://cex.io/cards/ and click on “GET STARTED.”
LocalBitcoins is a popular p2p (person-to-person) marketplace, similar to eBay. This site allows you to buy bitcoins differently in 13924 cities and 248 countries. Buyers and sellers create offers and must agree on a price and terms of a trade before a transaction can be made. It’s possible to buy bitcoins with no ID on LocalBitcoins either by buying with a cash deposit or meeting in person and trading cash. It is one of the first and most reputed exchanges available. The site provides escrow and dispute resolution.
With LibertyX, you can pay by cash and get bitcoins instantly at 19,000+ local stores in the USA. Visit https://libertyx.com/ or download the mobile app to find the nearest store to you.
Download LibertyX for IOS
Download LibertyX for Android
Wall of Coins is a peer-to-peer cash exchange currently available in the United States, Canada, Germany, Argentina, Latvia, Poland, and the Philippines. A phone number is required for use but not for verification purposes. No ID is required. Just go to https://wallofcoins.com/en/ and click on “Buy bitcoins.”
Buy bitcoins with cash deposits, debit/credit cards, online transfers, or gift cards. Video tutorial is available on site.
Bitquick.co is one of the easiest and quickest ways to buy bitcoins instantly with cash.
At CoinMama, you can buy bitcoins with a credit card without verification for your first $150 worth of bitcoin purchases. However, the bitcoin-USD ratio is higher. On the other side, our 10% discount for all orders paid by bitcoins fully compensates for all fees.
BITPANDA is Europe’s most popular service for buying and selling bitcoin.
Bitit is a Europe-based exchange. It allows users to buy bitcoin online with a 3D Secure credit or debit card in 10 minutes and with cash in more than 150K+ Local Stores using Neosurf, Flexepin, or Cashlib vouchers. First, 25 euros worth can be purchased without ID.
These are similar to regular ATMs, but instead of spitting out fiat currency, they deliver bitcoins to your wallet upon the insertion of cash. There are different types of Bitcoin ATMs made by a variety of companies. Each ATM is unique; some may require verification, a picture of your ID, or confirmation via phone. There are, however, several ATMs that allow customers to buy without any verification. Coin ATM Radar keeps track of Bitcoin ATMs across the world. You can use Coin ATM Radar to determine if a Bitcoin ATM near you requires verification.
You can specify our bitcoin address (which you receive at the checkout) to pay directly to us; thus, you don’t need to create a bitcoin wallet.
There are much more exchanges. Please follow the link to check the rating list of TOP45 exchanges: www.bestbitcoinexchange.io
The complete list of exchanges is available here:
- HOW DO I SEND/RECEIVE BITCOINS?
Your bitcoins are stored in your bitcoin wallet software. Always back it up! You lose your money if you lose or delete your wallet file and don’t have recovery info or backup. So be careful. There are a lot of software wallets for almost all operating systems. The complete list of official wallets for all platforms is available here:
For Windows, there are two types of wallets: complete and lightweight. Full wallets download the entire transaction history for all time of the bitcoin existence. It is called a blockchain. For now, it takes over 100 Gb of your disk space and several hours for full synchronization; however, only at the first launch. After this, it will work fast. Bitcoin core is the most popular, official, and secure client among these wallets. It has improved privacy and does not disclose information about IP-address, etc., to others.
Lightweight wallets do not download the complete blockchain to your PC. They connect to remote servers, which store the full copy of the blockchain. For most users, light wallets are an optimum solution.
Electrum (https://electrum.org/) is of the most popular lightweight bitcoin wallets.
So, how does it works?
Bitcoin wallets generate special addresses, which look like a string of letters and numbers. For example:
You always send money to addresses similar to the one posted above (Don’t send bitcoins to the address above, it is just an example!). When you install the wallet software, you will be able to generate numerous amount of similar addresses within this wallet.
Important: After installing and launching a lightweight wallet app for the first time to create a new bitcoin wallet, the app will provide you a so-called seed phrase, a sentence consisting of 12 or more words.
- Official bitcoin/USD ratio can always be checked here:
2. However, each exchanger has its Bitcoin-USD ratio. Consider it when buying your Bitcoins.
Using a wallet on your mobile phone, use a QR code to send bitcoins. Find the option “Scan QR-code” in your mobile wallet and direct your smartphone’s camera to the QR-code. Our store shows such codes after checkout if bitcoin is chosen as a payment option:
3. The QR code will be decrypted by your wallet into a bitcoin address and automatically inserted into your mobile wallet’s “Send to” field.