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Bitcoin (BTC)

Updated on September 30, 2016

Bitcoin

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Why would you want to use Bitcoins

There are a number of advantages to using Bitcoin over conventional payment methods, as well as some disadvantages to it.

One reason for business to accept Bitcoins is that the transaction fees are far less than traditional credit card fees, which can be around 2-3% of the transaction amount. Also, transaction fees are paid by the sender, not the receiver, so this can greatly impact a business's bottom line.

Consumers may want to use bitcoins because it is a fast and easy way to send money to anyone online. They don't have to worry about governments or time-zones or banking hours.

How to get started

The first thing you will need is a Bitcoin wallet. There are different wallet types for different purposes. If you are going to have a substantial amount in Bitcoin, you will likely want to purchase a Hardware Wallet, which is more secure than an online wallet. If you are planning on purchasing a few bits here and there, you can probably get by with an online wallet.

Next you will need to purchase some Bitcoin. You can get an online wallet with a site that is also a currency exchange, so you can purchase or sell the currency as well as store it all in one place.

Have you ever owned any Bitcoin?

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Alternative Methods of Acquiring Coins

There are some other ways to acquire Bitcoins. It is possible to mine coins. To do this you will want to purchase a piece of hardware specifically for that purpose. Most often than not, you will end up spending more money on the additional electricity usage, but this could be profitable if you have a source of very cheap or free electricity.

Another way is through Bitcoin or Satoshi faucets. These are sites that will give you a couple of bits or Satoshi just for visiting the site. All you need to do is provide your wallet address and fill out a captcha. These sites are littered with ads and make more off the ads than they give out in Bitcoin. It isn't an efficient way to accumulate any substantial amount amount of coins, but is a way to get some for free. A few sites that I currently use are Moon Bitcoin and Bonus Bitcoin.

The more accepted Bitcoins are getting, the more opportunities you have to get paid in BTC for doing jobs or tasks, especially for online websites.

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