It's been like 6 months before I first encounter my own experience with bitcoins. Back then I never had a nibble idea what bitcoin is and how it even works in the real world. Only thing I knew was it has something to do with money. Going back to the days, the first ever platform that introduced me to bitcoin was bitLanders — a digital platform and a social media that pays its user for blogging, posting and sharing stuff to the world that rewards you with bitcoins. Because of my very open access to the internet world, I stumbled upon faucet sites too. These sites gave users bitcoins though in small packages we can call satoshi. Faucet sites gives about 200, 500 or 1000 satoshi every 10 minutes or so depending on site's regulations. It's all free but it really takes a lot of effort.
A 6 months experience with bitcoins is maybe not enough to teach prospects regarding bitcoins. But I figured out that this might come in handy. Below are raw insights about bitcoins which is mostly based on my own experiences, observation plus a little extra readings and research.
How Bitcoin Works?
Bitcoin exist with other cryptocurrencies like litecoin, dogecoin and many more. Bitcoin like any other existing physical currencies works like how they should be. Maybe the most common difference is that bitcoin takes place digitally or it works in an electronic way wherein all transactions made are all recorded chronologically in a public ledger known as the blockchain. In a perspective of a common user, bitcoin works only as a mere way of sending and or receiving money. More like an internet cash or a credit card. However there's more to that as some users use it for business purposes such as investment or gaining profit through exchanges and mining.
Who Uses Bitcoin?
Bitcoin maybe new but its growing fast and stable. Many people are now starting to get hook about the knowledge of bitcoins. There are individuals who uses bitcoins as an extra source of income through doing various online works. But businesses are the most one who uses bitcoins. This includes some airlines, hotels, restaurants, shopping center, and many more. "At the end of August 2013, the value of all bitcoins in circulation exceeded US$ 1.5 billion with millions of dollars worth of bitcoins exchanged daily" — excerpt.
Getting Started With Bitcoin
Making your first move and having a jump start with bitcoins is as easy as a pie. Though one must be vigilant as we're talking about real money and real cash here.
First, ask yourself if what's your plan why you want to get involve with bitcoins. Possibly, it could be due to to personal purposes like earning some extra bucks or starting your own business.
Second, you must have your own wallet address. There are applications available to install for smartphone and programs for PC or Mac to help you get started. But there are also online payment platforms that doesn't require any downloads and installations like Xapo, Coinbase, BitPay and more. But be sure that you'll be joining on a reputable and trusted platform.
Third, buy bitcoins. You can buy bitcoins on any legit online platform. Just place an order and pay using your funded bank account.
Below is a sample instructions on how to buy your very own bitcoins. As you can see it's the local online payment platform in my country, the Philippines. I really trust this site.
Having a wallet address is the first step and the most basic thing but it all starts here. Let me share a simple insight on how to use the wallet address. I'm using a local online payment platform, Coins.ph.
To receive bitcoin: Just provide your wallet address. It is commonly a long code consist of mixed letters and numbers. For the more convenient way, scanning QR code can be done.
To send bitcoin: Make sure you have the enough balance to complete the transaction. Place the amount you want to send and add the directory to whom you'll be sending the money. Some platforms accepts email address but typing in the bitcoin wallet address is the best thing for me.
Why Choose and Use Bitcoin?
As far as I can see, bitcoin is the most convenient way possible. In terms of freedom, you can count on it. There are no requirements, bank holidays and limits as long as you have the means to access your account. Another thing users love about bitcoins is the fact that it offers small fees to either no fees at all for every transaction made. Bitcoin is also known for its transparency and security among its users. This lessen the risk of people being a victim by fraud charge backs or fraudulent phishing of data especially for the merchants.
