Bitcoins are the digital currency of the 21st century. They were introduced in 2009 as open source software. With the ease of internet hacking today, the pseudonymous developer Satoshi Nakamoto programmed the system with cryptography to control transfer and creation of the money. Using “peer-to-peer” technology, the currency is not controlled by banks or authoritative government allowing easier transfer of funds. Your bitcoin money is held in an online wallet, allowing ease of access to your funds.
“Bitcoin Mining” is a way to earn bitcoins. When you mine, you solve complicated math algorithms with special software that rewards you with bitcoins when completed. Many miners use multiple “rigs,” or computer setups running the special software to earn more funds. Pools are a community of miners working together that spread any funds earned out evenly. They’re a great place for a beginning miner to start his or her Bitcoin career.
ALSO READ: BTCRobot – Automated Bitcoin Trading Software / Bot Review
The major problem with this new sprawling currency is without a solid backing as of February 13, 2014, the value of each coin fluctuates insanely. This provides uncertainty within value of the funds, and may scare away more cautious people.
Buying Bitcoins with Cash
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Though the currency is digital in nature, there are many ways to purchase the coins. Even the most-used form of money, cold cash, can be used to buy bitcoins. Buying bitcoins with cash? Many shops and businesses carry gift cards, which can be bought with cash. You simply pick out the amount in bitcoins you want, and pay for it at the register.
Then, you have to deposit a code from the card onto the website and soon your funds will appear. Buying bitcoins with cash provides a better certainty to the actual value of the product. Many websites have special options allowing you to buy and transfer bitcoins at your local bank and with wire transfers. The variety of ways to easily buy bitcoins with cash makes the foundation seem much stronger.
Local Bitcoins Exchange Marketplace
There is a local bitcoin marketplace that connects buyers and sellers of bitcoins locally. It’s kind of like Craigslist but provide more security. The site will automatically identify your location using your ISP IP address and displays bitcoin buyers and sellers near you. Visit localbitcoins.com to get started!
Buying bitcoins with Western Union
If you want to buy bitcoins with western union, there is a way available. Online transfer is another great way of buying bitcoins with cold-hard cash. Western Union is an ecommerce and Communications Company that allows bitcoins to be bought and sent.
They accept bitcoins as a viable form of currency, allowing wire transfers between cash and Bitcoin to occur. Buying bitcoins with Western Union is simple, though it would be wise to be familiar with bitcoin marketplaces first. When selecting a payment option, Western Union should be available on most mainstream marketplaces to buy funds for your Bitcoin wallet. You can now spend your newly cash-bought bitcoins with Western Union.
Buying bitcoins with cash / Western Union is pretty easy nowdays! Visit LocalBitcoins.com to get started. They provide instructions and tips.
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