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What is Bitcoin and how can I pay by Bitcoin?

Bitcoin payment at Pharmabol UK
What Is Bitcoin?

Bitcoin is a digital currency that is not controlled by central authorities or banks. Users can regard it as cash on the Internet. Bitcoins, unlike dollars and euros, exist only in electronic form, are created by people and organizations managing computers around the world, using software that solves mathematical problems. Here is some additional information about Bitcoin:

Are Bitcoin(BTC) and Bitcoin Cash(BCH) the same thing?

Absolutely not. Even though their names are very similar, Bitcoin Cash(BCH) is a different cryptocurrency. Bitcoin Cash (BCH) has it’s own blockchain and it’s own exchange rate. Please always make sure to pay for your order in Bitcoins (BTC). Do not make any payments in Bitcoin Cash (BCH). Your funds will be irrevocably lost !

Why should I use Bitcoin?

It’s anonymous, it requires significantly less time(5min-30min) than bank transfer or Western Union where the money can clear between hours to days, it’s not controlled by a bank or government so your transaction can not be blocked or denied, 7/27 available which means you can send your money anytime and it’ll be collected right away.

Where can I get Bitcoin?

A lot of exchanges on the Internet provide you with a possibility to buy bitcoins for £, EURO or your local currency through the convenient payment methods (Visa, MasterCard, PayPal, etc.). Please note that user verification will be required by that majority of the resources below before buying bitcoins according to KYC/AML regulations (Know Your Customer/Anti Money Laundering). This procedure is formal and is carried out just once (when creating an account).
Please note that we have no affiliations with the following websites. The following list is for informational purpose only. Caution should be taken when dealing with your hard-earned money.
Bitcoin UK looks like a serious company with lots of good reviews on Truspilot. They have educational sections to read and watch about Bitcoin and get a general idea of how it works as well as buying options with your bank account or credit card.
CEX.IO is a simple platform that allows you to use VISA / MasterCard to acquire bitcoins. In order to start using this site, you just need to follow the link click on the “Get started” button.
LocalBitcoins is one of the first and most famous exchanges. Users often compare it to eBay because it is a p2p (person to person) platform. Bidding approaches in this case since sellers and buyers agree on all the trading details themselves before the transaction is made. You can buy bitcoins without any ID on LocalBitcoins, purchase it cash using cash deposit or during a personal meeting using just cash. This site is used in 13924 cities and 248 countries. Escrow and dispute resolution are provided on the website.
Some other platforms with good reputation are: Binance UK, ChangeHero, Coinbase.

How can I receive/transfer/save my Bitcoin?

In your wallet, just like your paper money. With one difference: your bitcoins are collected in your wallet software available for almost all operating systems. Alternatively, you can have a hardware wallet or an online wallet as well. However, you should be careful with all the info provided. In case you miss or eliminate your wallet-file and don`t have any backup or recovery info you will lose your money. The full list of official wallets for all platforms can find here:

Can somebody steal my Bitcoin wallet and my funds?

Can somebody steal your physical wallet from your pocket? Just as you take care of your physical wallet and your paper money and your credit cards you must take care of your Bitcoin wallet. Have a strong password, store the recovery keywords in a safe place etc.

Where else I can use it?

Microsoft, Overstock, Namecheap, NewEgg to name a few. Every day, more businesses accept bitcoins because they want the advantages of doing so.

Bitcoin value fluctuates a lot, how can I prevent a loss?

Buy Bitcoin as necessary. Do not keep large amounts of Bitcoin in your wallet unless you do that for investment purposes. It can go up (remember late 2017) or go down.

2 thoughts on “What is Bitcoin and how can I pay by Bitcoin?

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