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What is Bitcoin and how can I pay by Bitcoin?

How to use Bitcoin to pay

WHAT IS BITCOIN?

Bitcoin is a digital currency that is not controlled by central authorities or banks. Bitcoin is completely decentralized. 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. Any user who has a computer/smartphone and Internet access is able to use it. In addition, bitcoins represent a cryptocurrency – a new category of money that is gaining popularity. There are many useful articles about Bitcoin that you might want to read before you start with Bitcoin. Here you can relevant details about it: bitcoin.org/en/faq

WHY SHOULD I USE BITCOIN?

  • It’s anonymous. You remain anonymous! Any wallet can have as many addresses as possible to receive and send bitcoins. Your personal information is in no way connected with them! Account verification may be required for some exchanges (places where you can buy bitcoins for fiat (USD, EURO, etc.), but it is not obligatory for your personal wallet/wallets. Your bitcoin wallet is linked to your account if you buy bitcoin in Coinbase. But information about the place and purpose of sending bitcoin will not be known. In order to improve the security level, you can use temporary intermediate wallets.
  • It requires significantly less time for payment confirmation. We might need 1-2 days to process and confirm your Western Union and MoneyGram payments and 10-20 minutes for the Bitcoin ones. Faster your payment will be confirmed, faster we will ship your order and faster it will be delivered!
  • Bitcoin is not backed by any single bank or country. It’s decentralized. There is no authority to block a bitcoin transaction. And there are no reasons to do so. You already know it, Western Union and MoneyGram transactions could be blocked sometimes for a reason that might be from a good one to the most stupid one. A blocked transaction will require your time and additional costs to resend us the payment.
  • 365 days a year and 24 hours a day – Bitcoin payments are always available. Just make sure that your Internet connection is up and running. It’s like PayPal, credit/debit cards or any other online payment method you are used to, but with a much higher level of anonymity.

HOW AND WHERE CAN I GET BITCOINS?

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.). Further, you can see the most well-known exchanges that you can trust.Please note! 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 cex.io/cardsand 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:

Coinmama

Wires

Binance Jersey

ChangeHero

HOW CAN I TRANSFER/RECEIVE BITCOINS?

Your bitcoins are collected in your wallet software available for almost all operating systems. 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: bitcoin.org/en/choose-your-wallet

USING A CREDIT CARD

You can visit Bitcoin UK and use online bank transfer or your credit card to buy Bitcoin and then use it to spend on your purchases including ones in our website. Similar websites offer similar methods for buying bitcoin with your credit card. Please visit them and proceed.

1 thought on “What is Bitcoin and how can I pay by Bitcoin?

  1. Some really interesting information, well written and broadly speaking user genial.

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