A HANDY GUIDE TO BITCOIN WORLD
ATTENTION: This guide applies to Bitcoin, aka BTC only. Though the naming is almost identical, Bitcoin Cash, aka BCH is a different cryptocurrency. Bitcoin Cash (BCH) has it’s own blockchain and it’s own exchange rate. Bitcoin Cash (BCH)’s exchange rate to USD is significantly lower than Bitcoin (BTC) to USD. 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 lost irrevocable!
Bitcoin is a digital currency. The bitcoin network is not backed by any single bank or authority and it’s fully decentralized. It can be used worldwide by anyone with a computer or smartphone and Internet access. Also, bitcoins are the first example of a cryptocurrency, a well-known growing new category of money. There are a plenty of good articles you might want to read before starting with Bitcoin. Bellow you can find a link to an excellent one.
Coindesk will answer to most of the questions related to bitcoin network and the information is updated on a regular basis.
- It’s anonymous. Any payment can be completed from multiple accounts, a single wallet can have as many as you want receiving address and a different one for sending funds. Account verification/validation might be mandatory for Bitcoin Exchanges, places where you can buy the coins, but you don’t need to do this for your personal wallet or 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.
- Shop and save 10%. Choose Bitcoin at checkout and that’s it. No promo code required.
Identical to printed money, bitcoins are stored in a wallet. There are a few types of wallets designed for bitcoins, from the online wallets, standalone Bitcoin clients for desktop and mobile to hardware ones, which are one only purpose devices: for storing and managing your Bitcoin funds and transactions. A handy guide how to choose your wallet with full description is available at:
The best way to store your Bitcoins is a wallet on your computer or mobile phone as you’ll get a full control over your Bitcoins. A noticeable example of a standalone (desktop) clients is Electrum. Just remember, there are two types of desktop clients, with full validation and simplified one. Full validation requires to download all the “block chain” on your computer, which is very large database (60 GB and growing every 10 minutes) that contains all the transactions ever made using Bitcoin. Full validation in theory provides an extra layer of security and allow merchants to avoid “double spends”. As a normal user, simplified validation works just fine and there is no reason to maintain a complete copy of all ever maid transactions. You are only interested in a small part of the block chain that contains your transactions and it is about 25-30 MB. Online wallets a very popular nowadays as they are easy and quite fast to set-up, don’t require any free space on your HDD and are just convenient, especially when we are talking about relatively small transactions or occasional ones e.g. when you want to transfer you bitcoins from a Bitcoin Exchange to your personal wallet.
IMPORTANT NOTICE: We strongly recommend using online wallets only if you are totally new to Bitcoin and/or you intend to use bitcoins for occasional, relatively small payments, without keeping to much of your own funds in bitcoins.
The fastest way to get bitcoins is to find a Bitcoin Exchange or a Bitcoin ATM. Just take a look at the links bellow:
BUYBITCOINWORLDWIDE.COM: An extremely convenient website that will help you to locate a reliable bitcoin exchange that supports your favorite payment method.
Below are various platforms you can buy bitcoin with either debit/credit card or bank transfer or bank transfer:
IMPORTANT NOTICE: If your favorite Exchange(platform) is offering a bitcoin wallet, please make sure to stay away such exchange or platform from keeping your funds in that wallet or making any payments from that wallet. You should always have a personal 2nd wallet like Breadwallet, Greenaddress, (mobile devices) Electrum (desktop). Any funds deposited in the wallet that your Exchange offered should be moved immediately to your second wallet.
Below is a video tutorial prepared by LocalBitcoins.com. Other exchanges will provide you a similar experience, meanwhile at LocalBitcoins you can buy bitcoins with cash, bank transfers, PayPal and other various payment methods.
Bitcoin uses payment addresses for sending and receiving funds. At this point it’s really similar to PayPal, which uses an email address. A Bitcoin address looks like this:
ATTENTION: The Bitcoin address above is not valid. Please don’t use it for any payments.
TL;DR all Bitcoin wallets provide a similar user’s experience. There is a SEND button to make payments and a RECEIVE one to get them. You’ll need a payment address and an amount to be transferred. An exchange is a good place to get some coins. The fees are ridiculous low and Bitcoin has a higher anonymity level than other online payment methods. It’s somewhere near to cash payments.
You should always consider to check with us or contact us if you didn’t understand the above steps.