Bitcoin is a new currency used to buy things electronically. It is the first example of digital currency known as cryptocurrency. Bitcoins are not controlled by a bank, a company or anybody. Instead they are produced digitally by a community of people and businesses using software programs that follow mathematical formulas to produce it.
Bitcoins are not printed nor it can be visually pointed as a digital file or a physical object. Instead there are only records of bitcoin transactions which includes the address used to send the bitcoins, the amount of bitcoins and the the receiver’s bitcoin address. These transactions are sent to and from bitcoin wallets. A Bitcoin wallet can be a software stored in the computer hard drive or an online, web-based storage or a ‘vault’ service that protects bitcoins offline using a number of keys to protect the account. Mainly, Bitcoin storages or wallets vary from different levels of security.
In sending bitcoins, the user needs a bitcoin address and a private key. A bitcoin address is a sequence of numbers and letters and is randomly generated. The private key, also a sequence of numbers and letters, is kept secret and is used to sign the transaction before it sends.
To get started, you need to get a bitcoin wallet then get some bitcoins whether by money, mining or selling stuffs in the internet. And lastly, use your bitcoins to buy things you want or need anonymously.
A large number of companies nowadays accept bitcoins as a legitimate source of fund in exchange to the programs and tools and many other products and services they offer online. Examples of these are as follows.
Amazon – an online shop that sells gadgets, books, movies, softwares and almost anything using different modes of payment including Bitcoin transactions
WordPress.com – an online company who offers free blogging to users and sells premium blog features to users available for bitcoins
Reddit – is an open to public forum and is a social networking site. Reddit provides a sub-forum dedicated to bitcoin transactions. Sellers are allowed to post items for sale in exchange for bitcoins.
The Pirate Bay – is a directory of bittorrent files. Premium items can be sold for bitcoins
The best thing about bitcoin is its anonymity characterisric. A bitcoin address does nt hold details about its owner and so no one knows who paid whom. This makes it the best choice to buy things privately compared to using conventional money or bank accounts.
Buying VPN for instance using bitcoins makes it more secured since transaction made to buy for it is anonymous. That is why it is no surprise that many VPNs accepts bitcoins as payments. Some of which are AirVPN, Mullvad, VPN Area, Iron Socket, Nord VPN and more.
It is also recomended to buy web solutions like web hosting, domains, SOCKS and IPs with bitcoins. A lot of website hosting services accepts bitcoins nowadays since it is the easiest and fastest way to receive payments. Bitcoin domain registration also is more convenient and highly secure to register your website’s domain name. Buying SOCKS and IPs with Bitcoin also gives more security to your transactions since you have the sole right to make transfers from your bitcoin wallet. In addition, transaction fees for Bitcoins are lower than those imposed by banks. You also save money in using bitcoin.
It is great to think that more and more individuals and businesses are using bitcoins. The more easier ways to pay the faster things go.