Why Using Bitcoin Is Actually a Good Idea

The Bitcoin wave is hitting the market hard; although until recently it wasn’t much of a popular mean of currency doing its rounds. But, now that Bitcoin is becoming popular day by day, people have started to use the currency with more acceptances and everyone wants to know about it more and more.

A lot of people might have the question of how to spend Bitcoin, as this is just a virtual currency; but most importantly you should know why to use Bitcoin and what benefits does the currency serve.

There are a lot of reasons why one should be using Bitcoin. If you are one of those people who are not quite sure of the reason behind the use of Bitcoin, here are a few points to make you believe the currency’s worth –
 
•    It’s fast – Just think about it; when you pay a cheque to a person and the both the bank differs, then the bank will hold your money for several days. And then again, if there is an international fund transfer, it will take really, really long time transfer the money into your account. Forget about the processing fee and other sorts for a second. However, the Bitcoin transfers are usually pretty fast and it doesn’t take more than 10 minutes to get confirm a transfer from one account to another.

•    It’s cheap – As mentioned above, the other sort of transactions are pretty costly with those processing fee and other stuffs. But the Bitcoin transactions are free most of the times and in any case you have to pay a fee that is bare minimum.

•    No chargeback – Once Bitcoins have been sent, they’re gone. A person who has sent Bitcoins cannot try to retrieve them without the recipient’s consent. This makes it difficult to commit the kind of fraud that we often see with credit cards, in which people make a purchase and then contact the credit card company to make a chargeback, effectively reversing the transaction.

•    No third party interference – The transaction you make with Bitcoin is private and don’t have to worry about or don’t have to trust any third party vendor. The transaction completely is between you and the other person you are sending the money to and it will be much easier for you to send the money without any interference of the third party and without any hassle.

How to Buy Bitcoins – A Small Guide

Investing in Bitcoin is one of the most popular ways of investments in today’s time and people are taking very many interests in the same in order to make more money.

However, buying Bitcoin is pretty easy; all you need to follow a few simple steps and you are all set to invest in the same. Here is a small guide on how to buy Bitcoin –

1.    Sign up for a Bitcoin wallet – The very first thing you need to do is sign up for a Bitcoin wallet. There are plenty of Bitcoin wallets available for you. But, first you need to sign up to a Bitcoin wallet in order to buy them. The choice of wallet depends on you.

2.    You need to buy the Bitcoin with regular money – After you sign up to a Bitcoin wallet; you need to use your regular money to buy the Bitcoin wallet. Once you have a Bitcoin wallet, you need to use a traditional payment method. These methods can be credit card, bank transfer (ACH), or debit cards anything and you can buy Bitcoins on a Bitcoin exchange. The Bitcoins are then transferred to your wallet. The availability of the above payment methods is subject to the area of jurisdiction and exchange chosen.

It is very important for you to understand that “Bitcoin wallet” and “Bitcoin Exchange” is two different things. And it doesn’t have to be the same. Bitcoin exchanges are kind of like forex exchanges--places where you can trade Bitcoin for a fiat currency, whereas exchanges offer wallet capabilities to users, it’s not their primary business. Since wallets need to be kept safe and secure, exchanges do not encourage storing of Bitcoins for higher amounts or long periods of time. Hence, it is best to transfer your Bitcoins to a secure wallet. Security must be your top priority while opting for a Bitcoin wallet; always opt for the one with multi-signature facility.

Buying and selling Bitcoins can be quite beneficial only when you know how to make the right choice and the right investment. This is the reason why, you should be quite cautious while buying Bitcoins or even while selling them.

One of the most important things you need to keep in mind is the security of your Bitcoins. It is very important for you to make sure you know how to secure your Bitcoins.