+ 1 Intro to Bitcoin Currency
First, there’s nothing illegal about Bitcoin, it’s just a type of currency. The advantages of Bitcoin are it’s anonymity and speed. Bitcoin is not backed by any commodity or government. With Bitcoin you can pay anyone, at any time, for anything.
The basics of bitcoin is this: You need to find a way to get them, store them, send them, and receive them. A Bitcoin wallet will allow you to store them, send them and receive them. They are free and there are many to choose from Here are a few:
www.blockchain.info/wallet/
www.coinbase.com
www.strongcoin.com
Now you just need a way to get bitcoins. As of right now 1 bitcoin is worth $13.95, you can view the exchange rate by going to www.mtgox.com There are many options for purchasing bitcoins as well. The fastest and easiest is www.Bitinstant.com However, there are fees with this. Alternately you can also buy bitcoins with www.CoinBase.com and with www.Mtgox.com and many others. If you plan on using bitcoins on a regular basis, it’s best to go ahead and go through the verification process with a reputable exchanger like www.mtgox.com This way you can buy Bitcoins directly with a bank account, and pretty much avoid fees.
For More Information on bitcoins, go to www.weusecoins.com
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Can't the value of Bitcoins change like a commodity though. I thought at 1 point they were valued close to 30 dollars a piece, and when they were first released it was like 2 dollars a piece.
Yes, the value of Bitcoins definitely changes, just like every currency. However, bitcoin tends to fluctuate much more compared to traditional currencies. Check out http://bitcoincharts.com for a historical reference.
Thanks for the explanation hopefully people will be willing to give it a go!
AnonThis is great info, Ive been looking in to bitcoins. Thank you for posting this.
Give them a vote if you find it helpful.PermalinkQuestion.....if its connected direct to bank is it traceable?
When you purchase bitcouns with your credit card, paypal or other means, then yes authorities will know you bought bitcoins, but that's about it.
When you buy goods online with bitcoins the transaction is done peer-to-peer, meaning there is no intermediary agency to trace your transaction or charge you transaction fees.
Then how do the websites that facilitate this process stay in business?
Anoninteresting...
Ahhhh! Much safer then! Been seeing these Pop up but didn't comprehend. Thank you!
Bitcoins aren't affiliated or connected to any bank. Having Bitcoins is very similar to having gold, only it's easier to store and transfer.
But above it says just transfer from personal bank to bitcoin to transfer to buying Sharpie pens ;). So is bitcoin traceable for my pens back to personal bank?
If you purchase bitcoins with a bank account, then then there will be that link, but purchasing through a bank account is not the only way to get bitcoins. Additionally, there's nothing illegal about purchasing bitcoins (bank account or not). Many people purchase bitcoins purely from an investment standpoint.
Sounds much easier! School supplies sometimes require id checks. Lol