With all the current news in regards to finances and the Internet, you are likely
wondering how to get set up and use Bitcoin. As we mentioned earlier Bitcoin is
the network that is using a digital currency to conduct transactions in many places
across the Internet. Unlike a physical currency such as U.S. Dollars and Euros,
Bitcoins are “mined” on the Internet, and all transactions take place on the Internet
with no physical currency actually changing hands.
So just how do you get access to Bitcoins?
There are two ways in which you can gain bitcoins:
1. You can buy bitcoins from various sources
2. You can mine them yourself
There are two main sources from which you can buy bitcoins: regulated exchanges
and from other people who are selling them. You can pay for bitcoins in a variety
of ways; most people will use either hard cash or wire transfers. It really depends
on where you live and who you are buying them from, as different sellers have
different requirements for selling bitcoins to others.
Note that it is virtually impossible to purchase bitcoins via such payment methods
as credit cards and PayPal. [though this is something that may change in the future]
This is certainly different from most transactions, as most digital items and a great
majority of physical items can be paid via either of these two popular payment
methods. The main reason why credit cards and PayPal are not accepted for buying
bitcoins is because such transactions using these payment methods can be easily
reversed with a call to the credit card company or a press of a button in your PayPal
account.
Being that the Bitcoin itself is a transfer of bits, most governments and agencies
will not see this as proof of goods changing hands, and consequently, the bitcoin
seller will be out of gaining any money for the transaction. This is why credit cards
and PayPal are largely avoided by exchanges and private sellers when offering
Bitcoin payment options.
The other main option to gain bitcoins is to mine them yourself. However, this isn’t
as easy an option as it may sound. For one thing, you need a Field Programmatic
Gate Array (FPGA) or an Application Specific Integrated Circuit (ASIC) to really be
able to mine Bitcoins on your own.
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