The one thing the world at large is still not clear on is how to go about acquiring Bitcoins for themselves. Sure, there are many ways advertised and a good number of cryptocurrency exchange services have garnered public attention and yet a clear approach on the matter still seems lacking.
Now, as mentioned before, you can simply opt for cryptocurrency mining, which as detailed before, happened to gain limelight with the emergence of Bitcoins and other Altcoins. However, before you invest your time and money into the trade, it is important for you to note that the field is not as profitable as it seems. While it does allow you to acquire Bitcoins without having to buy them, the one problem is that the process of mining in itself is quite resource-consuming.
You will need lots of electricity to fire up your rig and that will severely affect your electricity bills, causing more losses than profits overall. Another alternative you are therefore left with is that of straight away buying your Bitcoins. But here again, you are faced with a problem which may prove to be fatal to your Bitcoin ventures if not dealt with carefully.
The market is full of options. You will find all sorts of exchange services, wallets and many more willing to offer you Bitcoins or even other cryptocurrencies in exchange for your money. For the average consumer, this is a really confusing situation as you can’t really differentiate the good and the bad and often end up choosing the wrong alternative for buying your Bitcoins. This further leads to extra high transaction fees, unsecured payment channels and more such problems commonly associated with such transactions.
But to put these problems to rest, the only thing you need is a decent guidance channel which you promptly direct you towards the right choices. And that is exactly what this article aims to be. We plan to tackle each of these methods of acquiring Bitcoins one at a time and analyze their pros and cons carefully to find out the best of the lot. In this article, we will be talking about how to go about buy bitcoins with venmo
and aim to guide you on the best ways to do so.
For someone not familiar with Bitcoin, the first question that comes to mind is, “What is Bitcoin?” And another common question that is often asked relates to the Bitcoin price. It started out a under 10 cents per Bitcoin upon its introduction in early 2009. It has risen steadily since and has hovered around $4000 per Bitcoin recently. So regarding Bitcoin value or the Bitcoin rate this is a most remarkable appreciation of value and has created many, many millionaires over the last eight years.
The Bitcoin market is worldwide and the citizens of China and Japan have been particularly active in its purchase along with other Asian countries. However, recently in Bitcoin news the Chinese government has tried to suppress its activity in that country. That action drove the value of Bitcoin down for a short time but it soon surged back and is now close to its previous value.
The Bitcoin history chart is very interesting. Its creator was an anonymous group of brilliant mathematicians (using the pseudonym Satoski Nakamoto) who designed it in 2008 to be “virtual gold” and released the first Bitcoin software in early 2009 during the height of the USA economic crisis. They knew that to have lasting value, it like gold had to have a finite supply. So in creating it they capped the supply at 21 million Bitcoin.
Bitcoin mining refers to the process by which new Bitcoin is created. With conventional currency, government decides when and where to print and distribute it. With Bitcoin, “miners” use special software to solve complex mathematical problems and are issued a certain number of Bitcoin in return.
A question that then arises is, is Bitcoin mining worth it. The answer is NO for the average person. It takes very sophisticated knowledge and a powerful computer system and this combination of factors makes it unattainable for the masses. This applies even more to bitcoin mining 2017 than in past years.
Many wonder, who accepts Bitcoin? This question gets asked in various ways, what are stores that accept bitcoin, what are websites that accept bitcoins, what are some retailers that accept bitcoin, what are some places that accept bitcoin and where can I spend bitcoin.
More and more companies are beginning to see the value of accepting cryptocurrencies as a valid payment option. Some major companies that do are DISH network, Microsoft, Expedia, Shopify stores, Newegg, Payza, 2Pay4You, and others.Two major holdouts at this time are Walmart and Amazon.
Ethereum is the strongest rival to Bitcoin in the cryptocurrency market and many wonder at the question of Bitcoin vs Ethereum. Ethereum was created in mid-2015 and has gained some popularity but still ranks far behind Bitcoin in usage, acceptance and value.
A question that often comes up often relates to Bitcoin scam. This author has a friend who made a purchase from a company that promised 1-2% growth per day. The company website listed no contact information and after a couple months the website simply vanished one day and my friend lost all the money he had invested which was several thousand dollars.
One has to know how to buy Bitcoins, how to purchase Bitcoin or how to buy Bitcoin with credit card in order to get started. Coinbase is a very popular site to do this. Their fee is 3.75% and the buying limit is $10,000 per day. This would probably be the easiest way to buy bitcoins.
Others would like to buy Bitcoin with debit card. Coinbase also provides this service and has clear step by step instructions on how to proceed with either your debit or credit card.