What is Bitcoin
How Can I Buy Bitcoins
OK, so you've learned the basics about bitcoin in my previous Video called as What is Bitcoin ? If not please watch first that video
before continue this video I also provide link in this Video Description.
The next step is to get some bitcoins. But how? This guide will tell you what you need to know.
You can buy bitcoins from either exchanges, or directly from other people via marketplaces.
You can pay for them in a variety of ways, ranging from hard cash to credit and debit cards to wire transfers, or even with other
cryptocurrencies, depending on who you are buying them from and where you live.
Surprisingly, it's still not easy to buy bitcoins with your credit card or PayPal, depending on your jurisdiction.
In the US, Coinbase, and Circle offer purchases with credit cards. Bittylicious, CoinCorner and Coinbase offer this service in the
UK, accepting 3D Secure-enabled credit and debit cards on the Visa and MasterCard networks.
Underbanked consumers in the US can turn to expresscoin, which recently launched to serve this market, accepting money orders,
personal checks and wire transfers.
First, get yourself a bitcoin wallet
Next, you will need a place to store your new bitcoins. In the bitcoin world, they're called a 'wallet' but it might be best to
think of them as a kind of bank account.
Depending on the security levels you want, different wallets will provide different levels of security. Some act like everyday
spending accounts and are comparable to a traditional leather wallet, while others tout military-grade protections.
The main options are: (1) a software wallet stored on the hard drive of your computer, (2) an online, web-based service or (3) a
'vault' service that keeps your bitcoins protected offline or multisig wallet that uses a number of keys to protect the account.
Most have their vulnerabilities: if you store bitcoins locally on your computer, make sure you back up your wallet regularly in case
the drive becomes corrupted; and online web wallets employ varying degrees of security against hackers, from quite good
(multi-factor authentication) to quite poor (ID and password).
Exchanges and Online Wallets
Bitcoin newcomers will find a variety of exchanges and wallets competing for their business.
Some are full-blown exchanges for institutional traders, while others are simpler wallet services with a more limited buying and
Most exchanges and wallets will store amounts of digital and/or fiat currency for you, much like a regular bank account.
At this time, the largest full trading exchanges by volume are Bitfinex (Hong Kong), Bitstamp (US), BTC-e (unknown), Kraken (US),
Huobi (China and Hong Kong), OKCoin (China) and BTCC (China).
Coinbase is a popular wallet and exchange service that will also trade US dollars and euros for bitcoins. The company has web and
mobile apps. Originally a US-only service, Coinbase has recently opened up to a large number of European countries.
Circle offers users worldwide the chance to store, send, receive and exchange bitcoins. Currently only US citizens are able to link
bank accounts to deposit funds, but credit and debit cards are also an option. Apps for iOS and Android are now available.
Wallet and bitcoin debit card provider Xapo has also recently entered the fray, offering deposits in fiat currency that are
converted to bitcoin in your account.
Coinjar, an exchange and wallet provider, is the market leader in Australia. The Melbourne-based startup raised $500k AUD in venture
funding and won an award at Finovate Europe 2015 for their user experience. The company released a debit card service, 'Coinjar
Swipe' in February 2015.
Unocoin is an exchange aimed at the Indian market, allowing users to buy, sell and store bitcoin. Deposits can be made via any
national online bank or through NEFT/RTGS. Registration with a PAN card is necessary to use the site's services.
Warnings about exchanges, wallets and banks
Despite the proof of identity requirements, remember exchanges and wallets don't provide the same protections banks do.
For example, there is often no or limited insurance for your account if the exchange goes out of business or is robbed by hackers,
such as was the case with the infamous failed exchange Mt Gox.
Bitcoin does not have legal status as a currency in most of the world, and authorities usually do not know how best to approach
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