Whether you’re on board with the Bitcoin craze or not, you can’t deny that this form of “online money” has certainly made an impact on the world. Anyone unfamiliar with Bitcoin is way behind the times, and if you have yet to purchase any cyber money yourself it is time to consider an investment.
Before beginning your research on how to buy Bitcoin with cash USA, you first need to learn the basics of Bitcoin. Start right here by checking out the most frequently asked questions regarding this cryptocurrency known as Bitcoin.
What is Bitcoin?
You might be surprised to learn that some people actually have absolutely no idea what Bitcoin even is. Maybe even you fall within this category. According to Bitcoin.org, here’s the basic definition to get you on your way to becoming a Bitcoin expert:
“Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.”
To put things more simply, Bitcoin is essentially just money that can only be used on the internet. In the past, there weren’t really any ways to actually use Bitcoin. But all that has changed; you can now use Bitcoin to purchase goods, services, luxury items, and even cover travel expenses.
Who created Bitcoin and when did it all start?
The initial concept of Bitcoin started in 1998 by a man named Wei Dai. He first suggested the idea of a new form of money that uses cryptography to control all transactions. However, the first true documentation of Bitcoin specifications didn’t come out until over a decade later in 2009 by a man named Satoshi Nakamoto. It wasn’t until this time that Bitcoin really began to take off.
How does Bitcoin work?
The way that Bitcoin works for most users is simple. It is nothing more than a computer program that allows transactions of bitcoins from one user to another. Having bitcoins in an online wallet is essentially the same thing as carrying cash in a real wallet, except it is entirely internet-based.
What are the accepted methods for purchasing Bitcoin?
You can purchase Bitcoin just as you would purchase anything else: with a credit or debit card, an online bank transfer, or use your existing cryptocurrencies to make a trade. You can also earn bitcoins through something called competitive mining. E-wallets like PayPal, though, are not yet an accepted payment method for Bitcoin.
Can you actually buy anything with bitcoins?
The answer used to be no. But all that has changed. Nowadays, it is possible to buy almost anything with your coins, depending on the retailer of course. Bitcoin transactions are 100% secure, way more secure than using a credit or debit card to purchase products online. Many companies and corporations are starting to accept bits as a form of payment since they have been proven to actually be extremely valuable.