Using Bitcoin as Real Money: Everything You Need to Know
The world is constantly evolving and so is the type of currency we are using. In fact, cryptocurrency has now become a mainstream form of money that people are both investing in and using to purchase things.
The first ever bitcoin payment was used over a decade ago to buy pizza. Now, it is a widely popular method of spending money, with many brands now accepting bitcoin as a legitimate form of payment.
But it doesn’t stop there. Many people are also taking part in bitcoin mining to grow their own cryptocurrency portfolios.
If you are like many of us and a bit nervous about the world of cryptocurrency, then look no further than here. We have put together the ultimate guide on how to use bitcoin and introduce you to this revolutionary form of currency that is going to change the world forever.
Here is everything you need to know about bitcoin.
1. Embrace the New
Bitcoin has only recently become a popular form of payment, largely due to consumers demanding many businesses accept it. Now, it is not just the big brands like Tesla that are accepting bitcoin. In fact, there are thousands of small businesses in America that accept it to.
In a recent poll, over fifty percent of respondents said that they want bitcoin to be more widely accepted as a form of payment.
So the first thing to note is that you too should embrace the new and start viewing bitcoin as a legitimate form of payment.
2. Get a Bitcoin Wallet
However, you also want to make sure that you have an easy way to access your bitcoin money. Since this currency is digital, you can not physically put it in your pocket like you can cash or a credit car. However, there are bitcoin wallets that let you safely store your balances and make transactions by using either an alphanumeric code or a QR code.
3. Research Who Accepts Bitcoin
While this currency is becoming more widely accepted, it is important to remember that it is not accepted everywhere yet. So you will want to make sure that you do your research ahead of time to understand who accepts bitcoin. You can do so by looking online at the business you want to purchase from and see if they allow for bitcoin at checkout.
4. Use Bitcoin Debit Cards
Speaking of which, companies like Amazon will take bitcoin debit card and gift card payments, even though you can not pay outright with bitcoin on their platform.
Bitcoin debit cards work by letting you load it up with your cryptocurrency and convert it into cash. This means that you can make payments with bitcoin even if the vendors do not accept that currency yet because it is converted into the local currency.
The same principle applies to gift cards too. But keep in mind that sometimes there are service fees included, so make sure to calculate that into your price upfront.
5. Monitor the Price of Bitcoin
Just like the value of local currencies is always changing, so are the prices of bitcoin. Think of it exactly like you would an exchange rate. This means that the current value of a bitcoin will only be valid for a certain allotted time. This means you need to either jump on paying in the moment or wait and hope that the value changes in your favor in the future.
Because of the fluidity in bitcoin value, there is a level of risk associated with it. But there are many great bitcoin agencies who can help ensure you get the most value from your bitcoin mining.
6. Understand Bitcoin Blockchain
Bitcoin is part of the cryptocurrency blockchain that is essentially a shared database.
When a transaction takes place with bitcoin, the data in the attached bitcoin blockchain will be copied into a new block with new data. This is then something that will be verified by blockchain mining, and when it is verified the miner will be rewarded.
Bitcoin blockchain uses an algorithm to manage blockchain mining capabilities. It is able to process a whole heap of transactions all at once and allows for mining bitcoins to be possible.
If you yourself want to be successful at blockchain mining, then you will want to join a mining pool that teams up with other miners to compete against mining farms.
6. Getting Bitcoin
To get bitcoin, you will have to pay for its value. But currently, bitcoin is pricey, so you will likely end up with just a portion of a bitcoin. If you want to buy bitcoin, then it is recommended to use a legitimate agency that can help you do it correctly and efficiently.
Bitcoin is changing the world economy for good and it is something you too can be part of.