An Introduction to Using Bitcoins
The world of digital currency continues to enlarge as bitcoins are accepted at more places than ever before. Today it is possible to buy an unlimited amount of merchandise online with bitcoins and they have even been used is some instances to purchase vehicles and houses. If you are still unfamiliar with bitcoins, they are actually pretty easy to explain. This currency is virtual only, it is not printed in any way, anywhere in the world. It does not rely on any government or bank to establish its value and it is not controlled by any country or financial institution.
Bitcoins are created by a process called mining. This is when people use specific software to solve mathematical problems and validate transactions. You can also purchase bitcoins, exchanging paper currency in the same way you would exchange your cash for a foreign currency.
In order to hold bitcoins, you will need to have a virtual bitcoin wallet which is available online. These wallets need to be on a computer that is secure because if your bitcoins are stolen, there is no compensation available. Your wallet can be set up through software, be web-based or operate through mobile devices.
Once you have currency in your wallet you can use them anywhere that accept bitcoins as a method of currency. It is important to realize that bitcoin transactions are instant and cannot be stopped once they are initiated. Always make certain you can trust the vendor you are dealing with and that you want to make the transaction before you send it through.
If you are ready to begin using bitcoins, but want to find a place to begin spending them, there are many places to start. Many large and small retailers now accept bitcoins, you can use them to purchase apps and even for gameplay with well-known gaming platforms.
Another option that allows people to use small amount of bitcoins at a time and is a fun way to become familiar with them is with online casino games like Satoshi Slot. Here you can use your bitcoins for credits the same way you would with any currency and get any winning returned to you as bitcoins. The sites are multiple times every hour so you will always get the most current value when you cash out.