Individuals should devote a lot of time to researching exchanges and platforms before buying any bitcoins. Due to the verification processes implemented on most, it would be truly terrible to have your personal information or government ID fall into the hands of some scammers or shady platform. It’s also highly recommended that users transfer their bitcoins from exchange platforms directly to their personal bitcoin wallets to keep acquired assets safe from theft.
Or, you can sell directly to friends and family once they have a bitcoin wallet set up. Just send the bitcoin, collect the cash or mobile payment, and have a celebratory drink together. (Note: it is generally not a good idea to meet up with strangers to exchange bitcoin for cash in person. Be safe.)
For people who do view Bitcoin as an investment, there are options to invest through exchange-traded funds (ETFs). These simply track the price of Bitcoin so you don’t need to worry about securing your wallet.
Seen as a kind of public ledger, a Blockchain is stored in the cloud across thousands of computers around the world. The mix of the chain being decentralised and blocks bound together makes Blockchain technology practically unhackable.
Get yourself a Bitcoin wallet and control your own coins. For large amounts of bitcoins, we recommend hardware wallets. Hardware wallets are small, offline devices that store your bitcoins offline and out of reach from hackers and malware.
Bitquick acts as an escrow for Bitcoin transactions via cash deposits at thousands of banks across the US. The idea is simple – buyer and seller agree on an amount. The seller deposits the Bitcoins at Bitquick. Once the buyer deposits the cash into the seller’s account the coins are released. A mobile phone number is needed for this process but no id verification is required.
When you have your wallet, go to a section that says ‘Receive Money’ or ‘Add funds’ or something similar. There will usually be a QR-code that has your Bitcoin address encoded in Print out the image with the QR-code and place it next to your cash register. Your customers will typically have a Bitcoin app installed on their smartphone where they can enter the value of the purchase in USD or EUR. Their app calculates the corresponding Bitcoin value. It automatically takes the current exchange rate to get the right amount. On your wallet account you can check the confirmation of your incoming payment.
Note that the bitcoin option at checkout may be unavailable if you are purchasing an item from a seller other than Newegg but that sells through the Newegg site. Be aware that Newegg does not accept bitcoin for these purchases:
After an initial flurry of interest among merchants in accepting bitcoin in their retail or online stores, interest has largely died down as increasing bitcoin transaction fees and volatile price movements made it less attractive as a means of exchange
Most exchanges accept payment via bank transfer or credit card, and some are willing to work with Paypal transfers. And most exchanges charge fees (which generally include the fees for using the bitcoin network).
CEX.io is one of the world’s oldest bitcoin exchanges that operates in the United States, Europe, and certain South American countries. CEX.io is wildly popular and quite well trusted by the cryptocurrency community.