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.)
One of the backbones of bitcoin is having control over private keys. The philosophy is that if you don’t have control over those, you don’t have control or “ownership” over your bitcoins. By using Circle users can buy with a prepaid VISA gift card, but they also must trust Circle to keep their private keys offline, safe and hidden in a possible vault in case of robbery. Circle isn’t the first company to operate like this. Xapo, a popular bitcoin debit card company that’s been repeatedly slammed by customer complaints, also operates on the philosophy that bitcoin users don’t want the responsibility of holding their private keys.
The largest bitcoin exchange in the world at the moment in terms of US$ volume is Bitfinex, although it is mainly aimed at spot traders. Other high-volume exchanges are Coinbase, Bitstamp and Poloniex, but for small amounts, most reputable exchanges should work well. (Note: at time of writing, the surge of interest in bitcoin trading is placing strain on most retail buy and sell operations, so a degree of patience and caution is recommended.)
It seems the Chinese really like Bitcoin’s properties such as its sound monetary policy and that it can be used anywhere in the world. Bitcoin’s volatility also makes it interesting for speculative traders.
XBTFreelancer is another job board for gigs that are paid in Bitcoin. These jobs are mostly also software related. If you have programming or other IT related skills it is therefore probaly easiest for you to earn Bitcoins with your experise.
Except that I just checked the Local Bitcoins link for my large city and compared the asking prices against the XE.com conversion rate. Most asking prices were +$150 or more over the XE rate per coin. Right now the XE rate says $2369.23, but there were offers over $2600. That is too much of a premium for an all-cash deal. In fact, there must be a better way to get a reasonable price and retain anonymity. Do you know that better way?
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A: Bitcoin is legal in almost every country around the world. Bolivia has made bitcoin illegal. Tragic for Bolivians. The Russian government is going to create their own cryptocurrency Japan has made bitcoin nationally recognised legal tender (‘money’), and global adoption is growing fast. South Korea and China are exploring the regulation of Bitcoin.
Bitcoin mining is the process by which new Bitcoins are generated. When you perfom mining, your computer adds new Bitcoin transactions to the block chain (a public ledger where all Bitcoin transactions are stored) and searches for new blocks. A block is a file that has the most recent Bitcoin transactions recorded in it. When your computer discovers a new block, you receive a certain number of Bitcoins. Currently a block contains BTC 25. This number changes throughout time and gets smaller by the factor 0.5 every four years.
Before you buy Bitcoin, you need to download a Bitcoin wallet by going to a site like Blockchain.info, or to a mobile app such as Bitcoin Wallet for Android or Blockchain Bitcoin Wallet for iOS, and filling out an online form with basic details. This shouldn’t take more than two minutes. (Related reading, see: Basics For Buying And Investing In Bitcoin)
Get a free online Bitcoin wallet from Coinbase. If you’re not sure what a Bitcoin wallet is, check out my What is Bitcoin section. There are also many other providers apart from Coinbase. When you sign up with LocalBitcoins you will also get a free bitcoin wallet with a broad range of functions. Find out which works best for you. And remember, no wallet is absolutely safe, so be careful with your money. Especially make sure you keep your Bitcoins stored safely in at least 2 or 3 different places.
Keep in mind that you aren’t limited to using one exchange. This means you can own accounts on all of the reputable exchanges, like Coinbase, BitPanda, CoinMama, LocalBitcoins, CEX.io and Changelly. This is perfect for users who feel restricted by exchange platform transaction limits.
If you’re not familiar with Shopify, all you really need to know is that it’s an ecommerce platform that allows merchants to set up their own online shops to sell their products similar to Etsy or eBay. In November of 2013, all 75,000+ Shopify merchants received the option to start accepting bitcoin payments with the help of BitPay. More »
Editor’s Note: This page is updated regularly and adds only confirmed major businesses or services currently accepting cryptocurrencies companywide or in specific corporate divisions. Subway, for example, is not on this list because only one store has been confirmed as using it; the company as a whole does not.
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.
Bitcoin payments in the U.S. are subject to the same anti-money laundering regulations that apply to transactions in traditional currencies, and to payments by banks and other financial institutions. However, the anonymity of these transactions makes it far easier to flout the rules. There are concerns, voiced by former Federal Reserve Chairman Ben Bernanke, that terrorists may use bitcoin because of its anonymity. Drug traffickers are known to use it, with the best-known example being Silk Road market. This was a section of the so-called dark Web where users could buy illicit drugs; all transactions on the Silk Road were done via bitcoin. It was eventually shut down by the FBI in October 2013, and its founder, Ross William Ulbricht, is serving multiple life sentences. However, numerous other dark Web bitcoin-based markets have reportedly taken its place.
Bitcoin functions as the “reserve” currency of cryptocurrency. So it is very hard to buy other coins without first buying bitcoins. Once you purchase the bitcoins you can convert the bitcoins into other cryptocoins. This is mostly because Bitcoin has very good liquidity and is traded on every cryptocurrency exchange. So most coins are traded against Bitcoin rather than the US dollar or other fiat currencies.
They take a premium fee for their services (~6% fee). However, they do not limit you to a maximum amount of Bitcoins that you can purchase. You can buy up to $150 worth of Bitcoin without verification. On the other hand, verified accounts can buy $5000 worth of Bitcoin per day and up to $20000 per month.
But Bitcoin is much more than a currency, and this is why people often get confused. It’s also the entire network (known as a Blockchain) that securely oversees the entire process of someone sending money to someone else.
A special shout-out is in order for airBaltic, not because it flies to Latvia (and other parts of Europe and the Middle East), but because in 2014 it became the first airline in the world to accept bitcoins for those flights.