With the value of Bitcoins skyrocketed over the last 12 months, many people are wondering how they can begin using this digital currency. The first step is to create a Bitcoin wallet that you can access from an internet capable device. From there, you then have three options that will allow you to access Bitcoins for the very first time.
You can accept Bitcoins as payment for services rendered. No matter what kind of business you may have, you can begin accepting Bitcoins as payment for services that are rendered. When this happens, a Bitcoin is often treated like a foreign currency. You would post the payment terms as you normally would and the customer would pay using their Bitcoin wallet. You could then accept the Bitcoins outright or begin using a processing provider to turn those Bitcoins into standard currency.
Any goods and services can be purchased with this digital currency, based on your personal preferences for how to accept Bitcoins as payment. You still set your prices, discounts, and other payment terms. The only difference in the process is that you are allowing another form of currency to be used as legal tender to purchase those goods and services you’ve offered to your customers.
You can purchase Bitcoins from someone you know. Because Bitcoins are a digital currency, they have bartering value. That means you can purchase Bitcoins from someone that you know, maybe a family member or a friend, for a negotiated price that is lower… or higher than the current market price of Bitcoins. Once this occurs, you would then initial a wallet-to-wallet transfer of the Bitcoins that you have agreed upon.
You really could purchase Bitcoins from virtually anyone who utilizes the currency using this method if you wish, but doing so would entail assuming a certain level of risk. Purchasing from strangers or casual acquaintances may create an environment where you could lose money. You may wish to speak with an advisor who is familiar with the Bitcoin process before engaging in such a transaction.
You can purchase Bitcoins from a Bitcoin broker. There are dozens of brokers online in many countries that will convert your standard currency into Bitcoins. Many of these transactions can take place instantly if you are using a cash deposit or debit process to initiate the transaction. Some conversion transactions have a small fee associated with them, around 2% of the total purchasing price and there may be extended processing times.
It is important to note that Bitcoin brokers are not highly regulated. Because it is important to protect your money, it is often necessary to determine who the broker might really be before instituting a transaction so that there is some form of recourse if your money is not properly converted into Bitcoins. You must trust that the broker’s site is secure and that they won’t just steal your money and disappear… and they can keep operating with a bad reputation because of the lack of regulation.