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Where to Spend Bitcoin? – Paying Bills With Digital Currency

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Most people see Bitcoin as just another way to buy the goods and services they so desire. And, for the most part, that is true, as Bitcoin allows you to purchase virtually anything in the world. But one thing people would like, more than anything else, is to pay their bills with Bitcoin. There are two services [that I know of] which let you do exactly that.

BitWala  – Removes Banking from The Equation

The services provided by BitBill & BitWala are very similar to one another, as both platforms let you pay any bill with Bitcoin in exchange for a small fee. Plus, both platforms are currently in an open beta phase, which may last a while to eliminate any possible bugs and collect some valuable user feedback.  Read more...

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Where to Spend Bitcoin? – Gyft.com

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There are plenty of options to spend your Bitcoins, both in an online and offline fashion. The number of online retailers is vastly superior compared to the offline merchants, but both numbers are showing a healthy growth rate year over year. Have you ever wondered if you could spend your Bitcoins on gift cards? You sure can!

Gyft.com – Gift Cards Galore

Gyft is one of the biggest Bitcoin retailers when it comes to purchasing gift cards of all sorts. Contrary to popular belief, Gyft is not only accepting Bitcoin for their gift cards, as you can easily pay with Paypal/credit card/Google Buy as well. But the main goal of Gyft is to push Bitcoin awareness and adoption to new levels. In fact, Gyft.com was one of the very first online merchants to accept Bitcoin payments!  Read more...

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Where To Spend Bitcoin? – CryptoThrift Auction Site

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Most people who are invested and involved in the world of Bitcoin and digital currency want to use their new digital wealth to buy things online or in the real world.  And that is a good thing, as Bitcoin would never be able to turn into a stable currency if there were only a handful of people using it for purchases. But what can you buy with Bitcoin? A lot of things, as you will come to realize over the course of this series of guides.  Read more...

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What is Bitcoin? – The Bitcoin Wallet

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When it comes to storing your Bitcoins in a safe and secure environment, there are plenty of options to choose from. Similar to traditional fiat currency or credit cards, you want to keep your digital currency in a wallet. These wallets can exist in either a physical or digital form, each of which has its advantages and disadvantages. But what is a Bitcoin wallet exactly?

The Concept of a Bitcoin Wallet

You can look at a Bitcoin wallet as a way to store your bitcoins, but there are a lot of other functions a Bitcoin wallet can perform as well. Depending on whether you are using a software or hardware solution, those features may differ in quantity. However, the core functionalities exist in either version, which is what we will discuss in this article.  Read more...

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What is Bitcoin? – Bitcoin Exchanges

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One of the hardest concepts to grasp for novice Bitcoin users is how and where they can buy their first digital currency. The answer to that question is relatively simple, as the most commonly used method is purchasing Bitcoin from a Bitcoin exchange. But what is a Bitcoin exchange exactly, and which one should you choose?

The Concept of a Bitcoin Exchange

A Bitcoin exchange is not all that different from your average stock market, as it is a platform which lets users intermittently buy and sell currencies and assets. For example, you want to buy bitcoin, and you have fiat currency at your disposal. Or you have some Dogecoin, which you want to exchange for Bitcoin. All of these things can be done by using an online exchange.Dollarphotoclub_76752977  Read more...

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What Is Bitcoin? – Bitcoin Mining (Part II)

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If you are an avid reader of the novice Bitcoin guides we post on this website, you will remember how we talked about profitability in part one of the Bitcoin mining guide. Given the upfront hardware investment costs, shipping costs and possible import VAT fees before you can even get your Bitcoin miner set up and running, it may be a wise choice to look for other options. Bitcoin cloud mining is an alternative way of mining Bitcoins without the hassle of installing a Bitcoin miner at home.  Read more...

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What is Bitcoin? – Bitcoin Mining (Part I)

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One of the many topics about Bitcoin which piques the interest of outsiders is how these coins are being generated. Considering the fact that Bitcoin is not issued by a bank or government, these coins have to come into circulation somehow. Bitcoins are mined, or “minted” by people with very powerful computer hardware.

Note from the Author: The contents of this article focus on mining at home. In part two of this article, we will talk about cloud mining.  Read more...

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What Is Bitcoin? – Finite Coin Supply

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One of the major selling points of Bitcoin is the fact that this is a digital currency with a fixed supply cap. Contrary to traditional currencies such as GBP, EUR and USD, there will only be a certain number of Bitcoins in existence at its peak, with no option of over creating more. This fact gives Bitcoin great value from an investment perspective, but is it practical?  Read more...

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What is Bitcoin? – Transaction Fees

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Now that we have established Bitcoin has a monetary aspect – and the fact that it can be used as a way to send money to anyone else in the world – it’s time to take a look at the transaction fees associated with Bitcoin. Why are these fees so low compared to traditional payment method, and what are they used for?

Transactions Don’t Have to Invoke High Fees

Whenever you use your credit or debit card to pay for something, regardless of whether it is online or offline, you as a consumer will not notice the fees associated with that transaction. But when you own a business that accepts this payment method, the story is quite different. Did you know that every credit card transaction is subject to a 3%-5% fee for the merchant?  Read more...

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What is Bitcoin? – The Monetary Aspect

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In our previous articles, we talked about several aspects of Bitcoin already. First of all, we looked at the ideology of Satoshi Nakamoto when Bitcoin was created a few years ago. After that, we briefly talked about the technology of the blockchain that powers the Bitcoin network. In this article, we will talk more about the monetary aspect of Bitcoin.  Read more...

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What Is Bitcoin? – The Blockchain

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In our previous article, we talked about the ideology of Satoshi Nakamoto when he first created Bitcoin. We also touched upon how Bitcoin has become so much more in just a few years in regards to both technology and the monetary aspect.Over the course of several articles, we will talk about the technology associated with Bitcoin, and why it could prove to be invaluable the global population. But let’s start at the beginning first, shall we?  Read more...

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What Is Bitcoin? – Bitcoin Transactions

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In our previous guide on “What is Bitcoin?”, we talked a bit about the monetary value associated with the Bitcoin protocol. As you may remember, we talked about how the Bitcoin technology can be used to send money to anyone else in the world. But how do these transactions work exactly?

Bitcoin Transactions: How, What and Why?

Bitcoin transactions take part between two people on the Bitcoin network in a true peer-to-peer fashion. Person A sends a [piece of a] Bitcoin to user B, who will see the transaction on the blockchain in mere seconds. And that is the beauty of Bitcoin transactions; they take place instantaneously and are visible on the public ledger we call the blockchain.  Read more...

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What Is Bitcoin? – Ownership of Digital Currency

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One of the many mysteries surrounding Bitcoin and its technology is how to prove that you are the rightful owner of these digital pieces of data called “BTC.” After all, if you can’t prove you own the [pieces of a] Bitcoin, you can’t spend them either. This will be a rather technical explanation, as there is no other way to bring the message across.

Digitally Signing Transactions

Every time someone tries to send coins to another user on the Bitcoin user, their Bitcoin client will take one step “behind the scenes”: digitally signing that transaction. You can compare this step to putting your autograph on the receipt every time you pay with your credit card, but rather in a digital form without exposing any of your personal information.  Read more...

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Where to Spend Bitcoin? – Buying Cigarettes Online

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When it comes to talking about Bitcoin, there are way more things you can do with the currency than most people are aware of. Whether you want to buy or sell something or even earn a bit of BTC for doing a task, there are a ton of possibilities at your disposal. Let’s kick off this guide series with buying cigarettes online in exchange for Bitcoin, shall we?

Note from the author:  I have personally tested the services listed below and received my orders without any problems.  Read more...

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What Is Bitcoin? – The Ideology of Satoshi Nakamoto

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One of the most pressing questions on the mind of a lot of people around the world is: “What is Bitcoin?”. While there are several possible answers to that question, it should be answered with another question. Are you interested in the monetary aspect, the technological aspect, or the ideology behind Bitcoin? In this article, we will start by answering the last question first.

The Bitcoin Ideology

When we talk about Bitcoin to our friends, family or even people we just ran into a few minutes ago, it is hard to explain this concept without going into technical details. For most of us Bitcoin enthusiasts, we have become so accustomed to using certain terminology which is rather obscure to novice users.  Read more...

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