We know it can be a little tricky to wrap your head around the virtual currency of Bitcoin.
We think it’s the way forward in online payments and we want you to know why, so let’s break it down.
The state-of-the-art encryption that secures your Bitcoin transactions is used in government and military transactions, so you know it’s the safest around. As long as you take the required steps to ensure your wallet is protected, no one can ever get their hands on your money.
Having to pay high transaction fees can be a real pain. The Bitcoin network is completely free, with an option to speed up transaction processes by paying a voluntary fee.
Criminals are clever and once they have your credit card information they can steal your identity and your money. That’s a thing of the past with Bitcoin. No case sensitive information is required and you can even send a payment without revealing your identity at all.
The Bitcoin network is working tirelessly to make sure you’re never waiting on a transfer. You can pay someone on the other side of the world as quickly as you can pay your neighbour, with transfers from Africa to Canada only taking around 10 minutes. There’s no bank, with their snails-pace processes, to slow the whole procedure down.
Unlike your bank and credit card accounts, Bitcoin isn’t owned by anyone. It’s open-source, with a community of developers maintaining the most popular clients. You’re free to spend and play without worrying about some shady banker dipping his fingers into your winnings.
So now you know more about Bitcoins, we’re sure you’re wondering how to get started with them.
Just follow these simple steps and get playing in no time. Here’s what you have to do.
Firstly, you'll need to choose which wallet you want to use for your Bitcoin transactions. Just like real money, you'll need somewhere to keep them. Web wallets are the easiest & most convenient to use. There are plenty of online wallet options out there, including Blockchain, Sparecoins och Coinjar.
As well as these web wallets, there are also software wallets, which can be downloaded straight to your computer. You will need to spend some time constructing a local blockchain before you can start spending, but in return you will get more control and security. Download software wallets include Multibit, BitcoinQT and Armory.
Once you’ve chosen your wallet, it’s time to actually purchase some Bitcoins. This process is getting easier and easier all the time, with lots of websites helping you to get your hands on the virtual currency.
Many sites let you exchange multiple currencies for Bitcoins. These include Cubits, BTC China and BTC-E. You can even buy Bitcoins directly from other members in your community by finding them on sites like LocalBitcoins.com.
Cubits is a relatively young fast growing virtual currency exchange.