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We have prepared this article to inform you about the virtual currency bitcoin craze that has marked recent times. When you read the entire article without getting bored, you will be able to find the answers to all the questions below.
What Is Bitcoin ? How Do I Get It?
Bitcoin is a creative payment network and a new currency that has no association with any institution or bank that we can call virtual currency. Any central bank, government agency, etc. it is an electronic currency that is not associated with. It can be divided into units up to 100-millionth digits after a comma. It is also the most widely used currency in deep network.
To buy Bitcoin, you can exchange your existing money at a specific exchange rate or buy it directly from someone who sells Bitcoin. You can use a lot of ways to get Bitcoin, such as cash in your payments, credit card or money transfer.
First, get yourself an “online wallet”!
First of all, you have to have a wallet where you can put your Bitcoins. Although in the world of Bitcoin this is called”wallet, ” you can think of it as your wallet on the internet (online wallet) or a bank account. Here you are given two options:
1st. A software wallet where you can store Bitcoin on your Hard drive)
2nd ed. Online, a web-based wallet (wallet) service
Both options may have vulnerabilities. (don’t be afraid to say vulnerability, we mean problems caused by user error.)
If you store your Bitcoins on your hard drive, we recommend that you make a continuous backup in case your hard drive crashes.
The security protocols in services that provide online wallet or web-based wallet can also be very well protected or low protected, depending on which one you choose. The choice is all about which one you trust more.
Paribu, BTCTurk and Koinim exchanges are websites where you can store Bitcoin in Turkey, while Blockchain and Coinbase are online wallet services abroad.
Bitcoin exchange and online wallet
The options for the platforms available for you to exchange are constantly increasing, as there are many new initiatives taking place to enter this market. Some offer exchange with all digital currencies and fiat currencies (money that has no equivalent for precious metals such as gold and silver), while others are only limited trading platforms where you can exchange Bitcoin.
Online wallets are the best option for trading and storing Bitcoin on the Bitcoin exchange. The best option for exchange and online wallet varies depending on where you reside.
As mentioned earlier in Turkey, you can buy and sell Bitcoin through Paribu (the highest volume stock market), BTCTurk and Koinim.
Other major exchange sites abroad are: Bitstamp (UK), BTC-e (Bulgaria), Cryptsy (US), BTC China and Huobi (China).
Once you have created your account, you will want to connect your bank account with your wallet and transfer money to your wallet to use the money in your bank account. You will be charged a low fee during this money transfer.
When people in most countries want to transfer money to their accounts overseas (after cashing in bitcoins in TL or dollar), they generally pay more transaction fees and transaction delays are longer lasting. With the exchange platform that you use when doing this process, you can only use the banks of the country where that platform is located.
Alerts about Exchange, wallet and bank accounts!
Despite the requirements for credentials, exchanges and wallets are not regulated as in banks. So you have no insurance against having your account stolen by hackers. Since Bitcoin is not currently valued as a legal currency in most countries, the authorities have not been able to determine exactly how to handle such thefts. Once thieves have stolen your wallet (online wallet)
Password and changed it, you have no guarantee to take your account back.
Some banks consider the digital currency to be against their business model, and so are taking notice of bitcoin-related practices, relative to other business. In fact, these banks unilaterally terminate accounts with links to Bitcoin without explanation.
Face-to-face or “Over-the-counter”(OTC) (based on verbal assurances) trades
If you live in a city that cares about anonymity and doesn’t want to deal with bank transactions, one way to get Bitcoin is face-to-face trading with local vendors. “LocalBitcoins” comes across as the main site that arranges such transactions and offers prices.
If the trade involves large sums of money, the site has security considerations about it. As an example, the place where the trade will be done should be a crowded public place; not a private one. In addition, the seller and buyer are required to take all necessary precautions in exchange for the amount of cash they carry.
It is important to note that if you are going to trade face-to-face, you should have a smartphone or tablet with you to access your Bitcoin wallet. Of course, internet access is necessary for this trade.
If one-to-one interviews are not suitable for you, “meetup.com ” on the site you can find a platform where bitcoin-related meetings are held. There is a lot of chatter in these talks, from bitcoin trading to learning how Bitcoin transactions are carried out. Such meetings have become more frequent since the second half of 2013. In some big cities, there are events called “Satoshi Squares”, in which you can walk into the event area, buy Bitcoin and continue on your way. These group meetings are safer than others, but far from anonymous.
Depending on the seller, you can get easier shopping and more privacy when buying Bitcoin with a surcharge in the 5-10% range. Most reputable traders pre-determine the price of Bitcoin shopping before meeting, but most prefer to shop at the current Bitcoin price to avoid being affected by the instant Bitcoin falls and rises.
Some vendors agree to exchange Bitcoin with money sent via PayPal, but most prefer platforms where their information is not visible.
In addition, it is recommended that in cities where such trades take place, you should check that trade is legal in that city before shopping. Cash payments you make at venues can attract the attention of the police and you could face huge fines for doing illegal work. bitcoin_mining
About the word “Mining” (Bitcoin production)
What is this “mining” thing ? I hear we can make our own Bitcoins…
I’m sure you’ve heard the word “mining” on websites and in places where there’s talk about Bitcoin. The meaning of this word is actually to produce your own bitcoin with your own computer and powerful display (graphics) cards. “Mining” is quite a logical shape for a short time from now obtaining bitcoin, although Bitcoin liquidity on the market value of the crops you produce on your own computer for pretty much, unfortunately, only saves the money you would spend on your computer hardware and electricity.
As we mentioned earlier, if your computer came from the air and you don’t pay for the electricity, then you can leave the computer on for weeks and continue to produce Bitcoin. J producing Bitcoin on a large scale is possible with products made to do “mining,” called ASIC.
Most of the “Mining” is carried out by the communities (guild) that gather to produce Bitcoin during these periods.
If you’re reading articles on the internet suggesting that it’s possible to produce Bitcoin with your own personal computers and that you’re going to profit from it, these are probably old-time posts or people trying to sell you Hardware. Be vigilant, don’t be fooled !
Use as an investment tool
If you don’t mind buying large amounts of Bitcoins and keeping them safe on your own, you can invest your money in Bitcoin like an investment vehicle. The Bitcoin Investment Trust (BIT), established for this purpose, allows you to invest your money in Bitcoin and secure your Bitcoins through existing security protocols used by banks.
Bitcoin ATMs are a new concept and a fairly rare formation, but have proved to be quite popular and very simple since they were founded. ATMs, face-to-face shopping merchants you can liken. In this exchange with machine instead of human, you put the cash in the ATM and in return you receive a code where you can load Bitcoin into your wallet.
Again, it is important to note that in order to use ATMs, you must have an online and local wallet.
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