We love Bitcoin, so we’ve done our best to find other sources of information which we know are trustworthy to give you a bit more information that is easy to consume.
Anyhow, if you’re new to Bitcoin then here’s some useful information to get you on your way.
Why use Bitcoins?
People are using Bitcoin. Transaction volumes are going up and the price of Bitcoin is fairly stable. The fees involved are minimal compared to current banking industry standards to transfer bitcoin from entity to entity.
This chart shows you transaction volumes over time. Live chart here: blockchain.info/charts
These charts shows you the recent Bitcoin price. What we like is how stable the prices been recently. That’s good, because at least you can be confident about it’s value.
Our view: Bitcoin is turning from a means of speculation, to an everyday utility.
If all these millions of other people use Bitcoin and are happy with it, there must be something good going on.
And the Internet needs its own ‘cash’ system for making fast, cheap, secure transactions anywhere, irrespective of what country you’re in.
Other more ‘sensible’ reasons:
Transactions are fast – on average 10 minutes.
That means money in and out of your gambling account literally within minutes. Compare that to traditional funding methods through the banking system, which will take you from two days up to a week, depending on where you are in the world.
Here’s a very useful resource on Bitcoin transactions:
blockchain.info/charts/avg-confirmation-time, it shows the median reconciliation times for fee paying transactions at around eight minutes – fast transactions.
Bitcoin transfers are really cheap. To send money to someone, it costs around $0.02 – yes two cents USD
This site predicts the transaction fees expected for Bitcoin, so it’s a useful frame of reference if you’re concerned about transaction costs
Whats the benefit to you? Well, you can move money in an out of your Oshi Bitcoin account for virtually nothing. It’s helpful if you’re one of those ‘win and cash out’ types.
Secure and (Sort of) anonymous
Bitcoin is a pseudo-anonymous means of transaction. It’s a bit like an author writing under a pseudonym. If that author’s pseudonym is ever linked to their true identity, everything ever written by them will now be linked to that author. With Bitcoin, your pseudonym is the address to which you receive Bitcoin. Every transaction that was ever done is stored in the blockchain. So if your address is ever linked to your identity, every single transaction you’ve ever done will be linked to you.
These articles explain it very well:
Our view on Bitcoin anonymity: be accountable for your action, sensible and legal.
Bitcoin for me
Put simply, you can think of Bitcoin as cash for the Internet. So, a bit like like cash, transacting in Bitcoin is fast, free/nearly free and its semi-anonymous.
This article puts the argument for Bitcoin very nicely: coindesk.com/information/why-use-bitcoin/
- A great starter reference is: bitcoin.org/en/bitcoin-for-individuals
- This wiki is more comprehensive: en.bitcoin.it/wiki/Help:FAQ
- And of course Wikipedia:en.wikipedia.org/wiki/Bitcoin
To get some Bitcoins, it begins with a wallet (this is a computer program which stores your Bitcoins, it’s a little like a program for storing passwords) :
Just like having cash, you need a wallet to put it in. In this case you will need a virtual wallet that is in your mobile phone and/or on your hard drive somewhere.
Bitcoin.org have a useful list of wallets: bitcoin.org/en/choose-your-wallet
You can have wallets either on your mobile phone, desktop or on a cloud:
- Mobile: bitcoin.org/en/choose-your-wallet – click on the mobile tab…
- Android: play.google.com/store/search?q=bitcoin%20wallet
- iPhone: itunes.apple.com/app/bitwallet-bitcoin-wallet/id777634714 | itunes.apple.com/app/blockchain-bitcoin-wallet/id493253309
And of course there are loads more mobile wallets out there… so take your pick
Bitcoin.org has a really useful reference: bitcoin.org/en/choose-your-wallet – click the desktop tab
The downside is you’re trusting somebody else with your Bitcoins… But they are very convenient, because you can access your Bitcoins from anywhere
My advice is to have different stashes of Bitcoins in different places and move the money around as you wish. It’s a bit like keeping some of your cash somewhere in your house (desktop wallet), in your pocket (mobile wallet ) and in your bank account (cloud wallet).
Just like carrying a wad of cash around, you should also take some precautions with your Bitcoin wallet, bitcoin.org/en/you-need-to-know
Buying and selling Bitcoins
Just like changing currency, you change your local country’s money into Bitcoin. A parallel for changing money into Bitcoin, would be changing a local currency into United States dollars, which can then be transacted more or less globally.
Here’s a list of the currencies you can exchange into Bitcoin (as of 25 September 2015)
ARS Argentina Peso
AUD Australia Dollar
BGN Bulgaria Lev
BRL Brazil Real
CAD Canada Dollar
CHF Switzerland Franc
CLP Chile Peso
CNY China Yuan Renminbi
CZK Czech Republic Koruna
DKK Denmark Krone
EUR Euro Member Countries
GBP United Kingdom Pound
HKD Hong Kong Dollar
HRK Croatia Kuna
HUF Hungary Forint
IDR Indonesia Rupiah
ILS Israel Shekel
INR India Rupee
JPY Japan Yen
KES Kenya Shilling
MXN Mexico Peso
MYR Malaysia Ringgit
NOK Norway Krone
NGN Nigeria Naira
NZD New Zealand Dollar
PHP Philippines Peso
PKR Pakistan Rupee
PLN Poland Zloty
RUB/RUR Russia Ruble
RSD Serbia Dinar
SEK Sweden Krona
SGD Singapore Dollar
THB Thailand Baht
TRY Turkey Lira
UAH Ukraine Hryvnia
USD United States Dollar
VEF Venezuela Bolivar
ZAR South Africa Rand
Where to find a good exchange
- This site lists hundreds of exchanges. You can sort the exchanges by currency: howtobuybitcoins.info
- And another good resource for exchanges: en.bitcoin.it/wiki/Trading_bitcoins
- And this en.bitcoin.it/wiki/Comparison_of_real-time_trading_exchanges
Each exchange will have its own process you have to go through to buy Bitcoins. It’s reasonable to say the most popular exchanges will probably have the best user experience.
Also, different exchanges have different exchange rates and identity/know your customer procedures. The best thing is to hang out on the forums and see what others say to work out who is best for you: https://bitcointalk.org
Once you’ve bought your Bitcoins, it’s time to use them. And a great place to start is on our website 😉