A Bitcoin Primer
I am going to discuss Bitcoin, and yes, I use to
be afraid of it as well, and had many misconceptions of why people used it.
I thought it was only used by scammers and people that wanted to
hide their money or rip people off. I could not have been more
The Six Biggest Misconceptions About Bitcoin:
Please take a look at this article from the link below, and you
will see, that there are numerous well known companies and
product sellers, now accepting bitcoin, and the number of
companies that are excepting it as a form of payment is
increasing extremely fast. Many of these companies you know very well.
"Acceptance is what starts mass worldwide use"
With all the insecurity revolving Paypal, and there recent actions, this
has led me to go out in the online marketplace and
do weeks of research. This research involved searching out as many of the
other online payment provider options that I could
find. It was a very disappointing process..
Most traditional payment processors that were available as an
option, failed to pass even the first criteria to being deemed worthwhile
to use, as almost every single one that I researched,
would never even respond to multiple support emails sent to them.
Then while searching reviews for each one, the complaints against
them were so massive, that you could not even finish loading the
negative reviews without your computer wanting to take a
time-out...Yes, computers get tired to..lol
The last negative was, that most of the traditional payment
processors had WAY to many limitations on who could use them, meaning, USE
was based on where you live. so I would have had to
add several of them to get enough coverage to truly have maximum reach to
most of the world. To me this was not acceptable, so I
kept searching, but always what kept popping up was Bitcoin.
There are no chargebacks.
Once bitcoins have been sent, they're gone. A person who has sent
bitcoins cannot try to retrieve them without the recipient's
consent. This makes it difficult to commit the kind of fraud that
we often see with credit cards, in which people make a purchase
and then contact the credit card company to make a chargeback,
effectively reversing the transaction.
People can't steal your payment information from merchants.
This is a big one. Most online purchases today are made via
credit cards, but in the 1920s and '30s, when the first
precursors to credit cards appeared, the Internet hadn't yet been
conceived. Credit cards were never supposed to be used online and
are insecure. Online forms require you to enter all your secret
information (the credit card number, expiry date, and CSV number)
into a web form. It's hard to think of a less secure way to do
online business. This is why credit card numbers keep being
Bitcoin is accessible for anyone.
Bitcoin is by far the most worldwide accepted means for a person
to person payment system. It does not matter where you live, you
can open a Bitcoin wallet, and pay someone else in minutes no
matter where they live! You can even get a more local Bitcoin
wallet, more suitable and tailored to the country you live in,
but still send to anyone, anywhere in the world, because it does
not matter where you live, all Bitcoin wallets recognize the
transfer of payment and communicate with each other!
A truly world wide payment system, anyone can have and use!
PayPal alone blocks access from over 60 countries, and many
credit card companies have similar restrictions. Some are blocked
for political reasons, some because of higher fraud rates, and
some for other financial reasons. Whatever the reason, we don't
think an individual marketer from Haiti, Ethiopia, or Kenya
should have diminished access to making extra money because of payment
issues they can't control. The goal is to enable people,
not block them.
What is Bitcoin?
So now lets educate you a little and back up, because many people
reading this have no idea what Bitcoin even is...
Bitcoin is a form of digital currency, created and held
electronically. No one controls it. Bitcoins aren't printed, like
dollars or euros - they're produced by people, and increasingly
businesses, running computers all around the world, using
software that solves mathematical problems.
It's the first example of a growing category of money known as
Bitcoins are "mined" by powerful computers that complete complex
math problems. The total quantity of bitcoins is capped at 21
million, and about 12 million are currently in circulation,
according to https://blockchain.info .
What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense,
it's like conventional dollars, euros, or yen, which are also
However, bitcoin's most important characteristic, and the thing
that makes it different to conventional money, is that it is
decentralized. No single institution controls the bitcoin
network. This puts some people at ease, because it means that a
large bank can't control their money.
Bitcoin uses peer-to-peer technology to operate with no central
authority or banks; managing transactions and the issuing of
bitcoins is carried out collectively by the network. Bitcoin is
open-source; its design is public, nobody owns or controls
Bitcoin and everyone can take part. Through many of its unique
properties, Bitcoin allows exciting uses that could not be
covered by any previous payment system.
Who created it?
A software developer called Satoshi Nakamoto is accredited by
some as the one who proposed bitcoin, which was an electronic
payment system based on mathematical proof. The idea was to
produce a currency independent of any central authority,
transferable electronically, more or less instantly, with very
low transaction fees.
If you want to further explore "what is bitcoin", please go this
Does Bitcoin have a actual real "Value"?
Can I change it into my countries currency, deposit it into my
bank, and use it to pay my bills?
Can I purchase things online with it?
YES, all YES...Bitcoin has a real world converted value.
It actually right now, has a extremely high value..You can see
the current value of 1 Bitcoin by going to this link.
OK, so you've learned some basics about bitcoin, the next step is
to purchase some bitcoins, or fractional shares of one. You do
not have to purchase an entire bitcoin at once, you can purchase
fractions of Bitcoin. Each Bitcoin is divided into 100 million
units, each called a 'satoshi'. This makes it affordable for
anyone start buying.
It is very similar to opening up a Paypal account, or any other
payment processor, and then funding it with 10 bucks.
Where do I get a Bitcoin Wallet And Purchase Bitcoins?
1. Coinbase is the world's largest Bitcoin broker. It offers an
easy and fast way for new users to purchase bitcoins. Coinbase
supports customers in over 30 countries, including the United
States, Europe (not Germany), UK, Singapore, Canada, and
Customers in many countries can purchase bitcoins
with credit card, debit card, bank transfer, SEPA transfer, and
2. BitPay, Your bitcoin. Your wallet. Your terms.
Manage your bitcoin finances in one app with the secure, open
source wallet by BitPay.
Only available in the United States.
3. Cryptopay is an online wallet where you can easily store,
purchase and spend your money in the form of bitcoins, Euros,
British Pounds or US Dollars.
They are a UK-based company established in 2013 and we strive to
offer the best payments solution possible. Not accessible for
people in the United States.
4. A Primer about Cryptocurrencies
And follow this link here, to find more Bitcoin exchanges:
I also believe after all the research I have done, you should
also have a Blockchain account. This allows you to send and
receive bitcoin, but not buy them. Blockchain is a great place to
store them before sending them to a more localized Wallet for spending.
Example: You use your blockchain account, to receive payments
from lets say USI-TECH members, then when you are ready to
spend them or transfer them into your currency or cash, you then
send the portion of your bitcoin, you want to your more localized
bitcoin wallet, that is connected to your bank, or has a debit
Anyone can open up a Blockchain account, it does not matter where
you live, and it has great security features.
How do I send or receive Bitcoins?
Most wallets and exchangers have a settings feature in your
account to add or create Bitcoin addresses, or you click on
receive bitcoin in your account and it will automatically create
a address for you.
All these wallets and exchangers have a different user
interface, so it is impossible to show you exactly where you do
this in each one. Just know that it is extremely simple.
Your address to receive or send bitcoin with, will look like this
example below, a long string of numbers and letters.
For example, this is the address you will add to your USI-TECH profile
to receive bitcoin in to your wallet or exchange.
It does not matter where you live or which Bitcoin wallet or
exchange you use, all Bitcoin wallets recognize the transfer of
payment and communicate with each other!
Hope this helps educate you further on Bitcoin and its uses, and
how to start purchasing and spending bitcoin.
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