I have Paypal. Skrill. Credit cards. Cash. Why do I need Bitcoin, and what use is it?

Bitcoin’s a currency. Much like the above. At its most basic currency is a medium of exchange. A way to pay for goods and services. You can do that with Bitcoin. Physical forms do exist, but mostly it exists in the form of data that’s traded online, usually by using some form of “wallet” like Coin.Space.

What’s the benefit of Bitcoin to me? What are the advantages over other options out there?

1. It’s cheap.

Actually, in many cases transactions involving Bitcoin are free. The Bitcoin fee, when required, is less than 40c US. Contrast this with Credit Cards or Paypal, which have transaction fees of 2-5% of the value of the transaction.

2. It’s transferable.

You can buy Bitcoin with regular currency, and sell it back for lawful money. It’s not a case of once you have Bitcoin,  you cannot exchange it for other currency, you can. It’s used as a legitimate way of sending and receiving regular money payments.

3. It’s fast.

Cheques take days to clear. Wire transfers also take time. A Bitcoin transfer is much more quickly. It takes around ten minutes to confirm the transaction

4. A company does not own it.

Banks are companies. Paypal is a corporation. Companies own most financial sector institutions. It’s a fact of life. But wait a minute, Bitcoin is different. It’s not owned by anyone and is monitored and processed by the community that uses it. You own your Bitcoins, and no one can take them away from you.

5. It’s secure.

Credit cards were invented in the 1930s. They’re antiquated technology that was never meant to be used online in a digital age. There is little wonder why there is so much credit card fraud.

Bitcoin transactions, on the other hand, were designed with full knowledge of what’s required regarding online security. They have a private and a public key, and it’s only the public key that’s visible online. Don’t do anything silly like publishing your private key online and your Bitcoins will be safe.

Okay, I admit that sounds useful, but where can I spend Bitcoin?

There’s more places than you might imagine. Still largely it’s online and tech related industries that are supporting Bitcoin, but a lot more bricks and mortar stores are popping up, like the Paralelní Polis café in Prague, which ONLY accepts payment by Bitcoin.

There is a list of all business that accept bitcoin here, but five key players who are happy for you to spend Bitcoin with them are:

Disclaimer

 

Be safe & secure: We highly recommend that you read our guide on How to Prevent Loss & Theft for some recommendations on how to be proactive about your security.

 

Always backup your key: Coin. You do not create an account or give us your funds to hold onto. No data leaves your computer / your browser. We make it easy for you to create, save, and access your information and interact with the blockchain.

 

We are not responsible for any loss: Litecoin, Bitcoin Cash, Ripple, Ethereum, Bitcoin & Coin, and some of the underlying Javascript libraries we use are under active development. While we have thoroughly tested & tens of thousands of wallets have been successfully created by people all over the globe, there is always the possibility something unexpected happens that causes your funds to be lost. Please do not invest more than you are willing to lose, and please be careful.

 

Translations of Coin: The community has done an amazing job translating Coin into a variety of languages. However, Coin can only verify the validity and accuracy of the information provided in English and, because of this, the English version of our website is the official text.

 

MIT License Copyright © 2015-2018 Coin

 

Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the "Software"), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions:

 

The above copyright notice and this permission notice shall be included in all copies or substantial portions of the Software.

 

THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.

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