How to buy Bitcoins

bitcoin_dollarLast month I  wrote a post about what Bitcoin is and how it works and why it is important. I explained how the coins are mined and how nowadays mining Bitcoin is not something that I would  recommend. I also mentioned that I planned on buying Bitcoin and in this post I explain the challenges and what I learnt in the process.

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What are Bitcoins?

Bitcoins are a new currency making a huge impact. BitCoins are an electronic currency that has no bank and allows anonymous ,low cost transactions.

I was listening to  two beers with steve where he interviewed Brian Newgen (a bit coins expert) from Dublin Ireland. What makes Bitcoins different to other currencies is

  • They are are a finite amount in circulation and rules that limit thier distribution (so no systemic inflation),
  • There are no central banks therefore very low transaction costs
  • All transactions are 100% anonymous

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