Explained about Using bitcoin to pay for goods and services

There are several choices available if you’re trying to get into the Bitcoin game and keep your own coins. Here are some of the numerous available methods for acquiring your own Bitcoin. more info here

Purchase them out of an exchange

An exchange is one of the most common ways to acquire Bitcoins. Here in Canada, websites like Bitstamp, BTC-E, or Cavirtex allow you to buy Bitcoin. They don’t sell Bitcoin on their own, but how it works are the exchanges that pair you with a seller as a buyer who sells for whatever price you are looking for.This sounds like a wonderful alternative, and it is, in some respects, but it also has its drawbacks.

One of the key ones is that the exchanges need you, by Know The Client legislation that is present in many countries in terms of currency-related businesses, to apply the personal information to them. This may not be a problem for everyone, but it’s becoming increasingly obvious in the post-NSA scandal era, at least for me, that the data you put out there is more available than you think.

Maybe I’m a little paranoid, but who knows what could happen in the future? After all, just 10 years ago, the notion that the government spies on everything we do was purely the realm of conspiracy theorists with tin foil hats, and now it’s just common knowledge. Who knows what will come next?

I’m not a huge fan of exchanges, as you can tell. It seems like the thought that I have to give up my personal information to an individual that will have to disclose that information goes against the Bitcoin spirit.

There are, fortunately, other options.Mine them, mine them

There’s, of course, just one location that Bitcoins really come from; mining. Every Bitcoin you’ll ever buy, see, or hear about was mined via the Bitcoin mining network at one stage.

If you’re in possession of a mining rig, go ahead and walk away from me! Or if you’ve got a machine quick enough to make it worth it, that’s cool as well.