Quasi-knowledgeable and naive of what Bitcoins are and the Blockchain; curiosity caught me in this industry.
When the husband of my former boss (and my first marketing mentor) asked me if I know of anything to do with Bitcoins, naturally, I had to google it within a few seconds in order to get back to him. (I bet you’re as guilty as I am for researching through something you know nothing of instantaneously on Google)
To be honest, it took me awhile to understand what this cryptocurrency is. We had lengthy conversations on mobile, had ‘bar’ dates and chats on Facebook before I finally jumped in. I can’t say I’m well in-depth knowledgeable of this digital or virtual currency that uses cryptography for security wherein peer-to-peer exchange through technology operate with no central authority or banks is all about — I eventually fell for it and got my ‘hidden’ tech side slowly accept that this is where the future is heading.
Yes, there are still tons for me to understand.
For starters, let me walk you through what I have understood and learned:
What is Bitcoin? Just like what you think of paper money, it’s the same as what Bitcoins are. It has a unit of account, medium of exchange and store of value. The only difference from cash is the visibility of an actual paper trail. However, in comparison to paper trail — transparency is more viable as it connects through peer-to-peer exchange via internet interface portal.
Just like how you invest on Foreign Exchange. You can store wealth. If you’ve been storing a block of Gold, it’s the same thing principle. You may have the block of Gold, but you just can’t use it (to almost anything anymore) to pay for goods however with Bitcoin; in time, as the market is vastly growing in the world — you may, you would, you could.
How do you get Bitcoins? Start from downloading your own Bitcoin Wallet on your ios or Android (Personally, I’m using Blockchain on Android). You can get bitcoins by accepting them as a payment for goods and services or by buying them from a friend or someone near you. There are trustworthy sites who render services for you to exchange your current currency to Bitcoins, such as BuyBitcoins.com or get to read more through Bitcoins.org on how to get you started.
Where do you get to spend it? Locally in Manila, Philippines, I get to spend my Bitcoin through Bitmarket.PH’s listing or shop through online shopping sites who already accept Bitcoin as payment option such as Ebay.com
How will you be able to have your Bitcoin exchanged into your local currency? It’s non-debatable that Cash is king. If you’re a merchant, the local listing from Bitmarket.PH would have your Bitcoins exchanged into your currency without any charges by having it deposited to your desired bank account (e.i PHP 1.00 to Php 1.00) . Of course, you have an option to keep your Bitcoins on your wallet for your own personal (or business) transactions.
There are no middle-man charges. Remember, it’s a peer-to-peer transaction. Straightforward.
Read more about my Bitcoin learning on this blog.