Buying Bitcoin Right From Your Smart Phone
Bitcoin. You may of heard of it, the cryptocurrency sweeping the internet, going up a crazy 800% in the 2017 alone to prices right next to $8,000 per coin at the time of writing this article. While I highly suggest you do some research on the topic of Bitcoin, cryptocurrencies in general, and the underlying technology “blockchain” (seriously it’s going to change the internet and world as we know it), I’ll keep the explanation of it basic.
Bitcoin is a currency, just like the US Dollar or Euro, and it can be used to pay for goods and services at places such as Overstock.com one of the internet’s largest retailers. The idea of Bitcoin is to avoid the middleman i.e. the banks, or becoming a decentralized currency. So what that means is, if I want to send my friend half away around the world $100 worth of bitcoin – all I have to do is pop in his Bitcoin wallet address, and the money will appear in his Bitcoin wallet in a fraction of the time of using a bank, and at even smaller fraction of the cost that it would take me to use a traditional bank. And since this is a global currency there is no need to do any monetary conversions (i.e exchange US dollar to Euro).
Now how do you get your hands on some?
Coinbase is the answer. Coinbase is a website that specializes in trading Bitcoin and two other cryptocurrencies, Ethereum and Litecoin (seriously- do research on these). They also have a Coinbase app which you can download on your iPhone or Android.
By attaching a credit/debit card or bank account you can instantly buy any of the three coins I mentioned above. Within coinbase they will give you your own unique wallet address so you can start sending and receiving Bitcoin the minute you get started.
There are plenty of risks involved when trading cryptocurrencies, so again do your homework and due diligence, but from the looks of it, it seems like the Blockchain has arrived to usher us into a new era on the internet.
Protip: Seriously check out Ethereum. It’s SwapCell Approved.