What is Bitcoins? How do we get Bitcoins? How do we use Bitcoins? How do Bitcoins work? Are all really hard questions to answer without actually going through the process yourself. Do you have any clue how the international financial system works before you buy a cup of coffee? No, but maybe you should learn about this kind of stuff in the future. For now I will describe how someone from can get Bitcoins working on their mobile phone so they can purchase coffee in one of two cafes I know that uses Bitcoins.
If you have a smart phone, just search in your application store for what we call a “Bitcoin wallet”, this will receive, store and send your Bitcoins. I have no preference for any particular wallet. I just downloaded the first one I saw with a good rating. As long as you are only experimenting with a small number of Bitcoins, it is OK to take a risk. Remember that if you lose your phone, you lose the Bitcoins saved in the wallet.
GSM Solutions is the only place in Dublin that I know of that sells Bitcoins. I do not know any websites online were one can buy Bitcoins with ease. Today the price of Bitcoin went up slightly to €195 per Bitcoin. One can buy 0.1BTC for €20, which leaves a small margin for commission. Much easier that fiddling with bank details online. Unfortunately today their Internet was down so I could purchase a Bitcoin, but they generously gave me a free sample to explore with.
They gave me paper voucher to collect my Bitcoins online. At first I thought this was a bit convenient as I wanted it now on my phone. I went on to the Coinkite website with the special address given on the voucher. I had to go into my Bitcoin wallet to click on my QR code to read the long Bitcoin wallet address. I had to type in my wallets address to receive my Bitcoins. I actually made one mistake with the capitals and the request luckily did not go through. After carefully typing in the Bitcoin wallet address and sending it, the Bitcoins finally reached the Bitcoin Wallet on my phone in seconds. The transaction is then recorded in the public Bitcoin ledger, called the “blockchain”, for everyone to review the transaction.
So I went into the shop. Spoke to the lads. Made an order and had Bitcoins on my mobile phone shortly after coming home. Nice and simple after you get your head around how the technology works. It is the money of the future.
Now what can I purchase with mBTC0.25? Bitmatches?