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Quick start guide

Introduction to Bitcoin for the newcomers

Are you a beginner at bitcoin community or just curious about what it’s all about? Let us explain what is Bitcoin, where to get some and how to get started using its amazing features.

What is Bitcoin?

Bitcoin is a new kind of money – «digital cash», available to each and every one, like the Internet itself. It’s an innovative payment network, the first decentralized digital currency (there is no central authority that governs the issuance of Bitcoin) established in 2009. It is comprised of well-established Internet technologies such as peer-to-peer networking, encryption, and digital signatures to enable global money transfers.

Bitcoin has a number of advantages over existing forms of money:

  • it has lower fees (although, at the moment there are better alternatives for micropayments, especially the Litecoin);
  • it’s free from anyone’s control and regulation;
  • there are no limits and no borders.

All transactions are recorded on the transparent public ledger (the Blockchain), there is no way to dispute or reverse the transaction once it was made. Bitcoin operates on free, open-source software on any computer or smartphone. We have an article with additional information about Bitcoin or you can check the WeUseCoins website.

OK, I want to get into Bitcoin, now what?

Although it may seem a bit hard to start using bitcoins, lots of people are entering the Bitcoin space because they have heard about its various advantages. With bitcoins, you can buy every possible good (or service) from a cup of coffee or mobile top up to a ticket to space or luxury real estate. And the best thing is that it would often be significantly cheaper (merchants has way lower processing expenses, accepting bitcoins) comparing with other forms of payment.

The number of merchants worldwide, accepting bitcoin, already has six figures, and hundreds of new ones are joining every day. As a consumer, you will love Bitcoin for its convenience – it has never been easier to send money. Whether you are just tipping a helpful person in a forum, donating to a worthy cause, or purchasing a product or service, your money will arrive instantly (and would be confirmed by the network in minutes).

Just two simple steps are required to start using the Bitcoin, enjoying the freedom and amazing possibilities it provides: choosing a wallet, and… yes, getting some Bitcoins (BTC).

Getting started with a Bitcoin wallet (website, software, app)

The first thing you'll need is a Bitcoin client or "wallet" application. Bitcoin Client is a software, which stores your Bitcoins and provides you bitcoin addresses and it can be web service (i.e. website), software or application for Windows PC, Apple or Android and other platforms. Our article "What is bitcoin wallet and bitcoin address?" would help you to choose a wallet which is most convenient for you.

How to buy bitcoin instantly with your credit/debit card, bank account or cash

Now that you have a wallet, would you like to buy your first Bitcoins? The best way to buy bitcoin easily, safely and instantly is to use 247exchange.com, operated by InterMoney Exchange Group. Buying Bitcoins @ 247 is same easy as to order something at your favorite e-store – just create an order and follow the instructions.

Based on your location and preferences, you will be offered a number of ways to pay: credit/debit cards, bank transfers, and cash. We offer local payment options in 100+ countries and support most of the popular fiat currencies (USD, EUR, GBP, CAD, AUD, etc.). There might be a need to verify your identity in the process, but it’s extremely fast and even fun.

Our user-friendly website with detailed instructions of every step you should make, allows any person utilizing Internet even at the beginner level to use the service. Just create your first order on 247exchange.com now and see how safe, quick and convenient we are!

I bought bitcoin, so what's next?

Feel free to start by sending BTC to someone! Spread some love and spend some coins; there are a lot of cool websites where you can order any goods/service, or just participate in donating/tipping, trading, games, gambling/betting, lending, auctions, etc., etc. Bitcoin can buy you anything "good old paper money" can buy, and even more. It can become your investment in the future or your fun for today, it's up to you!

Some recommended (and trusted by the community) websites/apps where you can spend your bitcoins on something worthy are:

Spread the word about Bitcoin sharing the article with your friends, family, colleagues. You may even earn some coins (doing the good thing for all, what can be better?) participating in our Affiliate Program. Step into the bright future of Bitcoin and Digital Currencies and let us, the InterMoney Exchange team, be your guide in this amazing world!

There are many cryptocurrencies today, about 700 ones. Besides Bitcoin, among the most popular and interesting digital currencies are those you’ll be able to spend more easily:

  • Ethereum is the second most prominent blockchain platform, its smart contracts enable developers to create markets, store registries of debts, etc. If Bitcoin was version 1.0, Ethereum is 2.0, allowing for the building of decentralized applications to be built on top of it.
  • Litecoin with the fastest transaction processing, caught on quickly and is accepted by more retailers than some other cryptocurrency. It plans on releasing a total 84 million coins, far more than bitcoin’s 21 million.
  • Peercoin with hybrid proof-of-stake/proof-of-work system aims to use the currency in the long term. There’s no hard limit on the possible number of coins minted, though it’s designed to eventually attain a 1% inflation rate.

While this beginner's guide is by no means comprehensive, we hope it has been helpful in determining what path you would like to take next in your upcoming cryptocurrencies adventures. If you have any questions, you can find the answer directly in our Help Center, and 24/7/365 multilingual support will be glad to assist you any time of day and night!

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