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Introduction to Bitcoin

introduction to bitcoin

What's all the fuss about Bitcoin? Should you be using it in your business? Are you missing out? 

We've just gone through the Bitcoin learning curve here at the Rentadesk community, so save yourself the hassle and read our bitcoin cheat sheet below!

What is Bitcoin?

Bitcoin is digital cash you can use to buy and sell goods or services directly without an intermediary such as a bank.

Why use Bitcoin?

  • Low transaction fees for sellers
  • Anonymity for buyers (if desired)
  • Can be used in any country
  • Can be traded speculatively for profit

How to get started with Bitcoin

Sign up at My Wallet to get a wallet and bitcoin address. In your Wallet click on 'Bank Transfer' to buy Bitcoins using your UK Bank account.

***UPDATE: The blockchain.info wallet recommended above isn't currently allowing bank transfers from the UK so I recommend bank transfer into a verified OKPAY account and then transferring your GBP to an exchange such at BTC-E where you can buy bitcoins.***

How to Trade Bitcoins on an Exchange

Buy and sell them through a bitcoin exchanges such like BTC-E. Be careful! Bitcoin is highly volatile at the moment.

How to Buy Products or Services with Bitcoins

Some sites have 'Buy Now' buttons others simply provide a bitcoin address that you can fund via your wallet's 'Send Money' option.

How to Sell Products or Services for Bitcoins

Show customers your 'Bitcoin address' for receiving payments. e.g. To join Rentadesk you can pay by sending money from your Wallet to Rentadesk's Bitcoin address at 1RD1o59DtGggmjB3VD9jaGmsEYNLhwxEj You can also use services such as Bitpay to create Bitcoin 'Buy Now' buttons that you can embed into your website.

Have any Bitcoin tips? Please comment below!