Bitcoin has been in the news lately. If you look it up on the internet, chances are you will find a lot of information that will just get you more muddled. This is especially true if you are not the techie type. You want to use bitcoin, but if you try to get details, you get a whole load. It ends up with you getting information overload. We will make it easy as pie by explaining it in plain English.
What is Bitcoin?
Bitcoin is money. It’s just not money that you can hold in your hands. Bitcoin is a currency in the same way that the US dollar, the Philippine Peso, and the Indian Rupee is a currency. You can buy it, sell it, exchange it, and buy goods and services with it. It is the currency made by the internet. As such, it is a virtual currency.
How do I get it, then?
You cannot buy a bitcoin without getting a wallet first. It’s not the Louis Vuitton or generic mall wallet that we’re talking about. Since bitcoin is a virtual money, the wallet is also an online one. Once again, you’ll be spoiled for choice here because there’s also its’ security to consider.
Let’s compare it to a real-life scenario. Let’s say that there’s you with your money, and there are snatchers and thieves out there somewhere. You need to put your money in your wallet, that wallet needs the coins zipped up, and needs to be placed where it’s not obvious it’s there. Your virtual wallet can be secured, zipped up, and hidden. You have the choice to do it all by yourself, or choose to just have it zipped up by a third party, with you the only one knowing where you have it secured and hidden.
If you’re a newbie, you can have a third party do the securing for you. You don’t need a masters degree, though, to just take care of it all. Just remember that if you lost the key, and you don’t know what your backup phrase is, you will have lost your money.
How to get it, now.
The easiest answer is to buy it online. You can pay by cash, card, paypal, bank transfers, etc. Like in the real world, there are several virtual money exchangers. Some countries are limited to just a number of these bitcoin exchange due to legal restrictions. You can find out which ones are available in your country here.
What’s in it for me?
The great thing about bitcoin is it’s portability. Because it is online, transferring takes just minutes. Added to that is the low fees that exchangers (or miners – as the techies call them) ask for. It’s very ideal for overseas workers who need to get money over to their relatives abroad. No more waiting for days before remittances are available.
Bitcoin can also be a form of investment. It is highly risky at the moment, though. Investors are buying bitcoins in droves and have driven the bitcoin value at an all-time high this August. If you are comfortable with high-risk investments, this will be an exciting time for you.
As an overseas worker, you can make bitcoin work for you by getting money to your loved ones faster, securely, and at a lower cost. You can also invest in bitcoin in the long-term, at an amount that you will be comfortable with, and mixed with more conservative vehicles.