How to Buy Bitcoin Instantly Online

In this article, Oracle Exchange hopes to tell how to buy bitcoin instantly and anonymously online. You will find useful and up to date information about some other e-currencies too.

Bitcoin is acting peer-to-peer for online payments that there is no need for a central authority. Since its start in 2008, it has grown into a worldwide currency with high technology.  Also a huge community of users are investing and using this e-currency. As a result, its online users are increasing everyday. In this guide we hope to explain how to instantly buy or sell bitcoin. We also aim to explain how to use it to make your financial life better.

Direction:

How to get Bitcoins

The best way to instantly learn how to buy Bitcoin is to get some and carry out tests. We will tell you how to set up your own wallet and how to get some Bitcoin. Also you can find useful information here on how to get going with this electronic currency. After reading the whole page, if your questions remain unanswered, please use the contact us form.

How to get bitcoins for free?

We will discuss this matter in more details on this page at the about mining section. But here is a quick answer: Some users connect their computers to the p2p network mentioned above to verify transactions. So the network reward these users and they may get new bitcoins instantly. It is a fair trade for the amount of computing power they present to the network.

What was the hard part in creation?

Since everyone can copy anything digital again and again, the hard part is to be sure that nobody spends the same money again. This is about important for making and performing a digital payment system. In the old ways, a trusted central authority like PayPal is verifying all of the transactions. The main new thing which makes Bitcoin unique is that it uses general agreements in a peer-to-peer network. The main purpose of these agreements is to verify transactions in a massive P2P network. This has made a system which non of its payments are reversible and no one can freeze an account. Also the transaction fees are much lower compared to other payment systems.

Who is in charge?

As mentioned earlier, no central person or central authority is in charge. Many developers give away their time and effort to develop the open source software. Also, all of the changes are subject to the approval of Gavin Andresen who is the lead developer. The miners may choose between sticking to the old software or installing the new version. So it is best for the miners to only accept changes that are proper for buying Bitcoin in the long run. It is impossible for any third party to misuse the system because of these checks and balances.

Know more about different types of wallet

A “wallet” is somehow equal to a bank account. It allows you to get, keep, and send them to others if you want. There are two major types of wallets, A software wallet and a web wallet. You install and use the software wallet on your own PC or mobile device. security of your coins is in your own hands and you have complete control over it. Yet they might be difficult to install and maintain. On the other hand, a third party is hosting and running a web based wallet. Web based wallets are so much easier to use. We advise you to choose a reliable wallet provider with high levels of security for protecting your money.

Sending and Receiving Bitcoins

Sending bitcoins is an easy process. It’s more like sending an email to someone else. Copy and paste the receiver’s address, choose the amount, and click send. This seems easy to people who are providing their credit card info to purchase bitcoin with credit card. This sending method lets people to be in complete control over the transaction process. Please keep in mind that all transactions are irreversible. You put the receiver’s address and there is no going back after you click send.

The recipient may need to wait for a few minutes to see the payment that you have made. This waiting time depends on many different things. It depends on the wallet type the two parties are using. Furthermore, it depends on the network of the two parties too. Sometimes the first transaction confirmation show up in about ten minutes or so. Many web based wallets require no less than six confirmations before they confirm a transaction. This can take up to sixty minutes or more.

For receiving, provide your receiving address to the other party. Then all you have to do is to wait for the other party to send the payment. Same as when you want to buy bitcoin with PayPal. As mentioned above, for the Bitcoin network to confirm the transaction, you may need to wait about ten minutes. Also it’s good to know that a 100% confirmed transaction is the one which has six confirmations or more.

Blockchain and Confirmations

The blockchain is a public library of every transaction in the Bitcoin network. A complex algorithm distribute the blockchain on every machine connected to the network. Therefore, the blockchain will remain as long as the Bitcoin network survives. Since the blockchain exists on many different computers, it is impossible to edit it. By analyzing the blockchain, anyone can verify the balance of each wallet they wish.

The mining process creates a new block in every ten minutes or so. The miners job is to confirm and validate all transactions. The previous blocks, and the new block is in the blockchain forever. he mining process adds a new block to the blockchain every ten minutes. This newly added block records all of the new transactions in the network. Then the Bitcoin network verifies the transactions and confirm the transfer.

For example, imagine that John buys bitcoin online from Jane, and Jane sends the amount instantly. Yet the transaction remains unconfirmed until the successful creation of next block in the network. As soon as that block is there, the John’s money is verified and it is included in that new block. Then John to Jane transaction has only one confirmation. About every ten or twenty minutes after the first block, the miners create a new block different than the previous one. After creation of each new block, the Bitcoin network reconfirm the transaction again. Yet there is no need for more than 5 reconfirmations. Some companies only require one confirmation, but many require more than one confirmation for purchasing bitcoins online. Since each confirmation lowers the chance of reserving a payment. Requiring six confirmations is common in this industry and it takes about sixty minutes.

Who is Satoshi Nakamoto

In early 2008, an anonymous internet who calls himself Satoshi Nakamoto published a paper. The paper title was “Bitcoin: A Peer-to-Peer Electronic Cash System”. Furthermore, this outlined the main and basic concepts which has built Bitcoin. In January 2009, miners created the first block. A few days Later, developers released a client software which made buying Bitcoin online available to the public.

Satoshi Nakamoto remained active in the newly made community until June 2010. Then he gave the lead developer crown to Gavin Andresen and faded out from the community.

We all know little about him. The name Satoshi Nakamoto was somehow a cover for an online individual. Some say it was presenting a group of people that worked in harmony. Many attempts to find out who Satoshi Nakamoto is have failed. The New Yorker have investigated to learn more about Satoshi Nakamoto and found nothing.  Also, Fast Company tried to reach Satoshi Nakamoto and ended up with no final result.

History of Bitcoin Value

In the early days of 2010, the first bitcoin exchange rates were taking place on bitcointalk.org. One user purchased a $26 pizza for 10,000 bitcoins. The recognition of this electronic currency has increased over time. Also, the value of it increased as awareness increased.

In June of 2011, the value of a single unit of bitcoin to buy online, rose to $31 USD. The value dropped down to less than $2 by October 2011. Bitcoin began to see a great rise in value online recognition for the rest of 2011 and 2012.

In March and April of 2012, the bitcoin unit value started rising from $50. The raise did not stop until it reached $270 USD per bitcoin for buyers. Then, the value fell down to less than $80. After the crash down, the value stood back to $160 in about one business day.

Investing

Many individuals have used Bitcoin purely as an investment vehicle, treating it similarly to a commodity to exchange.  Like any other volatile investment, this has had mixed results, but as a whole the value of a bitcoin is up about 300% of where it was 2 years ago.

Just in the last year, some bitcoin companies have started to get the attention of silicon valley investors.  Most notably, Coinbase has raised over $6 million with such backers as Y Combinator and the FundersClub, among others.  Similarly, CoinLab of Seattle, WA and has raised over $500k from their investors including, but not limited to Lightspeed Ventures.

Recently a group of angel investors have come together to form BitAngels, a bitcoin focused investors group looking to bring small startups on to the main stage.

Mining

Mining is the term used for running a series of calculations on a computer to verify the transactions that take place in the Bitcoin network. About every ten minutes, a new block of transaction data is created and the miners who created the block are awarded a few bitcoins. This serves the Bitcoin network both as a system to verify transactions and as a system for fairly distributing new bitcoins.

Although it used to be profitable to mine bitcoins with your standard personal computer, the cost of the electricity necessary to do so is now greater than the value of the bitcoins you could mine. Profitable mining now requires specialized hardware that can perform more computations with greater power efficiency.

If you’re interested in a more in-depth look at mining, we are currently preparing an article with more advanced information. Sign up for our mailing list or subscribe to our feeds (RSS2/Atom) to be informed the moment it’s published.

 

Security

Any bitcoins you might have are constantly in danger of either being stolen due to weak security or lost due to computer failure. Because of this, it is wise to keep multiple backups in very secure places.

Imagine you have a large sum of money stored in an impenetrable safe. This safe is in a public area that everybody has ready access to and is protected only by a combination so long that it is unguessable. You can’t possibly remember the combination to the safe, so you have to write it down. In the Bitcoin world, your bitcoins are the large sum of money, the safe is the blockchain and the combination is your private keys stored in your wallet.

There are two ways that you can lose your bitcoins. If you lose your combination, the safe will never be opened by anyone. If anyone finds out your combination, you risk having your coins stolen. On the one hand, it is smart to backup your combination in multiple locations to ensure that you don’t lose it. On the other hand, if any backup of the combination is compromised, all your coins are gone.

What is Bitcoin?

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures.

Why Bitcoins?

Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.

Acquiring Bitcoins

Buy on an Exchange
Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange.

Transfers
People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally.

Mining
People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes.

Owning Bitcoins

Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC.

Wallet in cloud: Servers have been hacked. Companies have fled with clients’ Bitcoins.

Wallet on computer: You can accidentally delete them. Viruses could destroy them.

Anonymity

Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities.

Future in question

No one knows what will become of bitcoin. It is mostly unregulated, but that could change. Governments are concerned about taxation and their lack of control over the currency.

 

Next Steps

Now that you know how to use bitcoins, learn more about how the Bitcoin network functions from the articles in our learn more section. Are you confused about something? Ask us anything you like.

Tired of searching for a trusted PayPal to Perfect Money Exchange service? Looking for a Credit Card to WMZ exchanger but do not know whom to trust? Having problem for transferring funds from PM or WMZ to PayPal? Good news is we are here to answer all your needs.

How to buy bitcoin Price instantly

 

Browse through the Oracle website, buy bitcoin, sell, learn. All transactions can be completed with any major credit/debit card or PayPal and WebMoney or Perfect Money, and transactions generally take place in a single business day. Oracle assures the safety, efficiency and outright value of every monetary transaction. Your money is in good hands with us.

We will never be under-sold and for that purpose we stock large e-currency reserves for each e-currency we work with. We can assure you promptly service, and always available exchanges even for large orders that other exchangers are unable to fulfill due to their limited bitcoin stock. At Oracle Exchange, we pride excellent customer service support. That is why majority of our customers come from referrals from other customers, This gives us great pride. We build our reputation in time through quality of service.

Please give us a try today! We hope to be able to build a lasting working relationship with you and serve you with all your exchanging needs in the future. Thank you for your business and continued support!

 

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