How to Buy Bitcoin Instantly Online
In this article, Oracle Exchange aims 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. You can also exchange PayPal to Perfect Money or WebMoney at our website in less than a few minutes.
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 is investing and using this e-currency. As a result, its online users are increasing every day. 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.
In simple language, BTC is an electronic currency. It showed up in 2008 and there are rumors that an unknown person using the alias Satoshi Nakamoto have created it. No middlemen or bank interfere with bitcoin buying or selling transactions. There is no fee and there is no need to reveal your real info. Users can find much more online merchants who are accepting them. You can buy all sort of things with bitcoin, from a web-hosting service to pizza.
- Choose to buy bitcoins with PayPal or Credit Card.
- Click on the related form you have chosen.
- Enter your name and billing information.
- Enter PayPal or Credit Card account.
- Copy & paste your BTC receiving address.
- Click submit and enjoy your purchase.
How to get Bitcoins
The best way to learn instantly how to buy Bitcoin is to get some and try it out yourself. We will tell you how to set up your own wallet and how to get 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.
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 will get bitcoins instantly. It is a fair trade for the amount of computing power they present to the network.
What was the hard part in e-currency creation?
Since everyone can copy anything digital again and again, the hard part for creating an e-currency 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 none of its payments are reversible and no one can freeze an account. Also, the transaction fees are much lower compared to other payment systems.
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.
The digital wallet is a place to store your digital money and it is where users should check when selling or buying bitcoins. The wallet exists on the cloud web space or on user’s computer. The wallet functions in a similar way to a bank account. Like all banks, the wallet let its users send or get bitcoins, pay for services or goods, and save money for future. Opposite to the bank accounts, BTC wallets are not insured by any third party such as the FDIC.
Wallet in a cloud: Servers might get hacked. Companies might vanish with clients’ coins.
Wallet on a computer: You might delete your wallet by accident. Viruses might destroy data in your wallet.
Sending and Receiving Bitcoins
Users are able to send and receive BTC to each other by using iOS or Andriod mobile apps or by using their computers. Sending PayPal to Bitcoin is very similar to sending cash online. Sending is an easy process as it is 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 a credit card. This sending method lets people 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 shows 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 BTC 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.
The blockchain is a public library of every transaction in the Bitcoin network. A complex algorithm distributes 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 miner’s job is to confirm and validate all transactions. The previous blocks and the new block is in the blockchain forever. The 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 BTC network verifies the transactions and confirms 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, 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 BTC network reconfirms 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.
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.
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.
History of Bitcoin Price
In the early days of 2010, the first exchanges were taking place on the bitcointalk website. 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. It began to see a great rise in value online recognition for the rest of 2011 and 2012. In March and April of 2012, a single unit value started rising from $50. The rise 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.
Many users have tried to instantly buy Bitcoin for investment purposes. They are treating it to goods for exchange. Similar to any other easy investments, this one has had mixed results too. Yet, At a glance, a single unit value of this electronic currency has raised up to 500% comparing to what it was three years ago.
Silicon Valley people have paid lots of attention to a few companies in the early days of last year. For example, Y Combinator and the FundersClub and many others have raised more than million dollars. A single company called Coinbase has raised more than $7 million dollars too. Similar to mentioned companies, Coinlab from Seattle, WA has raised over $650k from investors. Lightspeed Ventures are examples of many investors who have bought bitcoin. Also, another group of focused investors brings small startups up to the main arena. They call themselves BitAngels and have come together for creating a focused group of investors.
Mining is a series of calculation processes running on a computer. The purpose of these processes is to verify and confirm the transactions. The miners create a new data block of transactions in about every ten minutes. Then the network awards them for their help and donation to the network. This helps the network to verify transactions and to distribute funds between its users.
Bitcoin mining used to be profitable by using your standard personal computer or laptop. Nowadays the cost of electricity needed to do the mining is a lot more than the value of the bitcoins you might mine. Mining now requires specialized hardware to be profitable, so it can compute more processes with less energy. We are preparing an in-depth article with more advanced information about bitcoin mining. You will receive this article as soon as we publish it.
There is an all-time competition for bitcoin mining by using high-power computers to solve complex math puzzles. Currently, the winner will receive 25 XBT in every 10 minutes or so. Mining is the main method of adding and creating new coins.
Any bitcoin amount you might buy is instantly in danger of being lost or stolen. Weak security or computer failure may result to stolen or lost electronic currency. Therefore, it is a wise decision to have more than one backup in some secure places.
There are many ways that may result in the loss of bitcoins you have purchased. For example, if you lose your secret key combination, no one can open the safe forever, not even you. If someone finds out your secret key combination, you should consider your coins already lost. Therefore, it is a smart thing to have a backup of secret key combination in different places to ensure that you will never lose it. Consider all the purchased bitcoins gone if any of the backups is in hands of someone else.
Imagine you have a big amount of money in a private safe. This safe is in a public area where everyone has easy access to it. Also, the safe secret key is a combination of letters and number, so long that it is impossible to guess. You can never remember the combination of the secret key to the safe, so you must write it down. In the network, the safe is the blockchain, and your coins are the big amount of money. Also, the safe combination is your private keys in this network.
What users can do with their purchased bitcoins.
Users can buy merchandise with BTC anonymously. Also, international transfers are easier, faster and cheaper than bank transfers. Since it is not tied to any country or any special regulation, users are able to trade bitcoin instantly. Many businesses and corporations like it because there are no credit card fees. Other users just buy bitcoins as an investing opportunity since they hope that its value goes up over time.
Buying Bitcoins from exchange websites
Several online websites with different exchange rates allow users to trade, sell or buy bitcoins. Oracle is the fastest of all with the best bitcoin exchange rate.
No one knows what this e-currency will become in future. Like any other thing in this world, it can change too. So long, the governments are not happy about taxation and their low control over this e-currency.
Each and every transaction is recorded in a public log, but names of buyers and sellers of bitcoin are never revealed in the purchase. Only their wallet IDs is available for the public to view. This method keeps all of the users’ transactions private. It also lets them buy or sell anything using bitcoin without tracing back to them. That is the main reason it has become the currency of choice for anyone purchasing drugs or doing other illegal activities.
Other types of e-currency exchange service we offer
Along with the other services and products, at Oracle Exchange website we offer some special services which no other website offers. Tired of searching for a trusted PayPal to Perfect Money Exchange service? Looking for a WebMoney USA exchanger but do not know whom to trust? Having a problem with transferring funds from PayPal to WebMoney, Perfect Money, Western Union or MoneyGram? Good news is we are here to answer all your needs.
Browse through the Oracle website, buy, sell, and learn about bitcoin. All transactions can be completed with any major credit/debit card. You may use PayPal to MoneyGram, Perfect Money, and WebMoney. Most of the transactions generally take place in a single business day. Oracle assures the safety and efficiency of every single exchange order. Your money is in good hands with us.
We will never be undersold. For that purpose, we always stock large e-currency reserves for each e-currency we work with. We can assure you a prompt service, and always available exchanges even for large orders. So large that other exchange websites are unable to fulfill due to their limited e-currency stock. At Oracle Exchange, we are proud of our excellent customer service support. That is why the majority of our customers are coming from referrals from other customers. This gives us great pride. We have built our reputation in time through the quality of our service.
Give us a try today. We hope to be able to build a long lasting business relationship with you. We aim to serve you with all your exchanging needs in the future. Thank you for your business and continued support!
Now that you know how to buy bitcoin instantly, it’s better to learn more about how to transfer money from PayPal to Western Union. You can learn a lot from the articles in other sections. If you feel confused about anything, feel free to contact us and help yourself with the confusion. We know that future has Oracle Exchange, and you have an opportunity to become our customer!
Thanks so much, So quickly, I would just like to say that your company has provided such amazing customer service and support to date it has really blown me away, it is very rare in business nowadays–James
Pretty impressed with the customer service from Oracle.–Matthew
Thanks for your fast exchange.–K.O.
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