Monday, 17 February 2014

Bitcoin Trading – Your checklist for buying and selling

Bitcoin is the blooming safest system that enables to do anonymous currency trading. Interestingly, no one will know about the transactions, personal information provided and amount of payment made by you or any other details, which includes the details of the sender and receiver. As of today, there are 10.71 million users, which amount to 207.929 million USD worth!
The BTC had kept inside “digital wallet” that can be saved on the PC’s, or on an online website, which shall secure your wallet by managing it for you. An individual can have multiple digital wallets and addresses to do trading as and when needed.

Thus, it now becomes necessary to ensure some measures before starting to trade. This should be treated with utmost care such, as we treat our personal wallet or even more!

Keep your Wallet Safe!

Like the personal, our digital wallet too needs to be secure. Most important is to get registered with any international digital wallet company that accepts Bitcoins, eg. Coinbase, MtGox,VirWoX .

VirWoX allows one to do BTC trading anywhere and even warns you to keep in control. With great features comes greater security issues, thus it can provide high-level security if used properly. It is necessary to remember that it is your own duty to get accustomed to good practices in order to protect your money.

Payments cannot be reversed!
Any transactions made in BTC are irreversible; they will refund only by the person receiving the funds. That means you need to be very careful while doing any transaction with anyone, be it individuals or any organizations.
Transactions are not anonymous

Not every detail is hidden for BTC traders; the transactions are available on an open network. People can view the transfers and balance of any individual. However, the identity of any user address remains unknown until the information is unconcealed throughout procurement or in any other different situation.

Bitcoin Trading made easy with various payment modes

Various payment modes like Bank Transfers, Credit cards and Debit Cards using Skrill or Moneybookers, PayPal, NETELLER, paysafecard, and others modes can be used by traders. Many international companies like bitstamp, Coinbase, MtGox, VirWoX accept all the different modes of payments for buying and selling.

Secure and Instant Transactions

The transfers can be done within 10 min with secure mode when done with trusted companies. However, it can be harmful as there are can be mediators and cheats available the market who can dupe you anytime. For larger amounts like 2000US$, it would be pretty smart to attend for at least six confirmations or even more. Every single confirmation exponentially minimizes the chance of a reversed dealing.

BTC ought to be an experiment based new currency that is in active development. However, it may turn out to be less experimental with its more usage. One can be in a thought that it is just another new invention to explore the money market with new ideas. As such, we cannot elucidate any future predictions, so continue trading!

See here how you can buy or sell bitcoins using VirWoX.


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  2. I am afraid that the dark side will win out and it will become the currency of the paranoid and illegal, with all of the associated costs and benefits.
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