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What is Bitcoin

Bitcoin is phenomen of digital age. You may read about it in the newspapers, in TV and all media. Someone takes it as investment, other as payment method. It is both. Bitcoin is digital money, we can compare it to digital gold. More and more online stores accept it as payment method. For bitcoins you can buy everything from coffee to house. It is also very good investment tool. If you bought 1 bitcoin a year ago for 100$, you could sell it after 8 months for over 1000$.

Bitcoin price fluctuates up and down, which is the biggest disadvantage unless you are speculative trader.

How bitcoin works

Many are asking what is bitcoin and where it comes from. If I take it simple as possible: Bitcoins are mined. It means, they are created by computers with high computing power in process called mining. Bitcoin miner is a computer which runs a program for mining. This program is connected to internet to bitcoin peer-to-peer network and is doing complex mathematical calculations. These calculations are basicaly about hashing and encrypting each transaction into blocks. In short, when miner finds a block or completes a block in bitcoin network, then this miner gets bitcoins as a reward. Right now, miner receives 25 bitcoins per one block.

It is very hard to find a block in bitcoin network for single miner, that is why there are groups of miners where miners are connected together into so called mining pools. They are sharing the reward once block is found.

Total number of bitcoins is limited to 21 milions. Up till now there is 13 milions already mined and are in circulation (as of 27-July-2014). I read some article where one investor believes that one bitcoin will have a value of 10,000$ as total number of bitcoins is limited. Well, we will see.

Every transaction in bitcoin network is publicly visible. The ledger of bitcoin network is called blockchain and can be accessible on website blockchain.info. On this website you can enter bitcoin address in the search box and you will see each transaction to and from this address.

How to get bitcoins

In order to receive bitcoins, you need to have bitcoin address. Bitcoin address is a string of numbers and letters. It must start with 1 or 3. Example of such address is: 1Dtw7RaLSBCrq9nfD6cv6bNBXhNVb4Bz7R

There are three ways of getting bitcoin address:

1. install bitcoin client on computer
You can go to bitcoin offial website https://bitcoin.org/en/choose-your-wallet and download bitcoin client. Choose from various clients and install. After instalation, connect client to internet and you must let it download all blocks from bitcoin network. This process is called synchronization. Only when you bitcoin client is synchronized (all blocks are downloaded), only then you can see latest transactions in bitcoin network including those to your bitcoin address. This is very important information, as many of you are writing us that you did not received any bitcoin payment and afterall we find out that user did not synchronized his bitcoin client.
We at Goldux use also bitcoin client.

2. install bitcoin client on mobile
There is also application for mobile phones. We do not have experience with such a platform so cannot give you more info about it.

3. use web service for bitcoin account
Many of you are using this option as you dont need to install any program and you dont need to synchronize with bitcoin network. There are two disadvantages of this option. First, website can be shutdown and you will lose your bitcoins. Second, when receiving bitcoin payment, there is waiting time (it is not instant to receive payments, you need to wait for 1-3 confirmations of the payment which takes about 5-30 minutes).

All three options are available on official bitcoin website: https://bitcoin.org/en/choose-your-wallet

Advantage of Bitcoins

- nobody can shut it down, there is no central, it is peer-to-peer network
- very low fee for sending bitcoin payment
- payments are instant if you use bitcoin client on computer fully synchronized
- payments are received within 30 minutes if you use web service
- transparent and neutral - payments are irreversible, there is no chargeback

Disadvantage of Bitcoins

- volatility - price of bitcoin changes very often

Fees of Bitcoins

- no fee for receiving payments
- sending fee is 0.0001 bitcoins, which is about 0.06$ at the current rate

How to buy and sell Bitcoins

- buy Bitcoins with Perfect Money from 0%
- sell Bitcoins from -5%
- exchange Bitcoins for Perfect Money, Litecoin, Advcash, STP, OKpay, Payza, Skrill, SolidTrustPay or WEX code

Our best rates for exchange Bitcoins

Buy Bitcoins

from	Perfect Money USD	to	Bitcoin	- 0%
from	AdvCash USD	to	Bitcoin	- 0%
from	Payeer USD	to	Bitcoin	- 0%
from	Webmoney WME	to	Bitcoin	- 0%
from	Pecunix USD	to	Bitcoin	- 0%
from	Pecunix EUR	to	Bitcoin	- 0%
from	Bitcoin	to	Bitcoin	- 0%
from	Exmo USD	to	Bitcoin	- 0%

Sell Bitcoins

from	Bitcoin	to	Webmoney WMZ	- -5%
from	Bitcoin	to	Virtex voucher	- -5%