Bitcoin in Vancouver

photoFor those who do not know, Bitcoin is a crypto-currency, which aims to create a fairly valued payment method accepted and used worldwide. Bitcoins are stored in your electronic wallet, and transferred using specific software. All Bitcoin transactions are stored in a ledger, called a blockchain, which makes the transactions traceable (though, irreversible). The beauty of the Bitcoin is that it is decentralized, and not controlled by a certain authority (e.g. Treasury Board).

To start using Bitcoin, you need to set up a wallet to store your coins in. I use https://blockchain.info/ – it’s free, and seems to be secure.

A lot of businesses in Vancouver accept Bitcoin as a payment for their services. You can use nothing but your smartphone to pay!

Vancouver is a home of the first Bitcoin ATM. Now, in addition to being able to trade Bitcoins in-person and on online exchanges, you can buy your Bitcoins with cash at a stationary machine.

Bitcoin ATMs:

– Waves Coffee at #100 – 900 Howe St. (Downtown)
– Steamrollers at 1195 Robson St. (Downtown)

There are a few other ways to get Bitcoins:

1. Mining.

There will be around 21,000,000 units of Bitcoin – in order to get them you need to solve complicated mathematical equations. This process is carried by powerful machines, specifically manufactured for this purpose. You can either buy expensive hardware and watch it get obsolete; or get into cloud mining, where you buy shares in a company which mines Bitcoin, and “rent” their mining power. I use CEX.IO cloud mining, which I am fairly satisfied with. Once you decide that Bitcoin mining is not profitable for you anymore, you can sell your shares at the current market value, and get some (or all, or maybe even more) of your initial investment back.

2. Free faucets.

The value of the Bitcoin is higher, when more people are using it. I have noticed, that as soon as a big seller starts accepting Bitcoin, the price generally rises (for instance, as it did over this weekend – it went up from ~$800 to over a ~$1000 after Zynga (online games producer, you may know them from Farmville and Poker apps on Facebook) announced they will be accepting Bitcoin as a method of payment.

You can get a small fraction of bitcoin by visiting sites and entering capthas. In order to avoid transaction fees, your coins get deposited to a temporary storage at Coinbox.me until you get enough of them to make a free transfer to your actual wallet. Free Bitcoins are available on these sites:

1) http://www.FreeBitco.In – free Bitcoin every hour.

2) http://www.nioctib.net – go to Get Free Bitcoin at the top right. Input your wallet number and enjoy your free Bitcoins.

3) http://www.bitcoins4.me – Input your wallet number and enjoy your free Bitcoins.

4) http://www.Bitcoins4Free.me – Input your wallet number and enjoy your free Bitcoins.

5) http://www.BTC4U.com – Input your wallet number and enjoy your free Bitcoins.

6) http://www.RawBitcoins.com – Input your wallet number and enjoy your free Bitcoins.

7) http://www.CanHasBitcoin.com – Input your wallet number and enjoy your free Bitcoins.

8) http://www.FaucetBTC.com – Input your wallet number and enjoy your free Bitcoins.

9) http://www.Bitcoinget.com – get Bitcoin by watching videos and competing other tasks.

3. Selling your belongings or services for Bitcoin.

A lot of people on Craigslist will accept Bitcoin as a method of payment.

Visit https://en.bitcoin.it/wiki/Trade for more information on Bitcoin as a method of payment.

P.S.: I think Bitcoin is here to stay. If you find my blog helpful, please consider donating (in Bitcoin, too 🙂

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