BitCoin is a digital currency based on blockchain technology, which is highly resistant to any kind of tampering. If you wanted to understand blockchain, here is a great video link explaining it:
BitCoin can be sent anonymously to pay for goods and services.
Next, we will keep our BitCoin digital currency in a “wallet”, which is a computer program that runs on your PC. Your wallet securely stores your BitCoins and keeps then safe. I currently use Exodus Wallet, and you can read an informative review about it here:
You can download and install Exodus Wallet from this link:
It’s available in 64 bit Windows, Mac, and Linux. Go ahead and give that a go, nothing to fear, it’s free to install and nothing to lose by installing it. It even stores five other digital currencies in addition to BitCoin.
Once you install it, you can open it and play with the menus. Once again, not much can go wrong here, so don’t be shy. You can see how to send and receive BitCoin.
Now we will need to fund your account by credit card. Even though BitCoin can be sent and received anonymously, we need to fund your account by using US$, and here is where the US Government still gets involved. When you open an account at a BitCoin brokerage to exchange US$ for BitCoin, they will still need to comply with all US bank secrecy laws. However, once your funds are in BitCoin, there is no trace of where they are spent.
A popular BitCoin brokerage is:
Just open an account (you will need to provide ID, and there is a validation process that takes one day), and then you can buy BitCoin with your credit card. Once you have BitCoin in your CoinBase account, you can send it anywhere anonymously.
Now you can impress all your friends and tell them you have BitCoin and you can accept five different digital currencies. Give it a try and let us know in the comments how you do.
If I open a coinbase account, do I still need the Exodus Wallet?