How To Buy Bitcoins in Florida

The bitcoin price rally of 2016 has been nothing if not exciting to watch. Starting off the year at just over $430 to highs above $760 and back down to the current price at the end of June 2016 of about $650 there has been much volatility in the bitcoin market.

There have been a great many factors to influence the price of bitcoin in 2016 including the bitcoin halvening, the blocksize debate and Brexit but one thing is sure it can still be difficult to buy bitcoins in Florida safely.

How exactly do you acquire bitcoins in Florida?

The regulated bitcoin exchanges

The popular place to buy a bitcoin is any of the regulated exchanges such as Circle, Coinbase and Bitfinex. Any of the regulated exchanges will require you attache your bank account or debit card after account verification which includes uploading identification and residency documents.

Once your account is approved for purchase you will be limited to lower amounts of buys until your account matures or you provide additional banking and credit references. The entire verification process can take anywhere from a day to a month depending on your ability to provide them proper documentation.

Once your account is setup you must operate within the rules and regulations of these exchanges. Some exchanges like Coinbase have been known to go beyond the requirements and are seen as more stringent then necessary and against the greater freedom of bitcoin.

Buying from Bitcoin Traders in Florida

There are a number of bitcoin traders in Florida who can be found using peer to peer bitcoin marketplaces like Localbitcoins and Paxful. Purchasing from local bitcoin traders requires precautions and planning. Not all bitcoin traders are equal or can be trusted to complete the trade as agreed and on time.

Some bitcoin traders are in it for a fast buck or interested in developing contacts they can scam now or some time in the future. Be careful when dealing with local traders to make certain you are receiving the coins by waiting for proper confirmations on the blockchain.

Never release coins or payment until you are certain that your transaction is secured and complete. It is very easy to get confused about bitcoin transfers and addresses and these are the opportunities that scammers are looking for.

New bitcoin traders should deal with established bitcoin traders in Florida with verifiable feedback and reputation. There are more things to consider then price when buying bitcoins and your safety, privacy and security have a price.

Why buy from us?

Well of course everyone think’s they are they best and there are many reasons for doing business with someone but we take pride in our reputation and ability to tend to a clients specific needs. Contact Us or open a trade on our Marketplaces page.

 

 

Bitcoin Transactions 101: Here’s how Bitcoin Transactions Work

Bitcoins are all rage these days when it comes to online trading. All around you hear about bitcoin exchange, buying and selling bitcoins, using bitcoins to buy goods and a lot more. So given that this is not paper money or plastic money, it can be a little tricky to understand how it works. In this post, we are going to show you how a bitcoin transaction works and the similarities and differences it has with paper and plastic money. So here goes…

They don’t exist

Unlike paper money and plastic money, no physical evidence or even a digital file shows a bitcoin. You can go to a trading platform like bitwallet and check out a specific bitcoin address or even look at your bitwallet bitcoin wallet but you will not see any digital bitcoins held therein.

What you will find instead is a record of transactions showing balances from various transactions. There is a public ledger called a block chain that has records of all these transactions.

So how does the transaction appear?

For instance on bitwallet, the transaction has three pieces of information that show a bitwallet bitcoin exchange between two individuals. You will see the input, which is a record of the address used to send bitcoins to the buyer’s bitwallet bitcoin wallet, then the amount of bitcoins that the buyer is sending to the individual that is trying to sell bitcoins on bitwallet, and finally the output, which is the seller’s bitcoin address.

Moving bitcoins

When you want to conduct a bitwallet bitcoin exchange you will need to have two things:

A bitcoin address

A private key to access your bitwallet bitcoin wallet

You can get both by simply registering at online bitcoin trading platforms like bitwallet. Most of these platforms will even give you a free bitcoin wallet and all of them will keep your private key secret.

Once you have these, you can trade online on these platforms and transfer bitcoins to and from your bitcoin wallet through these secure platforms using the bitcoin address.

Transaction fees

These are not always there but may be required in some cases. They are set based on various factors that differ with each trading platform. Some bitcoin wallets even allow you to set your own transaction fees.

A fee is any portion of a transaction not picked up by the recipient of the bitcoins or not returned as change to the seller. This bitcoins will then be available to the miner who can solve the transaction block and get the bitcoin.

Are there any receipts?

Take for instance that you are trading on bitwallet. So you go to bitwallet – buy bitcoins, then you access you bitwallet bitcoin wallet to conduct a bitwallet bitcoin exchange with another individual. You would expect to have some kind of proof of transaction like a receipt right?

Well, creation of bitcoins did not really have receipts in mind. However, changes are on the way to change this and we may soon be seeing more user-friendly transaction on the various bitcoin platforms.

As you can see, there are some similarities and some differences between bitcoin and other kinds of currency. However, both are legitimate and it will only be a matter of time before bitcoins are more widely accepted.

Bitcoin articles syndicated from here.