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If you’re new to bitcoin, you’ll find the information below useful.
I recommend you read all sections of this page before answering questions if you’re new to bitcoin. You can always go back.
The first section explains five things about bitcoin cryptocurrency. It also tells you how to maximize safety of your bitcoins and keep your transactions private.
Plus, the first section reveals government organization that has been illegally tracking bitcoin users. Leaked documents are identified as well. Internet privacy services this government organization may have bribed are also identified. This information was leaked somewhere else first. But I bet you don’t know it.
The second section explains five things about this service.
The third (last) section has a list of this website’s pages.
If you’re not new to bitcoin cryptocurrency, feel free to skip the first section. You can jump to:
5 Things To Know About This Bitcoin Website.
5 Things You Need To Know About Bitcoin Cryptocurrency Before Answering Questions
If you’re a bitcoin beginner, this section will help you understand it.
Bitcoin cryptocurrency (often abbreviated as BTC or XBT), is unique. It’s very different from money issued by governments and banks. So it’s crucial that you understand it before you purchase it.
Besides five things, this section has important bonus information. It’ll help you keep your bitcoins secure. So please be diligent and read this section carefully.
1) Bitcoin price fluctuates wildly and not always in a good way.
So if you intend to invest in it, you must have either courage or faith in bitcoin’s long-term potential. If you intend to invest in it for short-term gains, you better change your mind unless you’re a trading guru.
Buying bitcoin cryptocurrency and checking its price multiple times a day is the quickest road to mental asylum. But if you’re a masochist, you’ve just learnt a new way to have fun.
2) Because its price fluctuates so wildly, it’s best not to buy bitcoin with borrowed money.
When making a bitcoin purchase, it’s best to follow the following ageless advice from William Shakespeare.
Even if bitcoin skyrockets again, it may not rise fast enough for a borrower to pay back his debt.
Furthermore, investing in bitcoin with borrowed money goes against the debt-free principle of bitcoin payment system.
One bitcoin is a piece of scarce resource, unlike the green paper with an empty debt promise called US dollar. Please share previous sentence with a link to this site to your favorite social media site or app because your friends need to know that.
3) USD to BTC exchanges with trading platforms are known for verification and withdrawal delays.
USD withdrawals of more than ten thousand are often delayed.
The Financial Crimes Enforcement Network considers such withdrawals suspicious. So bitcoin trading exchanges often require additional documents. Processing of these documents by payment processors can take more than a month.
However, bitcoins are perfectly legal. Digital currency bitcoin is a legitimate investment. So there are many legitimate investors who own bitcoins and many online stores that accept bitcoins.
In short, bitcoins are safe to buy. You can even buy them fast and easy from some exchanges.
Some USD to BTC exchanges are fast and easy-to-use. Most cryptocurrency exchanges like that don’t have trading capabilities and have lower maximum purchase limits.
They are the fastest and easiest way to buy bitcoins. However, they have higher fees.
Your personalized recommendation can be a BTC exchange like that if you decide that speed and ease of use are your top priorities. But your personalized recommendation can be also be the exchange with lowest fees.
Your answers to the site’s questions will determine your personalized recommendation. So you’ll get the best way to buy bitcoins, personalized for your current situation.
4) Bitcoin isn’t anonymous. It’s pseudonymous.
All bitcoin transactions are stored in a public ledger. This ledger is available to anyone with Internet connection. But your name isn’t associated with your bitcoin address visible on this ledger.
However, your bitcoin address can be linked to your identity. So one bitcoin address should be used only once for privacy. For this reason, many well-known bitcoin wallets automatically generate a new address for each new transaction.
Short Yet Useful Electrum Review: Secure Bitcoin Wallet You Can Trust
Electrum is one of the wallets that generate a new address for each new transaction. It’s not the most easy bitcoin wallet. But it’s one of the safest and oldest. So many experts said good things about it.
Furthermore, it’s fast and supports two-factor authentication.
You can use this wallet on both mobile and desktop devices. There are versions of it for Windows, Mac, Linux, and Android. You can’t use it on an iPhone though.
Windows version is better than Android version. So it’s better to install it on a desktop device.
Electrum bitcoin wallet gives you full control over your bitcoins and the transaction fees. So it’s the best bitcoin wallet in many ways, except for ease of use. You must learn how to use it.
However, this secure bitcoin wallet isn’t enough to guarantee the security of your funds. Simply installing it on your smartphone isn’t good enough. So read the section below before installing it.
6 Things You Need To Do To Maximize Safety Of Your Bitcoins
- Update your bitcoin wallet regularly.
- If you get a message to update your wallet, download the new version only from the official website.
- Back up your wallet regularly to different locations.
- Store your backups in a few different secure locations.
- Be careful when downloading Electrum. There are scam wallets with slightly different names that pretend to be the original Electrum bitcoin wallet. So you should download it only from Electrum.org. It’s free by the way.
- Store your bitcoins offline. That’s called cold storage. Such type of storage makes it impossible for online hackers to access your bitcoins. Hardware wallet is one type of it. That’s the type of cold storage often recommended by cryptocurrency experts.
The manufacturer of this hardware wallet may compensate me. But I wouldn’t recommend it if I didn’t think it’s the best hardware wallet money can buy.
By the way, it’s a hardware wallet compatible with Electrum. You can also use its native app and other wallet apps. Plus, it supports many cryptocurrencies. So please see how affordable it is now.
Even if you decide not to buy it today, please visit and bookmark the link “best hardware wallet” because it’s the official manufacturer website. Other websites may be selling scam wallets. One eBay seller, for example, was selling pre-configured wallets and took people’s cryptocurrency out of them.
Who Has Been Tracking Bitcoin Users
Even when a new address is generated for each new transaction, your identity can be linked to your address. Government organizations such as National Security Agency (NSA) can do that.
The Intercept and Edward Snowden documents revealed that NSA has been tracking bitcoin users since 2013. Don’t be scared by this fact though. NSA has been tracking everyone else since before 2013. So you can be certain not only about death and taxes. You can also be certain about NSA surveillance.
It’s likely that NSA has used some virtual private networks (VPNs) to track bitcoin users. Obviously, not all of them cooperated with NSA. But which VPNs did and which didn’t VPNs is unknown.
On the bright side, NSA gave their bitcoin surveillance program a funny name “MONKEYROCKET”. So apparently bitcoin isn’t only for humans. Monkeys got onto the bitcoin rocket too.
Edward Snowden documents give reason to believe that some virtual private networks sold out their customers to NSA. So Tor is preferable to VPN for privacy purposes. But it won’t save you from NSA. So please use Tor only for good and stay away from the Dark Web.
What You Can Do To Protect Your Financial Privacy
Before I give you the link to Tor, keep in mind something. Analysis of leaked top secret documents revealed that NSA tracks Tor users. But if you do only legal things, you’ll be okay.
So here’s the link to Tor official website. Tor is free by the way. But installing it won’t anonymize all your Internet connections. Only ones that go through Tor browser will be anonymized. So you’ll need to configure the wallet.
Keep in mind that most exchanges block Tor browser. But you can use Tor with some wallets to make transactions while accessing exchanges from a regular browser. However, you would also need to have Tor browser open for a wallet to be using Tor. Plus, it will have to be configured.
By the way, Electrum can be easily configured to work with Tor on top of a hardware wallet. That’s a secure configuration that will maximize your privacy. However, using hardware wallet with Electrum but without Tor is also secure but much less private.
Additional Steps You Can Take To Increase Your Bitcoin Privacy With Electrum
There are settings in Electrum you can use for increased privacy. The instructions below apply to a desktop version.
Simply click on “Tools” and then on “Preferences”. After that, click on “Transactions” tab, click on “Coin selection:” dropdown, and choose “Privacy”.
You can also check a “use multiple change addresses” checkbox in “Transactions” tab, though this may increase your fees. “Transactions” tab should also have “use multiple change addresses” checkbox checked.
But even if you use Electrum with Tor and selected settings described above, a well-funded and tech-savvy organization can track your bitcoin transactions if they decide to put in some effort. So keep in mind the following ageless advice from Buddha when trying to make an anonymous bitcoin purchase.
Please share this quote to your favorite social media site right now and make your friends wiser.
5) There’s no central authority controlling bitcoin cryptocurrency. So transactions with a high confirmation score are irreversible.
Each bitcoin transaction gets a confirmation score. That score indicates how easy it is to reverse that transaction. For most transactions, a confirmation score of 3 is considered mostly reliable.
That’s true for Electrum wallet recommended above. That’s also true for other lightweight wallets.
However, a confirmation score of at least 6 is recommended for high-value bitcoin transactions. Moreover, during a time of bitcoin network disruption, a confirmation score of 30 is recommended. Such disruptions rarely happen in bitcoin ecosystem.
Regardless of confirmation score, you must be careful when sending bitcoin. Copy and paste receiving address, then look over the beginning and ending numbers to make sure you copied all numbers.
Remember: once bitcoin is sent to an address, it’s impossible to get it back without address owner.
Also, remember that there’s no bitcoin official website. So no one is an official representative of bitcoin payment system. For this reason, stay away from anyone claiming to be that.
But lack of central authority isn’t only a cause of concern. It’s also a wonderful thing because it turns bitcoin payment system into a financial revolution.
This financial revolution can bring about positive social change. So I think you’ll agree that bitcoin is a good thing on many levels.
5 Things To Know About This Bitcoin Website Before Answering Questions
Please read this section regardless of whether you’re familiar with bitcoin or not. This information may improve your personalized recommendation.
1) Nothing on this site is an investment advice.
Rather, this bitcoin site offers automated and personalized exchange or seller recommendations.
However, I designed this site to help you buy bitcoin in the best way possible. So the recommended exchange or seller will be chosen among the best applicable to your situation.
2) I may be compensated by some bitcoin exchanges.
However, I’d never recommend them unless I thought they are the best in their categories. So many bitcoin websites would never be recommended here even though they are well-known.
Furthermore, I list and explain users’ complaints even for recommended websites. So I encourage you to read my reviews to get objective evaluations before using any of them.
3) Your personalized recommendation may get even better in the future.
I’ll be reviewing and adding more exchanges. Your personalized recommendation in the future may be different and better than it is today. So please bookmark this page right now.
4) Your opinion counts and will influence future personalized recommendations if you make it heard.
It’s as simple as doing three things listed below.
- Scroll to the bottom of any page.
- Click on the “Feedback” link.
- Fill the form.
Giving feedback is both awesome and helpful. Your feedback can help me make this service even better. So please give feedback after you got a recommendation and used a recommended exchange.
You can also help me make this service better through a donation. So if you find this service useful, please send whatever you can to this address 1PwzpoLLiEmSt5weRbuM4ZxcH7V9ZD3CVx today.
5) I encourage you to click or tap on “tip” before answering each question.
Information contained within each “tip” is designed to help you. It either gives valuable information to help you answer the question or provides other useful information. So if you read each “tip” before answering, your personalized recommendation will be better.
List Of This Site’s Categories And Pages
I suggest you answer the questions first. This way you’ll get a personalized recommendation and will have a starting point for your research. So you’ll buy bitcoin in the way most suitable for yourself.
However, I suggest you learn as much as possible about BTC and the exchanges that sell it. So please share this page on social media right now so you could easily find it later. Besides, your friends can benefit from this information too. So do them a favor and please share it right now.
