"So, you’d like to use Bitcoin for Liftmode products. Or perhaps you’re wondering what the fuss is about Bitcoin. We’re here to help. This article will explain the basics of Bitcoin – how it started, how to use it, and why to use it. We also look into the safety aspects.
Remember, we’re currently running a Bitcoin promotion of 25% off all products purchased using Bitcoin. Even if you’ve never thought of using Bitcoin, it may be worth it to take a read through this article to save you loads of money on your next Liftmode purchase!
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1. What is Bitcoin?
Bitcoin is a popular and well established online monetary system. A Japanese man named Satoshi Nakamoto first developed Bitcoin, although there are theories that this was a pseudonym for a group of people.
Bitcoin is a relatively new form of currency, with the first bitcoin transaction only taking place in January 2009 (see the
history of Bitcoin). You can buy Bitcoin using ‘real’ currency, and these are only available on the internet, through your Bitcoin wallet. You can then trade your Bitcoin for goods and services, or sell it back for currency. Bitcoin is a strong currency, with one Bitcoin trading at around 606 US Dollars.
2. Is Bitcoin safe?
Before using Bitcoin, please take a minute to read through the
Bitcoin things to know page. Bitcoin is the first of its type – a truly online, decentralized currency. This offers a large number of safety benefits, which we’ll discuss below. However, there are some things you should know about Bitcoin.
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Bitcoin values may fluctuate[/caption]
Bitcoin is a new currency. As a result, the market price of Bitcoin may fluctuate far more drastically than other currencies. As Bitcoin grows and becomes more established, its value will become more stable. For now, it is not recommended to invest large savings into Bitcoin, and you should rather treat it as a high-risk investment.
Unlike with traditional banking systems, Bitcoin transactions are irreversible. This may be seen as a safety issue because it prevents the ability for a customer to request a chargeback from their bank. However, on the up side, Liftmode has a great customer service team and should you require a refund we're happy to do this right away. The benefit of a Bitcoin refund is that it will appear in your Bitcoin wallet within 24 hours - unlike credit card refunds, which usually take around 2 - 5 business days to appear.
3. Why Use Bitcoin?
Safety
There are lots of great reasons to start using Bitcoin today. One of the main reasons that people are turning to Bitcoin is that they are losing trust in traditional banking systems. The financial crises in 2008 and 2014 left many people shaken, without work, and without trust in the system. Government bailouts of banks involved in the
property bubble further angered and agitated many citizens around the world.
In many ways, Bitcoin is a lot safer that traditional banking options. Firstly, one of the major benefits of Bitcoin is that it is decentralized. It is the most anarchic form of currency available, in that
no central authority has control over the Bitcoins, so they could never be taken away from you by governments.
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Secondly, your information can be kept anonymous if appropriate measures are taken (see instructions below). Bitcoin uses mathematical formulas with
public and private keys to store information during transfers.
Thirdly, nobody but you owns your bitcoins. They’re all yours! Unlike Paypal, who are a company with the authority to freeze the assets in your account, Bitcoin users own their own Bitcoins. You have the private key to access your wallet and nobody else can access your Bitcoins.
Non-inflationary
One of the most important things about Bitcoin is that it is
non-inflationary. This means that the amount of Bitcoins in circulation will never increase. Unlike federal reserve banks, which are able to print more money when there are few notes in circulation, Bitcoins are capped at 21 million. In federal reserve banks, new money is created in a system of loans called
fractional reserve banking. The process of printing new money is called inflation, and causes a currency to devaluate.
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The worst case of inflation ever was in the African country Zimbabwe. Political actions by the government caused the inflation rate to rise from 7% in 1980 to nearly 80’000’000% by 2008. It was not uncommon to find currency bills of Z$10billion, and in 2009 a loaf of bread in Zimbabwe cost around Z$550 million. As a result, the entire currency collapsed, leaving millions impoverished.
4. How do you pay with Bitcoin?
You can start using Bitcoin easily with just a few steps. Firstly, you’ll need to set up a Bitcoin wallet. The two easiest ways to use Bitcoin in the United States are through
Coinbase and
Circle. These are quick to set up and easy to use. You can also check out Bitcoin’s
wallet comparison.
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Secondly, you’ll need to
purchase some Bitcoin from a Bitcoin exchange market. You can also
buy Bitcoins from Bitcoin ATMs, or by using Paypal (not very easy to do). In the US,
Coinbase and
Circle both allow you to buy Bitcoin through the app, with your credit / debit card or bank account.
Glidera is another good app.
Now you've
bought some Bitcoin! Once you have Bitcoin in your wallet, make sure that it is secure. Each Bitcoin wallet will explain how best to do this. You can choose from over 100’000 merchants who currently trade with Bitcoin.
Before you make a Bitcoin purchase, it's a good idea to be sure that your information is going to be kept safe and anonymous. While Bitcoin is known for its safety online, it's still better to take an extra step for safety. Using a mobile app like
Mycelium Wallet is a great way to make a secure purchase. This wallet generates a new address every time a purchase is made, thereby keeping your private information secure and anonymous.
The best method is to simply send Bitcoin from Coinbase or Circle to your Mycelium Wallet mobile app and use your phone to make the purchase. Also, Coinbase's Terms of Service don't allow for Nootropics purchases. Using a wallet like
Mycelium helps make it easier to buy Nootropics online with Bitcoin.
You can easily use the Bitcoin in your mobile wallet to
pay for an item. Just
choose from one of three methods:
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- Scan the QR Barcode at checkout
- At checkout, open the payment in your wallet, confirm, and send.
- You can also send the Bitcoin manually to the wallet key provided at checkout.
5. Are there any discounts when I use Bitcoin for Liftmode?
Yes! At the time of writing, Liftmode is currently running a promotional discount on all Bitcoin payments - 25% off any purchase made on the
Liftmode webstore. Many of our customers may have already noted that we had some issues with our previous credit card processors. We’ve moved to a new international credit card processor which is up and running smoothly. However, we’re promoting using Bitcoin for Liftmode because of the ease of use and fast transaction speed.
Bitcoin Payments: Save 25% Off Using Code:
BITCOIN
Conclusion
Bitcoin is a fast and growing online currency. It’s easy to use, safe, and speedy. We thoroughly recommend investing in a Bitcoin wallet to make online trading far easier and safer. Unlike traditional banking systems, Bitcoin is decentralized and non-inflationary. The number of Bitcoins produced will be limited to 21 million. Paying with Bitcoin is easy!
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