Bitcoin Vouchers – Initiation to the Digital Currency

By May 25, 2015Bitcoin Business
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Bitcoin Vouchers – Initiation to the Digital Currency

How do we get Bitcoin? That’s one of the common questions asked by newbie and wannabe bitcoin users. As most of us already know, we can either mine for bitcoin (provided you have a powerful rig and free electricity) or you can buy or trade virtual currency for it. Most people exchange fiat currency for bitcoin using bitcoin exchanges.

In order to buy bitcoin from an exchange, we have to create an account first, then you might have to submit few documents to verify your identity and address as per their regulations (if any). It is followed by adding payment information used to pay for the selected quantity of bitcoins. The whole process of verification and processing may take anywhere between 24-48 hours.

Bitcoin Vouchers are like gift cards or those pre-paid cash cards that you can buy from a neighborhood shop. These vouchers contain a series of numbers, just like a credit or a debit card. You can buy them easily by either paying online, (just like the way you purchase anything from Amazon or eBay.) or pay by cash or card over the counter in case it is a physical store. Once purchased, you can use it anytime to exchange for its corresponding value in bitcoin at the voucher issuing entity’s website.

 Use cases for bitcoin vouchers:

  1. People who don’t have access to electronic banking or in cases where electronic banking is too expensive.
  2. Those who are giving bitcoin to someone as a gift.
  3. Bitcoin enthusiasts or users who are below the legal age limit to make transactions over an exchange
  4. Newbies to bitcoin, who are still learning and understanding about bitcoin and how it works

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To encash the voucher into bitcoins, all one has to do is enter the wallet address and voucher number into the voucher provider’s portal to redeem it’s equivalent in bitcoin.

Bitcoin vouchers are a great way to introduce people to the world of Bitcoin. Present it to someone and there is a very high probability of him or her getting hooked to it.

In order to buy bitcoin from an exchange, we have to create an account first, then […]

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