Bitcoin for the Befuddled

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BUYING BITCOINS

Buying bitcoins is essentially just like buying any other kind of currency. Think about the various ways in which you typically exchange US dollars for Japanese yen or Mexican pesos. For small amounts of money, you could probably find a friend to exchange a few dollars for the currency you want. For moderate amounts, you can visit a currency exchange shop, like those at most international airports, which is convenient but charges high fees. If you want to exchange thousands of dollars or you are a currency day trader and don’t want to pay high fees, you need to register an account at a major currency exchange. All of this is true for bitcoins as well, except that the infrastructure is not yet as well developed as it is for traditional ...