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Trading with Bitcoin

The market powered by the Bitcoin is young and only a few shops and services know Bitcoin. It is therefore useful to know how to use it yourself and most importantly, how to exchange Bitcoin into standard currencies.

Exchanging Bitcoin against euros and dollars

The exchange of Bitcoin against the euro and the dollar is no problem. Just call on an exchange site such as mt.gox to convert euros to Bitcoins or Bitcoin to euros. Of course, it is necessary to use an exchange service with a minimum of good reputation.

Accepting Bitcoin payments

If you have a business, you can also choose to accept Bitcoin payments. This choice could be strategic if Bitcoin became increasingly popular over time, giving good visibility to your business. Several merchant services such as Coinbase or Bit-Pay exists, including PHP libraries. For person to person payments, trading with Bitcoin is even easier because you only need to provide a Bitcoin address to receive payments.

Doing business with the volatile value of Bitcoins

Given the youth of Bitcoins, their value depends on supply and demand. A rush for Bitcoins can cause an increase in their value in the same way than a rush for the euro or the dollar may decrase their value. It is therefore for the most part more useful to show your prices in another currency and automatically convert your Bitcoins in your currency upon receipt. It is a service provided by both Bit-pay and Coinbase. Unless you want to invest yourself in the Bitcoin.