Easy Bitcoin Conversion – Life Hack

Why do we need an Easy Bitcoin Conversion guide? Easy Bitcoin Conversion - Life HackBecause without this guide, you're searching for how to mine and then convert to cash. We have done the hard part of looking for information and trying to figure out how to turn money into Bitcoin, or turn Bitcoin into money - all for you. We tell you what to avoid, how to make it easy, and who is scamming whom.

Easy Bitcoin Conversion Method

This is only a secret because more people don't know about it. You see, there are several virtual currencies out there today, and understanding them, isn't something you really need to do these days. However something you do need to be able to do, is convert your money to Bitcoin (the standard) and back again. This is something we're going to share with you on how to do, because like I said, it's easy.

But before I get into that, I want you to know a little bit about mining BitCoin. Mining Bitcoin is hard, if you are just getting into Bitcoin now, then we would actually recommend you don't try to mine it. Here are a few things you need to know if you still want to try.

  • Bitcoin shows a value which changes everyday. It's a bit like the stockmarket, it can go higher or lower, depending on if people are buying or selling. It's a true market price. The current rate can be found here.
  • If you rent a server and put software on it to farm for you, expect to make less then $100 a month. This is without the cost of electricity, but you will still need to pay for a server. The best server company, and cheapest to boot, is likely DediSeed. Server prices start around $55 a month.
  • You can buy a USB stick with the mining software on it, but the stick will cost $25. The stick will likely also give you a ROI of about $36 a year. The problem here is that using your own computer, you are going to lose money on the cost of electricity, and also have the potential to burn out a computer/laptop.

Free Bitcoin faucet

  • Bitcoin Faucets. Faucets ask you to refresh the page for them, and click a button to receive a small stipend. If you refresh the page enough times, then yes, you will make some money. However each refresh might earn you 1 cent. Sometimes a bit more, like the ad for the faucet above. I like this one, as you can join lotteries to win more via games.
  • The final option I want to mention is Cloud Mining. Cloud Mining is a scam. A Cloud mining site will ask you to pay your way into a pool, and if the pool makes money so do you... sounds legit right? Turns out that they pay out 4-5 months later, and jump ship with all the money right before the first monies are due, or maybe even pay out the first few customers, and then jump ship, so that those first few will give good rep... a bit like a Ponzi scheme.

Ok, so to buy or sell Bitcoin, without trying to learn the stockmarket like side of things, the Easy Bitcoin Conversion method is to use a service called Payza. Payza is a bit like PayPal or Skrill, except that it will allow you to transfer money to and from your Bitcoin wallet. Supposedly PayPal is experimenting with Bitcoin, but the last I heard about it was over a year ago.

What's a Bitcoin wallet? It's where you hold all of your Bitcoin. Personally, I use Blockchain as my Wallet, but you can use whichever you trust the most. The nice thing about Blockchain, is being able to backup your wallet to Dropbox. Whenever you want to have someone send you money, you simply give them your wallet address (for example: 1FuP5eyEdvKcMeoiddpZvUkNvJqoyHdwqq - Send a couple bitcoin here, if you want to test it out).

I also want to BTCPOPmention that there is also an easy way to change different virtual coins into another - thus a different form of the Easy Bitcoin Conversion method. We do this with a currency exchange, which makes it easy to trade the various types. For example being able to change Bitcoin to Dogecoin, or vice-versa, or any of the other alternative currencies also available. For that, we want to head over to BTCPOP. BTCPOP charges only when you transfer money in or out of your wallet with them. All the major currencies are covered such as LiteCoin, Dogecoin, and of course Bitcoin. It should be noted that there are over 60 different coins which you can exchange to or from Bitcoin. 

So now that you have an Easy Bitcoin Conversion, how do you change it to other wallets? This is probably the most time consuming portion of this guide. Once the money is in your Payza account, you can go ahead and transfer the money to your bank account. From there, you can withdraw the cash or send it up to any other virtual wallet, such as Skrill, PayPal, WebMoney, etc. It's most time consuming because you have to wait for the banks to do there thing - which can take a few days depending on the bank. It's recommended when you can however to use a direct deposit schism to avoid any unnecessary fees.

TL;DR
Open a Payza account to convert to/from real money.
Open a BTCPOP account to exchange various Crypto-Currencies.
Transfer from Payza to bank to cashout or fund other virtual wallets.

If you want to mine Bitcoin, then further newbie help for Bitcoin, can be found here. It's recommended that you glance over everything to have an idea on what to do and what not to do, but the guide above should also suffice.

Please do not copy without permission. All links must remain "As Is". This guide on Easy Bitcoin Conversion was written by JJavage, all credit to the author. 

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