How To Trade Bitcoin Into Physical Money

How to trade bitcoin into physical money

You don't need a credit card to use Bitcoin, and you don't need any account anywhere. Just download the open source software from http://www.bitcoin.org

Bitcoin was born out of discontentment with traditional (central) banking, monetary, credit and transaction systems.

Beginner Method To Make $100-$1000/Day Passive With Cryptocurrency! Bitcoin Trading Binance, Bitmex

That's why there is no central institution or authority behind Bitcoin that can administer you. How much one bitcoin is worth is entirely decided by free market dynamics within the community.

How to trade bitcoin into physical money

That's possible because the supply of bitcoins is held artificially scarce.

It's a currency from the people for the people. If you and your community want to build an economy upon it, you all can get some GPUs or FPGAs and start mining.

How to trade bitcoin into physical money

It will be entirely up to initiatives in your community to build services that exchange to and from traditional (Libyan) currencies, to offer goods and services, or to manufacture physical coins similar to Casascius to put into circulation (although these are rather seen as a gimmick, it may be much more convenient to use mobile phone clients nowadays for meatspace trading).

Even in US and Europe where it's most popular, Bitcoin is still in its infancy and this process is only just happening.

If you happen to find Bitcoin inadequate to build a local economy upon, because you can't mine enough or you'd have to invest too much to buy some, you may take a look at different concepts like Ripple et al. These concepts build upon trust relationships however, you'll lose some of the features like the global scope and the (relative) anonymity/pseudonymity that Bitcoin offers.

How to trade bitcoin into physical money

Money is a tool to transfer value after all. There are currently no known tools or technologies that can solve all problems at once if you don't want a currency that is enforced by an authority.

How to trade bitcoin into physical money