Help Needed. Questions on Bitcoins

Question

Hello All. Hope someone can answer this and thank you in advance.

Received a call today from 5 dimes concerning a pending payout. They said it would take longer than usual due to issues with their Visa processor. Probably something to do with their current "Situation"

Anyway their rep said that bitcoins may be the fastest way to get my payout. I am admittedly ignorant when it comes to this. I know what they are but have some questions.

1. Can you convert them to US Dollars? And if so...how?

2. Are they only good for purchases over the internet? I saw something about gift cards, but it specified electronic gift cards.

3. Is one site better than others when it comes to security of the wallet you have create?

If anyone can answer one or all of these questions I appreciate it.

Thanks

BookBeater · Answer

Hello All. Hope someone can answer this and thank you in advance.

Received a call today from 5 dimes concerning a pending payout. They said it would take longer than usual due to issues with their Visa processor. Probably something to do with their current "Situation"

Anyway their rep said that bitcoins may be the fastest way to get my payout. I am admittedly ignorant when it comes to this. I know what they are but have some questions.

1. Can you convert them to US Dollars? And if so...how?

2. Are they only good for purchases over the internet? I saw something about gift cards, but it specified electronic gift cards.

3. Is one site better than others when it comes to security of the wallet you have create?

If anyone can answer one or all of these questions I appreciate it.

Thanks

Nut_Flopper · Answer

1. Set up an account with a BC exchange, Coinbase and Circle seem to be the more popular ones for US but search around there are a lot out there.

2. Mainly online purchases but its acceptance is growing. Starbucks and many other stores now accept bitcoin.

3. If you are not planning on holding them any standard wallet will do like blockchain. 5Dimes ships it to your blockchain wallet, you ship it to your exchange the exchange converts it to dollars. It moves quick so your risk is minimal. If it is a significant amount and you plan to hold it then better to store it offline on a flash drive. Just remember that there is no safety net, if you lose it or becomes damaged where you can't retrieve it, it is gone for good.

Help Needed. Questions on Bitcoins

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