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BITCOINS AND DIGITAL CURRENCIES

By Stephen Cohen
Filed copyright through the U.S. Library of Congress

Español Abajo

I am writing this for the average person that has no knowledge of Digital Currencies.

There are numerous digital currencies of which BITCOIN is the most respected that has a very high cash value.

WHAT ARE THE NAMES OF THE ELECTRONIC CURRENCIES?

Bitcoin, BitCash, Ethereum, Litecoin and Dash are the electronic currencies that have real value. You can use these electronic currencies such as BITCOIN to purchase or sell items just like using real cash. 

For your own protection, please stay away from all other types of digital currencies other than Bitcoin, BitCash, Ethereum, Litecoin and Dash because they have no real value and in some cases, are nothing but scams. Bitcoin, BitCash, Ethereum, Litecoin and Dash are safe digital currencies that trade on the forex exchanges and they have real value.

Each of the electronic currencies that I have listed above do not require a central bank as they are traded on what is known as a Block Chain.   A Block Chain is shared public ledger that anyone can see at any time. 

Electronic currencies and all its transactions including the Block Chain are protected with extreme encryption. The encryption is equal to the same encryption the US Government uses on their nuclear missiles.

Fraud is impossible because all Bitcoin, BitCash, Ethereum, Litecoin and Dash transactions require community approval to make sure that the coins are owned by the person selling them and the transaction is in fact valid before it is entered onto the Block Chain.

What is a Digital Wallet?

We use wallets to hold our cash. With Electronic Currencies, you have a digital wallet. The difference is the digital wallets has very high encryption that prevents others from stealing your digital money. Each digital currency has a different wallet that is unique to that currency. Some wallets can hold more than one digital currency at the same time.

What is a Private Key?

All digital wallets have a private key that proves you are the owner of funds in your wallet. It is important that you secure this key. First print it and store it offline in a secure location. I keep my private key in my safe. Never give this key to anyone.

How safe is Bitcoins and other forms of Electronic Currencies?

Bitcoin, BitCash, Ethereum, Litecoin and Dash are traded the same as Dollars, Euro’s or Pounds on the future markets. What this means is there is a current price to purchase or sell these types of electronic currencies. In short, they all have real value.

FROM THIS POINT ON, I will talk about Bitcoins since it is the largest and most respectable digital currency. Please Note: All electronic currencies operate like bitcoins.

With Electronic Currencies, it is not necessary to purchase a whole COIN. You can purchase a fraction of an electronic coin. Example: Let’s say you ordered dinner at your favorite restaurant that costs $52.30 including the tip. You would only purchase $52.30 worth of a coin to send to the restaurant to pay for your meal.

Bitcoins and the other electronic currencies listed above are traded worldwide on various exchanges and the prices goes up and down like a yoyo.

The advantages of Electronic Currencies

Bitcoin is a currency that is used worldwide. Every day more and more merchants are now accepting electronic coins. A lot of Merchants like Bitcoins versus Visa, MasterCard, American Express or other types of credit cards because the fees the credit card companies charge the Merchants are substantially higher than the fees to process bitcoins. A lot of Merchants are now giving their customer greater discounts if they use Bitcoins.

With cash you can lose it, or someone can steal it from you.   

If you use your credit cards or your debit cards at a physical store, or online, then you always must worry if someone is stealing your credit card information to commit fraud.

When using Bitcoins or other forms of electronic currencies, no one knows who the parties to the transaction are. What everyone knows is the date and time of the transaction, the amount transferred and the electronic address of the parties. All your transactions are PRIVATE and most importantly, the governments are unable see your transactions.

By using electronic currencies there are no bank wire fees, bank receiving fees, or foreign exchange fees. The transfer is done in less than one minute.

You can travel with your electronic currencies and no one knows how much money you have. Furthermore, there is NO taxes because the governments do not know what you own in electronic currencies, or the transactions you have made. Your money can't be seized by Governments, banks, creditors, or on judgments.

The Future

We all know that cash will cease to exist in future.   Today we use credit cards, debit cards and very little cash.   Even checks are becoming obsolete.   Digital Currency will continue to exist where cash will not. Today, major worldwide banks are now starting to accept and trade in electronic currencies.

Now that you understand Bitcoin, BitCash, Ethereum, Litecoin and Dash let's get started.

There are several companies or exchanges that offer Digital wallets for free that allow you to purchase Bitcoin, BitCash, Ethereum, Litecoin and Dash using your bank accounts, credit cards or debit cards to fund your account. They also will deposit cash into your bank account and some of these companies will deposit funds into your credit card.

Each of these exchanges have simple Apps that will convert your electronic currencies into cash at the current rate of exchange.   They also offer free Apps for your iPhone or your Android phones.

Setting up an account and getting your wallet only take a few minutes.  In the United States, all electronic currency exchanges are licensed and regulated.   It is simple, free and fast to setup an account with one of these exchanges. 

Forbes says these are the best companies and exchanges:

https://blockchain.info

https://www.coinbase.com

https://www.coinify.com

https://coinsbank.com

https://bitpay.com

https://greenaddress.it/en

https://wirexapp.com

https://xapo.com

Please note: Medicina Mexico has no relationship with any of the companies listed above.

DO NOT mention to these companies that you are purchasing Medicine , as some of these companies have policies against that.

If you contact sales@meds.com.mx we will issue you a unique bitcoin address that is only assigned to you and no one else. With the address that we assign to you consequently, you can pay into it and we will know that is your payment. Our assigned addresses are issued only to one person and we know that it was issued to you.

In almost every country there are Bitcoin, BitCash, Ethereum, Litecoin and Dash exchanges. Just do a google search for Bitcoin Companies or any other type of digital currency you desire in your own country.

Once you have opened a Bitcoin Account then you will be able to send bitcoins to Medicina Mexico to pay for your order.  

To match your electronic payment with the Ledger, we will need the following information sent to:  sales@meds.com.mx so we can ship your order.

1. Your Order Number;
2. The electronic address where the funds were sent from;
3. The exact number of bitcoins sent to Medicina Mexico.

How to find your Order Number

If you need to get your ORDER NUMBER, then please go to our webpage, at the top and pick "LOGIN."

Next, In the middle of our webpage it will allow you to enter your username and password.

Then go to the top of the webpage and pick "MY Account."

At the middle of the webpage it will say My Orders, Pick "View the orders I have made"

   
   
   
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