Can I Purchase Iraqi Dinar With Bitcoin?
As Bitcoin seems to continue to gain mainstream acceptance and become more widely known about and used we've been fielding more and more questions regarding whether Iraqi Dinar can be purchased with Bitcoin.
What is Bitcoin?
Okay, so we'll assume most of you are at least familiar with the term and vaguely familiar with the concept. Bitcoin is a digital currency or cryptocurrency based upon a mathematical formula. It's a decentralized currency not controlled or created by a central government or central bank. The proponents of Bitcoin say this is a good thing as money can't be printed out of thin air. There's a finite amount which in the case of Bitcoin happens to be 21 Million.
While some people say it's fake internet money and compare it to the Beanie Baby or Tulip crazes of the past, Wall Street and even the formal banking system is beginning to adop both Bitcoin as well as the blockchain technology it runs on.
Overstock.Com accepts Bitcoin as well as over 40 other major altcoins or alternative cryptocurrencies to Bitcoin.
Cut to the Chase, Can I Buy Dinar with Bitcoin?
While we have been seeing increased interest in Bitcoin and cryptocurrencies as a payment method, at this time we are not yet offering Bitcoins as a payment method to purchase Iraqi Dinar and other banknotes.
Due to the nature of our industry both banking relationships as well as payment processing relationships are unique and are industry has unique challenges. Mainly due to this, as well as due to additional compliance challenges cryptocurrency brings, at this time unfortunately we are not able to accept Bitcoin as payment.
We checked to see if any other sites or any of our competitors are accepting Bitcoin and again at this time it doesn't seem like they are.
Make Sure You Deal With Trusted Sellers
Through our research we did find one particular seller accepting Bitcoin for the purchase of the of the banknotes we sell, and while we wont' call them out by name, this seller is from all reports a scammer.
This brings up an interesting point and an interesting challenge. Bitcoin payments or transfers are not reversible. Unlike traditional credit or debit card payments where if you order something and it's not delivered your credit card company or bank will help you recover your funds, with Bitcoin there is no chargebacks nor is there any central authority who can help you. With Bitcoin you are your own bank and with great freedom comes great responsibility.
The reason we mention this is if you use Bitcoin, make sure you research who your buying from as well as that you trust the seller because there is no getsies backsies.
Where Can I Buy Bitcoin?
Okay so with all this talk of Bitcoin maybe you're curious about it. There are a number of services and exchanges you can purchase Bitcoin from. Probably the most common one for new people entering the market is Coinbase. Coinbase is a federally and state regulated exchange who is bonded and insured. They are one of the few if not the only exchange which to date hasn't been hacked. They make the process of purchasing Bitcoins very simple and easy. You can buy with a credit card, debit card, or an ACH bank transfer which can be initiated through the site. Coinbase also offers 2FA authentication which helps to keep your account even more secure. Coinbase does a great job of providing a seemless user friendly interface and offers an easy way to get into Bitcoin and cryptocurrency.
There are other exchanges, as well as peer to peer services like LocalBitcoins and Craigslist which allow you to purchase from individuals, however typicallyl at a bit of a markup, and a new user could easily be taken advantage of.
While we don't currently offer Bitcoins as a form of payment, we are a bit more convenient than many other sellers in our space. We are one of the few sellers who accept credit and debit card payments in addition to the bankwires, cashiers checks and money orders accepted by many of our competitors.
Bitcoin: Global and Anonymous Digital Money without Banks
As a means of controlling inflation, the renowned economist Milton Friedman once famously recommended that the US Federal Reserve be replaced by an automated system that would create money at a predetermined rate. Such a system, he hoped, would be free of political interference and would foster a more stable monetary environment for investors and consumers. He died in 2006. Had he lived just another three years, this farsighted economist might well have witnessed the beginning of his dream coming true.
We're so familiar with traditional paper and coin money, that we rarely pay much attention to what it really is and what is happening when we use it. We forget that the paper or coin is valuable only because a state guarantees its value on presentation and that the value is, literally, relative and variable. It is relative to the amount of money in circulation and the amount of goods and services we can obtain with it at any one time. In addition, its value is relative to that of other currencies. When we buy something with money, we hand that state guarantee to someone else in exchange for goods or services. The state also accepts the return of its own currency in the payment of taxes. For hundreds of years, the world's states were the principal issuers, guarantors, and regulators of all major currencies. Computers and the Internet, however, may soon change that game, and Bitcoin - a currency system that first appeared in 2009 - is likely to be the leading player.?
(NOTE: the capitalized word "Bitcoin" refers to the currency system, including the network and the software; the lowercase word "bitcoin" refers to the currency unit.)?
Bitcoin is a currency that's unique for five important reasons. First, it's virtual, which means that it exists only electronically. Traditional currencies are not virtual currencies because they exist physically as notes and coins, even if the value of those notes and coins is sometimes transferred electronically. Second, Bitcoin is not issued, guaranteed, or controlled by any state or group of states, or any other central authority.
Third, Bitcoin is a wholly software-based digital currency controlled by a decentralized peer-to-peer computer network. The network automatically monitors, verifies and approves all transactions. Instead of a note or coin, each bitcoin unit exists as a unique encrypted number. This type of digital currency is called a cryptocurrency. Each number is recorded in a shared database called a ledger that's visible to all users, and is the backbone of the decentralized ledger currency. The bitcoin is valuable only to its current owner because only that owner possesses the unique, secret "private key" encryption code associated with that bitcoin's unique number. That code is needed to transfer ownership of the bitcoin to someone else, and each valid bitcoin transfer is recorded in the ledger, guaranteeing that no one makes more than one purchase with the same bitcoin. The value of a traditional currency resides with whoever possesses the printed paper note or metal coin. The value of a bitcoin resides with whoever possesses the private key that enables them to transfer the bitcoin to someone else.
Fourth, Bitcoin transaction costs are a small fraction of those charged by operators of traditional payment systems like banks and credit card companies. In addition, Bitcoin is not subject to government charges like the stamp duties on credit cards and checkbooks that exist in some countries.
Fifth, Bitcoin users are anonymous and their transactions virtually untraceable. In addition, the distributed nature of the Bitcoin infrastructure means it's based in no specific legal jurisdiction. Not surprisingly, the system is attractive to criminals.
Strangely, nobody has claimed credit for creating this complex currency. The name most often associated with its creation is Satoshi Nakamoto, but this seems to be a pseudonym, which may refer to a man, a woman, or even a group of people. On the other hand, maybe it's Milton Friedman's ghost returned to Earth to ensure that his dream of a currency system that's beyond political meddling will finally come true.