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Be sure to check with your country’s tax authorities to make sure you are paying all the required taxes on your bitcoin use.
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It seems the Chinese really like Bitcoin’s properties such as its sound monetary policy and that it can be used anywhere in the world. Bitcoin's volatility also makes it interesting for speculative traders.
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In order to buy bitcoins, you’ll need to exchange your local currency, like Dollars or Euros, for bitcoin. Here’s an overview of the 9 most common payment methods:
Don’t ever agree to a trade like this. Bitcoin payments are irreversible, so if you send first the scammer can simply not pay you and keep their bitcoins.
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Bitcoin functions as the "reserve" currency of cryptocurrency. So it is very hard to buy other coins without first buying bitcoins. Once you purchase the bitcoins you can convert the bitcoins into other cryptocoins. This is mostly because Bitcoin has very good liquidity and is traded on every cryptocurrency exchange. So most coins are traded against Bitcoin rather than the US dollar or other fiat currencies.
Remember to include deposit and withdrawal fees as well as trading fees. Some exchanges will lower their fees if you trade a lot of bitcoins.
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