Can you imagine going on holiday and buying your local currency for a few cents commission?This could well be the reality with Bitcoins in the not too distant future.Most Kiwis have no idea what a Bitcoin is.Think of it as simply another currency, such as dollars or Euros, that are exchanged peer to peer, bypassing the banks.Like all money, Bitcoin has a value because people are willing to exchange it.The value goes up and down according to supply and demand in the same way as paper money does.It's just stored electronically.If that doesn't make sense, check out my 2014 article here.My interest in this currency was sparked again when I stumbled upon young tech whizz Martin Stellnberger at the Finnotech conference in Auckland last November.Stellnberger was offering to sell $10 (US$7.96) worth of Bitcoin to a somewhat doubtful looking conference goer."I'll buy it," I interjected and five minutes later I had downloaded a Bitcoin wallet app onto my phone and done the deal.On Monday, that US$7.96 "investment" was worth US$15.15.

Stellnberger's motivation was to educate others about the potential uses of Bitcoin.In the ensuing conversation I had a eureka moment when he explained how Filipino migrant workers in the US were sending their earnings home electronically via Bitcoin.Their relatives convert the Bitcoin into local currency for about 1 per cent commission instead of large bank or money exchange fees.I send money to Uganda once a year for the school fees of one child (no, it's not a scam).Every time I do that a good chunk of the money is swallowed by Western Union in commission and fees.So this was terribly exciting.The possibility of sending that money virtually commission-free is a real one once Bitcoin exchange mechanisms mature.The exchange mechanisms are a bit Wild West-ish as well as being clunky - like the internet was back in the 1990s.In 2014 when I wrote my first article, Bitcoin's real-life uses were mostly limited to large-scale drug dealing and a spot of money laundering.You can buy other real-world things with Bitcoin now, including books, computer parts and services.

SHARE THIS QUOTE: reader, who didn't want to be named, transfers Bitcoin to his sister in the US.", which started accepting Bitcoin in 2013.Why would I do that?She gets the money within 10 minutes, it costs me around 40 cents to send and she also gets a discount for using Bitcoin."Stellnberger uses Bitcoin as a way of converting his New Zealand dollars into Euros when he goes back to his native Austria on holiday.bitcoin forum hrvatskaThis only really works, he says, in countries that have well-developed Bitcoin markets.bitcoin icon packI couldn't exchange my Bitcoin into Uruguayan Pesos or Thai baht unless I was willing to meet local dealers.bitcoin nuevo ricoThat might not be safe, and there are more interesting things to do with your time.local bitcoin bangkok

In future, I am sure it will be possible to change Bitcoin or other electronic currencies such as Ethereum into local currency at the airport or from cashpoint machines.Or retailers and even market stalls may eventually start accepting payment directly in Bitcoin.Restaurants in some countries are already taking it as payment.ethereum gainsI like the idea of pulling out my smartphone, scanning the restaurant's QR code and paying directly in Bitcoin instead of local currency or Visa/Mastercard.vat on bitcoinThe real advantage would be avoiding those offshore margins and unfavourable conversion rates offered by banks and credit card companies.The problem is we're a bit backward here in New Zealand and buying Bitcoin is difficult and expensive. is probably the best known exchange where Kiwis buy Bitcoin.The graph can be viewed at coin.dance/volume/localbitcoin.

, which allows Kiwis to set up a direct debit to save Bitcoin into their personal wallets.But the fees are quite high and the marketing that includes the words "set forget and watch it grow" fails to mention that currencies can fall just as easily.The real problem with both is charges. take quite a high margin and myBitcoinsaver charges 2.5 per cent commission plus a "delivery fee", which partially defeats the purpose of Bitcoin exchange being cheap.In the US and Europe it's possible to link your bank account to your Coinbase or other digital wallet and shift between $US or Euro and Bitcoin easily with no or minimal fees.There is definitely a gap in the market here for a Coinbase equivalent, which I'm sure will happen eventually.Frequently Asked Questions (FAQ) We get these questions all the time, so we thought it might be a good idea to put them all in one place.The Coinbase Buy Widget enables 3rd party developers to embed Coinbase buy functionality into their websites and applications.

It allows users to buy bitcoin (BTC), ether (ETH), or litecoin (LTC) directly into addresses provided by the applications.The Buy Widget is currently limited to customers in the United States using ACH bank accounts, debit or credit cards.With limited KYC, the Buy Widget supports instant buys up to $350 a week using debit or credit cards.Each new user also has a lifetime limit of $500 after which they are asked to set up a full Coinbase account to remove that limit.If your integration requires higher than $350/week limits, then you can use the ACH Buy Widget.Users will have the same limits they have on Coinbase and will be able to use their linked bank accounts or add new ones through the widget, directly in your application.Once the ACH transaction clears (usually takes 2-3 days), Coinbase will automatically send BTC or ETH to the address you provided.You can choose to display one or more payment method types.If you choose to accept more than one payment method, your users will see an option to choose their preferred payment method.

Here are some of our featured developers who have already integrated the Buy Widget into their apps to help their users buy bitcoin or ether: To ensure a smooth and good user experience for the Buy Widget, we recommend that you follow these guidelines.When welcoming a user to buy BTC or ETH with the Buy Widget, it should be clear that the user will be using Coinbase to buy cryptocurrency into your application.If you’re using the Javascript SDK on a website, it will render a buy button which will communicate this for you.When the user initiates the widget, the user is greeted with an email field.Based on the user’s email, the user is either asked to log in or sign up with Coinbase.To set up the Buy Widget, you have two options: Both methods require the same parameters: Prefills are validated, so if the developer puts an invalid phone number in prefill_phone, it wont prefill that field.Prefills are also completely optional The parameters that were described above need to be passed to the widget as data attributes: Embed the SDK using the following code: You can direct users to the buy page by passing the parameters as get params.