Bitcoin is the first digital currency to eliminate the middleman. By avoiding banks and payment processors, Bitcoin has become a decentralized, worldwide market that requires only an Internet connection sell stuff with bitcoin participate. Here is how you can get started using Bitcoin. Buy large amounts of Bitcoin via a trading exchange.
2000 of Bitcoin, you will want to take advantage of the lower commission rates offered on an exchange. Creating an account at an exchange is a similar process to opening a new bank account, you will likely need to give them your real name, contact information and send them money. Take money out of a Bitcoin ATMs. Many cities around the world offer a bitcoin ATM where you can trade cash for bitcoin.
All over the world it’s possible to give someone a wad of cash and have them load some bitcoins onto your phone. Please only trade small amounts of money till you trust your trading partner. Look for other companies that are willing to hire people in exchange for bitcoin. While profitable mining was possible for individuals in the early days of Bitcoin, it’s now in the domain of specialized companies.
Set up your first Bitcoin wallet. If you don’t feel technically competent, it’s perfectly acceptable to ignore the next few steps and just leave your bitcoin in the account where you bought them. In fact, most bitcoin holders do just that. But the beauty of bitcoin is that it’s money that no third party needs to control for you. In addition, since exchanges store hundreds of millions of dollars of bitcoin, they are a very attractive target for hackers. So unlike stuffing dollars in your mattress, it’s actually safer to store your bitcoins on your own rather than trusting them to an exchange.
Bitcoin wallets that run on your mobile device. Such wallets are portable and practical for in-store use. Mobile devices tend to be less prone to malicious software than are computers, creating a reasonably secure environment for small amount of bitcoin. All you need to do is set up an account and log in. If you are new to bitcoin and want to store a lot of bitcoin safely, you’d be smart to invest in a hardware wallet. While paper wallets are highly hacker resistant, they are cumbersome when it comes time to spend your bitcoins. This is the type of wallet for which Bitcoin was originally conceived.
You’ll have to run a local copy of the blockchain to keep your transactions anonymous. Create a public Bitcoin address. Use the wallet you created in the above step to create a public address for you. Think of a public address like an email address in that you can share it with anyone you want to send you email or in this case Bitcoin.
Send a small amount of bitcoin to the public address you created above using the “withdraw” or “send” function in the place you bought your bitcoin. You may need to wait 10-20 minutes for a confirmation, but if you did everything correctly you should now see the small amount of bitcoin you sent in your personal wallet. You have successfully moved bitcoin to a wallet that you and only you control! Use your bitcoin to invest, shop, donate or give away. The list of things you can do with bitcoin is endless.
Since there are only 21 million bitcoins that will ever be created, each bitcoin should rise in value over time as long as more and more people continue to use them. To be a bitcoin investor, simply hold your bitcoin and wait. Buy stuff by finding merchants who accept Bitcoin. Depending on where you live you may also have a store near you that accepts bitcoin.
Convert your Bitcoin into gift cards. One easy way to use Bitcoin is to purchase online gift cards from various vendors. Many charities including Wikipedia accept bitcoin. One of the joys of bitcoin is giving some to a friend and teaching them how to use it.