The popularity of Bitcoin keeps on growing as time goes by. In fact, thousands of businesses around the globe are accepting bitcoin as a mode of payment. However, the crypto world can be quite confusing especially for beginners. It may take an ample of time and research to know how to get started and prevent costly mistakes. Fortunately, in this article, you will learn the fastest way to get started in bitcoin.
Make a Bitcoin Wallet
A Bitcoin wallet lets you to initiate purchasing bitcoin immediately. But before you download and sign up for an account with the first bitcoin wallet service appeared on your search, there are certain important things you should understand before engaging in cryptocurrency.
There are numerous various kinds of bitcoin wallets available for desktop, mobile, online and hardware. Each of these wallet presents distinct features so it’s vital to research and really familiarize yourseld with the options to identify what’s ideal for you. Once you’ve come to a decision, creating a wallet only takes a few minutes. Here are some of the most popular bitcoin wallets you can choose from:
Get Some Bitcoin into Your Wallet
There are 3 ways to earn bitcoin to your wallet.
- Take bitcoin as a form of payment for products or services
- Someone gives you bitcoin
- Purchase bitcoin straight through exchange
The safest way to gain Bitcoin is by exchange, but be certain that the site is secured. Also, you should know the real identity of the company’s owner in case legal action must be taken. You got to be extra careful when dealing with money online. Remember that bitcoin transactions are not govern by any institution, so it’s possible that there are exchanges operating without being fully secured. Sometimes, it can be risky, but if you’re well prepared and know who you’re transacting with, everything will be fine.
Secure Your Bitcoins
The next thing to do is to protect your bitcoin by getting in charge of your private keys. Private key is a code consists of letters and numbers, and no one should know about it besides yourself. Never keep your coins on an exchange most especially if you don’t hold the private keys for them. If so, they can be easily stolen, and if worst comes to worst, you will lose all of your bitcoin if the owner of the company runs away or gets broke. To avoid this, get a protected crypto wallet and transfer your coins there. Invest in hardware wallet as it is the most secured wallet among all.
Use Your Bitcoin
Actually using bitcoin is the easiest way to get used to it. Thus, you must do one or more transactions with your bitcoin. Start by learning the process of sending and receiving bitcoin or send it to your other wallet. The only requirement to send bitcoin is the wallet address of the receiver. It is like a private key but the difference is, it is a lot longer ranging from 27 to 34 set of numbers and letters.
A bitcoin can be distributed in 8 decimal places. So, the smallest amount that can be transacted is 0.00000001 BTC. When transferring bitcoin, the wallet will charge a network fee. If you want to complete the transaction quicker, then you will pay a higher fee. Here are the simple steps in sending or paying bitcoin:
- Log in your wallet and go to the “Send” page.
- Type in the beneficiary’s wallet address or scan the QR code.
- Enter the desired amount. There are wallets automatically convert the bitcoin to the actual currencies.
- Review the address and amount you enter.
- Click the “Send” button.
The transfer is often done right away, but sometimes, it may take a few minutes. If you’re sending a big amount of BTC, wait for at least 6 confirmation notices to be sure that the transaction is totally successful.
By following the guide above, you should have no problems in getting started with bitcoin. Now that you’re ready to apply bitcoin in your normal life, evaluate carefully the companies and establishments you will be transacting with to minimize unwanted risks.