Do you want to start using Bitcoin but don’t know where to start? If yes, here are four steps for getting started with Bitcoin.
So, you’ve heard that everybody is using Bitcoin, and you want to know how to get hold of this cryptocurrency and use it. Well, Bitcoin is an innovative, modern decentralized virtual currency. It works like fiat money or gold. You can only transfer this cryptocurrency over the internet, which means you can receive or send Bitcoin from and to any part across the world, the same way you send an email.
Essentially, Bitcoin allows you to send funds person-to-person. And this eliminates the involvement of third parties or intermediaries. In simple terms, Bitcoin transactions eliminate waiting times and expensive transaction fees. But, how do you get and use Bitcoin? Here is a guide to follow.
1. Create a Bitcoin Wallet Account
Bitcoin wallet provides storage for this cryptocurrency. It also allows you to send or receive Bitcoins. And creating a Bitcoin wallet account is easy. All you need is to select the digital wallet to have.
With this cryptocurrency, you get a public and private key that you store in your wallet. In simple terms, a public wallet key is like an email address, while a private key is its password. As such, you should protect the private key to keep your Bitcoins secure. That means you don’t show the private wallet key to anybody.
An online wallet is ideal to use when purchasing a smaller Bitcoin amount. And you can create this automatically by opening your account with a Bitcoin exchange. For instance, you can visit the bitcoin-pro.live official site to create your account. Once you’ve done that, you can purchase and sell Bitcoins on the platform before sending them to your wallet.
Don’t keep a large number of Bitcoins in a crypto exchange. That’s because security is not a priority of most Bitcoin exchanges. Instead, use a hardware wallet to store large amounts of Bitcoin. A hardware wallet is more secure and easy to use.
Suppose you opt for a software wallet or online wallet, back up the private key. But this is not necessary with a hardware wallet since it protects the private keys.
2. Get Bitcoins
When it comes to getting Bitcoin, you’ve three choices. One of the easiest and most common ways is to purchase Bitcoin via a crypto exchange. The second option is to sell a service or a product and receive a Bitcoin payment. The third option is via Bitcoin mining. With Bitcoin mining, you invest in a powerful computer and software for verifying crypto transactions to earn coins as your reward. However, Bitcoin mining requires resources and excellent knowledge.
Of all the three options, earning Bitcoin from the sale of services and products and purchasing coins via a crypto exchange are the best choices. Nevertheless, it would help if you chose a trustworthy crypto exchange to avoid losing your money. Always remember that not everybody purporting to sell Bitcoin online is genuine.
3. Protect Your Bitcoin
To protect your Bitcoin, make sure that you control the use of all private keys. That’s the only way to secure your crypto wallet. Once you purchase Bitcoin via an exchange, the funds stay in the platform. And this is risky because crypto exchange controls and stores your Bitcoin.
And this beats the purpose because Bitcoin should let you protect and control your money. A crypto exchange can block or restrict your account. Even worse, you can lose your funds if the crypto exchange goes bankrupt.
Therefore, transfer your Bitcoin from the exchange to the Bitcoin wallet. That way, you can easily send somebody the coins or pay for items and services using this cryptocurrency.
4. Use Your Bitcoin
Receiving Bitcoin entails sharing the public address with the sender. This address is a code with numbers and letters. And a private key also has numbers and letters. Sending Bitcoin involves entering the recipient’s address or scanning their QR code and selecting the amount to send. After that, confirm the transaction and send the funds.
With this information, you can get started using Bitcoin. Nevertheless, focus on keeping your private keys secure and never share them with anyone.