Bitcoin how to start? Most important things
Digital money, supercomputer calculations, data chains, all of this can be hard to understand, but using bitcoin and trading it is easier than regular currency and online banking. I will try to describe it for beginners step by step.
We start by creating a wallet. Wallets do not cost anything, just register on one of the wallets that such a wallet offers or install the application on your computer or phone.
Wallets differ from each other in terms of security systems, use, etc., but they all serve the same purpose – to keep bitcoins in them.
The wallet types are described here Bitcoin wallets
A wallet is a place to which an address or addresses of our bitcoin wallet is assigned, wallets do not have to have a fixed address, however, it may change once registered, the address will always go into our wallet. The wallet is also a tool in many of its variations, thanks to which we can send someone bitcoin or pay.
2. BUYING BITCOIN
Once we have the wallet, we can get down to buying bitcoin. To do this, go to the bitcoin exchange website, e.g. BitBay. In addition to buying bitcoins, other digital currencies are often offered on the exchanges. The exchange itself can be a way not only to buy but also to earn money on the rates.
To be able to buy on the stock exchange you have to register there and it is best to confirm your data immediately, then it is possible to buy larger amounts.
The exchange is also a wallet, but I do not recommend holding a bitcoin there if you do not use it in the exchange, it is better to transfer it to your wallet after the purchase.
Bitcoin can also be bought at exchange offices, e.g. Bitcantor, but the price there is less attractive than on the exchanges.
The best price is obtained on a Face to Face transaction, i.e. a direct seller with a buyer, such a contact can be found on the localbitcoins.com website or Polish Bitcoin Forum, you can place your ad there or look for the ones already placed.
3. SELLING BITCOIN
Same as in the previous point.
4. BITCOIN TRANSFER
To make a bitcoin transfer we need the recipient’s address, as in the case of a traditional bank only instead of digits it is a string of characters. e.g. 13QtdNuN8T7n3BykszFoGBDgDgvyEHmi1z
This address can also be in the form of qr code which we scan with e.g. a smartphone.
The transfer can be made directly through the wallet application (if it is possible) or e.g. through the stock exchange.
5. BITCOIN PAYMENT
In order to pay for a service or product with a bitcoin, the seller must make such option available in his shop, i.e. provide his address and the amount. paying with bitcoin is possible in some online shops through inPay service.
All this may seem a bit complicated, but it is not at all, the wallet applications are so prepared, but they were very easy to use, so is the bitcoin exchange. You don’t have to be afraid that you won’t understand something.