What is Bitcoin?
Many people still scratch their heads whenever the word cryptocurrency is mentioned, right? Bitcoin is a type of decentralized digital cryptocurrency that enables you to make direct online payments faster.
Using Bitcoin, you can send money from person to person without the assistance of a third party, and this makes it the fastest form of currency in human history.
Bitcoin is an independent ledger, not at all tied to a certain bank or country, thatyou can use to transfer money or store value.
If you want to venture into the world of cryptocurrency and wonder where to start your journey, this article is for you. Continue reading to find out how you can start using Bitcoin today.
Step 1: Create your Bitcoin wallet
The first step to using Bitcoin is creating your wallet. You can start by registering for Bitamp Bitcoin Wallet or other platforms that offer these services. However, you must ensure the platform meets all the set security standards for cryptocurrency.
Once you have your wallet, you should set a private and public key. Your password acts as your private key while your email address serves as your public key.
Step 2: Get some Bitcoin
Once you have a wallet, the next step should be getting your first Bitcoin to fill it up. There are three different ways of getting Bitcoin.
- Visit the Bitcoin marketplace and buy some Bitcoin.
- Sell a product or service in exchange for Bitcoin.
- Do some Bitcoin mining; this is where you install some software in your computer to verify Bitcoin transactions and earn some Bitcoin for your services.
Step 3: Keep your Bitcoin safe
When you use Bitcoin, you are your own banker, and that means you should always ensure you secure your wallet. Securing your Bitcoin wallet is essential.
For instance, if you buy your Bitcoin on an exchange, the company that sells you the cryptocurrency will be controlling your private keys. This is risky because in case the company goes bankrupt, you end up losing all your money. The main objective of cryptocurrency is to enable you to control your money. So, if you have your Bitcoin in exchange, you should transfer them to your wallet to keep them safe.
Step 4: Learn to send and receive Bitcoin
This is the last step that you should understand if you want to enjoy using any cryptocurrency. Sending and receiving money for the first time may be a bit confusing, so it’s best to have two different Bitcoin wallets to learn how to send and receive Bitcoin.
For instance, you can buy Bitcoin as an exchange and then transfer it to your wallet to secure them. If you want to receive Bitcoin from other people, you must share your public Bitcoin address, usually a 27-34 letter address. However, do not share your private key or password with anyone if you want to be safe.
One Final Note
Getting started in Bitcoin should not be that difficult. The more you use it, the more you understand how it works. The future looks bright for most types of cryptocurrency, and the earlier you get started, the better. With this simple guide, you are good to go.
Author Bio: Hitesh is a digital marketing strategist and entrepreneur with more than 15 years of experience in digital marketing, start-ups, branding, and customer acquisition strategies. Hitesh is the CEO and Founder of Reposition Group, which specialises in digital growth strategies for companies in the cryptocurrency market such as Bitamp.com.