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A Guide To Understanding Bitcoin

A Guide To Understanding Bitcoin
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Buying Bitcoins is very easy it can take a little as 30 minutes. Many people underestimate thinking its difficult to buy Bitcoin, however, in reality, you can buy Bitcoin very easily purchasing online with a debit/credit card. Check the 3-step process below!

The First Step - Get a Wallet

Everyone who wants to trade or purchase with Bitcoin needs a Bitcoin Wallet. There are a number of Bitcoin wallets three of the most well known are Blockchain, Coinbase, and Xapo, check your app store if using your phone there is a number of wallets to choose from.

Recommendation

From the phone App, BreadWallet is one of the easy to use that has some enhanced security features and most recommended wallets for both iOS and Android.

The Second Step - Buy Bitcoin

Buying Bitcoin can be almost instant using a credit card/debit card using a regulated exchange.
Regulated exchanges are very safe, but some of them require a picture of your ID when creating an account. This might take a while for verification of your identity, once done then people can make instant purchases!

Choose and use top-rated Bitcoin Exchanges

Using a Credit Card to purchase Bitcoin there is no need to supply any ID through Bitcoin.com, the funds could take about 24 hours to get in your wallet.

Sending your Bitcoin to your Wallet

Some of the exchanges will ask for your Bitcoin wallet address before making a purchase. or you will need to send Bitcoin from the exchange account to your wallet. It very easy to do!

1.Select the "Send Bitcoin" in your exchange account
2.then Copy & paste (or type, its easier to copy and paste as the string of letters and number are very long) your wallet address into the input field then click "Send", and You're Finished!

Congratulations! If you come this far, then you are an official Bitcoin user.

Mobile wallets

Mobile wallets are easily downloaded directly onto your smart-phone from an app store and they often provide enhanced security features. You will probably find that they also enable QR code capability, allowing for instant payments.

Regulated Exchanges

When buying from regulated exchanges your transaction is like doing a currency transaction from a bank. The regulated exchanges are safe and a simple way to buying your Bitcoin online. Most of them require a picture of your ID to make a purchase, but once this is validated, the entire process can be completed within minutes.

Safety Tips

If you have a large number of Bitcoin that you intend keeping for a long period of time, you should consider making use of paper wallet or hardware wallet, they cannot be hacked as they are offline.

You can spread the risks by using more then one wallet.

If purchasing from a peer instead of using a exchange, then make sure the seller has a good reputation, place's like ebay and Bid or Buy, they have buyer protection which protects you from unscrupulous dealers. All dealers who use the auction sites are rated for their honesty and integrity from buyers of their products.

Some of the Bitcoin wallets offer different Bitcoin addresses, some even take are of this automatically. So you can offer a new Bitcoin address every time if you wish.

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