How to Own Bitcoin?

Bitcoin has been in the news a lot recently, and with its exponential growth in value since its initial release it is safe to say that Bitcoin is here to stay. Bitcoin for many people represents an exciting potential to break free from banks and governments which can often control your life and prevent you from living freely. For more info, you need to read this article and implement proper tips and tricks of BTCs trading.

Basic Introduction to Bitcoin

Bitcoin is a decentralised form of currency, meaning it has no central bank or authority. Bitcoin addresses are not tied to users’ identities, but all Bitcoin transactions are publicly available on the Bitcoin network. This provides a potential user some anonymity, although it also makes it very easy for anyone with a Bitcoin address to track its activity and determine how many bitcoins the address holds.

For others, Bitcoin represents a lucrative investment opportunity. Whatever your opinion of Bitcoin may be one thing is certain; Bitcoin isn’t going away any time soon. If you want to get involved with Bitcoin I would like to share my knowledge with you on how you can own Bitcoin too!

Step-by-Step Bitcoin Buying Process

The first step towards owning Bitcoin, or any cryptocurrency for that matter, is understanding what defines a coin. In simple terms, a coin consists of 2 parts, a public, and a private key.
The Bitcoin address is your public key, it allows people to send you Bitcoin; your Bitcoin Private Key is like the pin number which lets you access your Bitcoin. You can think of this as being similar to an email where anyone can read it, but only the person who has the password (private key) can open it.

So those are the basics behind Bitcoin, let us now take a look at how we go about obtaining Bitcoin in practice!

There are generally 3 ways of acquiring Bitcoin: mining/grinding, buying, trading, or working for them. Grinding and mining often require significant upfront hardware costs and work on the assumption that you will hold onto whatever coins you mine rather than immediately trade them for Bitcoin. This article will focus on buying Bitcoin.

Buying Bitcoin takes away all of the hassle involved with owning Bitcoin, but it is not free; Bitcoin like most currencies needs to be obtained by working or trading for them. Trading can also be done at Bitcoin exchanges such as Bitstamp, which allow the purchase of Bitcoin in exchange for another currency (such as USD).

The simplest way to buy Bitcoin is through a Bitcoin ATM, these are popping up all over the world and while they charge high fees they are an easy method to buy Bitcoin if you have access to one.

If there is no Bitcoin ATM near you don’t lose hope! There are many other methods available to you ranging from online markets such as LocalBitcoins, Bitcoin exchanges such as Bitstamp and Bitcoin ATMs. If none of those options work for you there is always the option of Bitcoin mining or Bitcoin grinding.

Each method has its pros and cons, some more so than others so if you are serious about buying Bitcoin then do your research into which method works best for you. You can think of these methods like this:

Bitcoin ATM – Fastest Method (High Fees)

Bitcoin Exchange – Low Fees (Slow/Hard to Buy) Bitcoin Market – Medium Fees (Accessible Worldwide) Bitcoin Mining – Cheapest Method (No Fees but High Hardware Costs) There isn’t a wrong or right answer when choosing between these methods, my advice is simply to choose one and start!

Bitcoin can be stored in a Bitcoin Wallet. There are many options available for Bitcoin Wallets, some of the more popular Bitcoin wallets include: Coinbase Bitcoin Core Armoury

We will not go into detail about the pros and cons of each wallet here, but I would recommend looking into local wallets before using any online services or exchanges!

Now that you have your Bitcoin wallet it’s time to fill it with Bitcoins! You can do this by selling goods and services in exchange for Bitcoin, accepting Bitcoin as payment for goods and services, or buying them outright. The best way to acquire Bitcoin if you don’t have access to any other method is through mining. Mining however takes significant investment both in terms of money and energy so my advice, if you want to mine Bitcoin, is to not do it by yourself, join a Bitcoin mining pool instead.

CATEGORIES

COMMENTS

Wordpress (0)