There are more than 700+ crypto currencies in the world many of them are being traded on the exchange. Among all the other cryptocurrencies Bitcoin is biggest by market capitalization and is leading cryptocurrency.
The growth and popularity of bitcoin are increasing day by day, hence many people want to learn how they can buy/sell and hold bitcoin. These are few steps which will help you get started using bitcoin.
It is a program or an app which allows receiving and sending bitcoin. Just like a bank passbook, it keeps track of your balance in form of addresses. Wallets have attributes that keep track of all your bitcoin dealings or transaction.
Many types of wallet exist across different platforms like mobiles, desktops etc. Though features vary from one wallet to another the basic functionality is virtually the same. One has to choose wallet carefully and should be given due consideration before downloading any wallet of your choice.
Adding bitcoin to your newly downloaded wallet
Once you have decided the wallet of your choice after going through the features that you are comfortable with, you will have to buy bitcoin to add to your wallet. Keeping your wallet address ready you should visit buy bitcoin page. You can purchase bitcoin through your credit/debit card. Another option is you set up an account with bitcoin exchange and transfer funds from bank account or card.
Remember to keep private key(s) or password confidential and never share it with anyone. It is better to backup your wallets’ private key (password) and other identification in offline storage. If you fail to keep a backup, then there are chances that you may lose your bitcoin in case hard disk crashes or mobile is lost or stolen where your wallet is installed.
Send and receive bitcoin through bitcoin wallet
To receive bitcoin one has to give sender your public key (address). Since bitcoin transactions are irreversible sending bitcoin involve few more steps. So it is important that whenever you send bitcoin to be extra careful and alert. Here are few steps for sending bitcoin which are actually very easy.
First and foremost copy the receivers’ public address alternatively scan QR code. Login to your wallet and look for “send” feature and paste the receivers’ address into proper field. You will have to specify the amount you have to send. Double check the address and amount you wish to transfer. Click send button.
Bitcoin is accepted by tens of thousands of individuals, many websites, and companies around the world as the payment mode. You can buy a wide range of products or services through bitcoin. Bitcoin is mostly used for a cross-border transaction. You can shop at Amazon or play games or buy products you require through bitcoin. By using bitcoin merchants get a wider market (crossing their country borders too.). Through bitcoin, you can purchase flight tickets, download movies, or order pizza. Many start-ups companies accept bitcoin. You can also donate to charity or crowdfund a new project.
Because of the price volatility, many people buy bitcoin; hold on to it for sufficient time and then sell to profit or gain from it, just like they do with stock or shares of a company.