Bitcoins are a class of digital currency. However, you can’t stuff them in your locker, nor carry it around in your pocket. You can’t access them from your bank either. So, how can we go about using them? If you’re interested in taking a plunge into the most coveted digital currency, read further or head to Bitcoin prime.
1. Get well-informed before taking the plunge
Bitcoin works quite differently than the normal currency we handle every day. So, ensure you do thorough research to avoid potential pitfalls and misadventures.
Bear in mind that Bitcoins are highly volatile. So, Bitcoins must be treated as a high-risk investment and should be handled with extreme caution.
Also, be aware of the fact that Bitcoin transactions cannot be reversed. This implies that you need to be highly vigilant with your transactions. Avoid Bitcoin transactions with unknown sources.
2. Opt for your ideal Wallet
A bitcoin wallet is akin to a physical wallet. Nonetheless, the Bitcoin wallet stores essential information, in particular, the “secured private key” delivered to every Bitcoin user to access the Bitcoin address and carry out transactions.
There are essentially 4 different types of Bitcoin Wallet: Desktop, web, mobile, and hardware.
Desktop Wallet: As the name signifies, the “desktop wallet” is installed on the desktop computer. As stated, the desktop wallet stores vital pieces of information including the Bitcoin address and the “secure key”.
Bitcoin Core, Armory, Hive OS X, MultiBit, and Electrum are some of the desktop wallets offered. Each come with their own features, so ensure you do a thorough study of the options before selecting the right one.
Mobile Wallets: The function of a mobile wallet is similar to that of the desktop wallet. Along with the primary function, the mobile wallet helps facilitate payments in regular stores akin to a normal credit or debit card.
Mobile wallet has features including “touch to pay”, scanning of a QR code, and near field communication.
Hardware Wallets: Hardware wallets are reputed to be the safest of all. The hardware wallets are plugged into the system via a USB port.
That said, hardware wallets are not free and typically cost between $100 to $200.
Web Wallets: With Web wallets, you can access your Bitcoin account from anywhere, including your mobile or web browser.
3. Receive Bitcoins via Bitcoin Wallet
You can receive/buy Bitcoins through a Bitcoin exchange, or you can browse through the peer-to-peer directory, which enlists various sellers who sell Bitcoin.
You can also use a Bitcoin ATM. Through Bitcoin ATM you can deposit cash and withdraw Bitcoins or vice versa.
4. Send Bitcoin via Bitcoin Wallet
One typical use of Bitcoin is to make online purchases. Using a search engine like “Spendabit”, you can access the list of sellers who accept Bitcoins in place of normal currency.
You can also use “Bitcoinwide.com” which is yet another global search engine, which helps you to identify businesses and organizations which accept Bitcoin transactions.
Alternatively, you can also consider using online directories to identify businesses to accept Bitcoins for transactions.
Furthermore, you can also take advantage of the “coinmap.org” feature to identify local businesses like cafes and restaurants that accept Bitcoins for payments.
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You have numerous options to purchase your Bitcoins. Further, you can store them and spend them using your Bitcoin Wallet. Bitcoin comes with a lot of convenient features almost on par with the normal currency.
Consider hardware wallets over the online ones, for better security.