If you’re new to the world of digital currencies, you’re probably feeling a bit confused about the way bitcoins work.
Fortunately for you, this can easily be fixed! In the following few paragraphs, we’re going to talk about how to use bitcoins. This will include information about setting up your account and managing the currency. But we’re also going to talk about how to invest in and make basic transactions with it. Once you’ve read all that, you’ll be able to buy and sell using bitcoins. So if you think you’d benefit from it, simply browse through our guide!
Bitcoins are kept in wallets, just like regular money. There are, however, many different options available. These include but aren’t limited to desktop, mobile, physical and hardware wallets. This means you can own this currency in both digital and physical form. It also means you can store it on your computer, mobile phone and a special disk.
So before you do anything else, we recommend you do some research on the types of Bitcoin wallets. Try to make the decision taking into account your own needs and preferences. For instance, if you’re not a smartphone-type of person, it might be better to choose a desktop or hardware wallet.
And once you’ve decided on a type of wallet, the only thing left for you to do is to register with one of the numerous providers. The process is usually very simple and should take only a couple of minutes of your time.
Making transactions with bitcoins
Before you’re able to either sell or buy using bitcoins, you’ll have to get to them, right? There are a couple of things you can do to fill up your wallet.
First, there is mining, a process that earns you individual units of bitcoins. It involves buying special equipment and running computer processes, which results in obtaining the currency. Second, you can either accept them as a form of payment or buy them using your bank account. In order to do this, you’ll need to know how buying and selling bitcoins really works.
If you’re looking to buy or sell bitcoins, you’ll need to choose among the many exchanges that provide the service of conversion. Once you’re registered with one of them, you’ll need to connect your account with one of your bank accounts. That way, you’ll be able to deposit funds that will then get converted to bitcoins, or the other way around. And once that’s done, you’ll be able to withdraw the digital currency directly into your wallet, or the regular currency back into your bank account.
Investing in bitcoins
If you’d like to handle bitcoins, but without doing any of the above, you can always try to invest in them. The process is quite simple, at least in the beginning. There are plenty of platforms that specialize in these kinds of investments, so you only need to pick one. You’ll be asked to give your bank account details and make a deposit. And once you’ve done all that, you’ll be free to participate in the speculations!