How to use Bitcoin

Wednesday 11 November 2020, 6:50 AM AEST - 2 months ago

how to use bitcoinHow to use Bitcoin 19

Since its inception on January 3, 2009, Bitcoin (BTC) has grown from a digital currency traded among cypherpunks in the dark parts of the internet to becoming a globally traded asset. Many argue it will one day replace the paper money in our wallet today. But, given that Bitcoin is the first of a new form of money, there are, of course, many questions. This leads us to the purpose of this guide – how to use Bitcoin?

Before we delve into how to use Bitcoin, we first need to know and address the common pitfalls. Then well take a look at how to buy, send and store your Bitcoins as well as the various ways you can use Bitcoin, how to convert Bitcoin back to cash, and different methods of making money with Bitcoin.

How do I buy and store Bitcoin?

Before there was a cryptocurrency exchange, the only way to secure some Bitcoin was by trading it on forums or through Internet Relay Chats (IRC). This meant having to rely on the other party holding up their end of the deal since escrow services were few and far between. However, it didnt take long before dedicated cryptocurrency exchanges began popping up.

Today, there are hundreds of different exchanges available to purchase Bitcoin and a variety of other cryptocurrencies. Many like Coinbase, Kraken, Gemini, Bitpanda, and others offer painless ways to buy or transfer funds into Bitcoins and other cryptocurrencies with a credit card. However, before you can purchase Bitcoin, you need a secure a Bitcoin wallet with its own Bitcoin address. This keeps your digital assets safely tucked away from those with any malicious intentions.

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