Quick Background
Bitcoin is a digital currency which in itself is its own asset. But it can also be used as a medium of exchange. It can transact between two people without the knowledge (or interference) of a third party.
Currency is held in a “wallet”. This could be a digital one which is kept on website or app. Or this could be kept in “Cold storage” which is either a paper or hardware wallet.
For now all you need to know are the basics.
Buying Bitcoin
Essentially you need a place to BUY Bitcoin (and other digital currencies) and you need a place to STORE it.
For most people, Coinbase is the place to start. It’s the biggest one out there and it’s very easy to use.
If you use this link, you will get $10 worth of Bitcoin! (Once you spend $100):
https://www.coinbase.com/join/593627ab9a8f1c093d3b2a1c
This is what it will look like (Depending if you use the app or the website):
Wallet
One of the best things about Bitcoin is the anonymity. Your private keys (The address in your wallet) should be kept in your own hands. You can’t trust anyone with your money.
Blockchain.info is a great place to start. It’s much safer than many other options out there. Set it up here:
Moving From Coinbase
Coinbase is big and it’s a great place to start. But Coinbase is a target by hackers. It’s a target by the government.
Move your money out of Coinbase and into Blockchain.info
In Blockchain.info, click the Receive button. That’s the address you will enter into Coinbase to send the Bitcoin to. So easy!
In Coinbase, you can send this money to your Blockchain.info wallet very easily. Just click on the paper airplane icon in the top right corner, and enter the amount and the address.
Extra Security
If you find you’re building up some savings and want to add a much better layer of security, you need cold storage.
The ultimate security is a hardware wallet. Trezor is arguably the best hardware wallet out there.
It’s really not that expensive at about $100, when it gives you ultimate security of your cryptocurrency.
Here is the link:
Final Words
It’s extremely easy to get some Bitcoin and use it in your daily transactiona or store it away for safe keeping. There’s so much more you can do here but this is just to get started.
Stay tuned for future articles on how to get a bit of free Bitcoin for your wallet! Make sure you Follow me here on Steemit!
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