Bitcoin has drawn many people’s attention across the world. However, some people are yet to know how to get and use this cryptocurrency. Having been around for over a decade now, Bitcoin is perhaps the most prominent electronic currency. Its ever-increasing prices and acceptance have also captured many entities’ attention, including governments, merchants, and companies.
But how do you get Bitcoin? Well, this is a central question that many people ask when thinking about using this cryptocurrency. However, the most popular way of getting Bitcoin is by purchasing it on a crypto exchange.
Online platforms like the Wealth Matrix allow people to purchase Bitcoin using fiat money. Thus, you don’t require special skills or experience to get Bitcoin with such platforms. All you need is fiat money that you can spend on your purchase. Additionally, you can use online trading platform here to trade Bitcoin for profits. That’s because you can adjust the platform’s settings to do the trading for you based on your preferred metrics.
However, if interested in learning the entire concept of earning Bitcoin and spending it, you may want to know more about this electronic currency.
Getting Started
Before using Bitcoin, you should know the following facts about it:
- Nobody can inflate or counterfeit Bitcoin.
- People use Bitcoin to receive or send value or money. Since it resides online, geographic borders and time zones do not restrict Bitcoin. That means you can send Bitcoin to anybody, anywhere at a low cost and without restrictions. Nobody can freeze your Bitcoin wallet or block your transaction.
- Bitcoin allows you direct control of your money, and you don’t have to involve a third party like your bank.
- You can’t refund Bitcoins or reverse a transaction. Thus, you should engage in Bitcoin transactions with people or businesses you trust.
- A Bitcoin transaction is valid if at least one node has confirmed it.
- Blockchain records all Bitcoin transactions in a public ledger where every user can access the details. That means every user can see transactions and the balance of a Bitcoin address.
Getting Bitcoin
As hinted, buying Bitcoins via a crypto exchange is the most common way of getting this electronic currency. However, you can also mine Bitcoin. Bitcoin mining is a relatively costly process that entails investing in powerful computers and electricity. What’s more, you require specialized skills to validate Bitcoin transactions and get Bitcoins as a reward.
Apart from purchasing this electronic money at a crypto exchange and mining, you can also accept Bitcoin payments. Today, several merchants accept Bitcoin payments. Thus, you can also take Bitcoin as a payment method to get this virtual currency.
After buying Bitcoins, you send them to your digital wallet. A Bitcoin wallet is easy to set up. And you have many Bitcoin wallet types from which you can choose. They include desktop wallets, mobile wallets, and hybrid wallets.
Using Bitcoin
With Bitcoins in your digital wallet, you can spend or use them the same way you do with conventional money. For instance, you can send Bitcoin to a friend as payment. You can also use your tokens to pay for a product at a local or online store that accepts Bitcoin.
However, not every merchant or company accepts Bitcoin payments. Therefore, start by identifying places where you can spend your Bitcoin. Other ways of spending Bitcoin include supporting charities and purchasing gifts.
Final Thoughts
Bitcoin’s popularity continues to increase globally. Consequently, more people want to know how to get and spend this electronic currency. And with more merchants and companies accepting Bitcoin, its usage and popularity will continue to increase.
