A beginner’s guide for owning Bitcoins

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You must have known Bitcoin for a long time by now. Owning Bitcoin is an easy task which you can perform on your own following some amount of guidance. In this article, you will get to know how to begin with bitcoins. So let’s check out the necessary steps to follow for owning and using Bitcoins.


 First, get a digital wallet

The foremost step is to acquire a digital wallet in which you can put you future Bitcoins. The wallet allows you to store, send as well as receive Bitcoins. you can get a Bitcoin wallet from any internet based wallet service such as Coinbase or blockchain.info. also, there are many other services which provide us with Bitcoin wallets. These wallets are highly secure.


Below are the steps which are needed to be followed for owning Bitcoins:


  1. Buy them from a Bitcoin exchange. 

The first step is to buy Bitcoins from a Bitcoin exchange. Bitcoin exchanges allow the users to sell and buy Bitcoins with local currency at the current market rate. For this, you must have an existing traditional bank account linked to your Bitcoin exchange account for fund transfer between the two accounts.


Currently, coinbase is the most popular and biggest trusted exchange available. This doesn’t accept payments from any other wallet except the coinbase wallet and charges 1% fee for converting Bitcoin into your local currency.


beginner’s guide for owning Bitcoins


  1. Buy them from a friend or a nearby trader.

There may be people around you who are already indulged in trading with Bitcoins. Also, a lot of people in your local area such as friends or relatives may have been engaged in this for so long. You can find them on localBitcoins.com by entering your nearest city. Also, here you can buy Bitcoins from other exchanges as well via bank transfer.  The other option is to meet the trader in person at a public place. However, this could be a little risky therefore you must have to be more careful while going for this option.


  1. Accept Bitcoins as payment for goods or services you provide.

If you are dealing with Bitcoins for a long time, you must let other people know about that so that they can get to know about this. If you are a shop owner, you must let your customers know that you accept Bitcoin as payment by simply chatting up with them, putting up a notice or notifying them via email newsletter. For this, you must get along with a Bitcoin payment processing service such as bitpay, which will facilitate all you Bitcoin payments and convert them to USD.


  1. Mine them

Beginners should not dabble in the process of mining Bitcoins as it is incredibly complex. Special software/hardware are used in this process to solve mathematical algorithms in exchange for Bitcoins. Still, if you want to try your hand at mining then there is a lot of how-to information available for that.

When you start using your Bitcoin wallet on the very first day, it may seem like a tedious task. However, it just gets simpler day by day.


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