Bitcoin: Getting Started

Creating a Bitcoin Account

There are various websites that would allow you to create a bitcoin account. One of which is weusecoins.org. The website contains all information that a new user would need to be able to get through the bitcoin community. This website is not the only place to create a bitcoin account. There are many other websites that can be used to create a new bitcoin wallet for further usage.

Creating a Bitcoin Wallet

In the real world, you will need a wallet or a purse to be able to keep your money at hand. The same goes for your virtual money. You will need a virtual wallet to keep track of your money. The bitcoin wallet has several types. There are Web Wallets, Software Wallets, Mobile Phone Wallets, and Hardware Wallets. There are different websites that can create bitcoin wallets, depending on the chosen type of wallet. Most people would use a Mobile Wallet as it would be more compact and handy. Seeing as though majority of the people nowadays have their own iPhone or Android, a Mobile Bitcoin Wallet would be highly appropriate. That way, you don’t need to go to your desktop computer just to send that money to a friend. Just by having your phone in your hands, it becomes possible to send your money to your friend. Software Wallets can be downloaded and run from your desktop computer. They’re more secure than a Web Wallet since there is more user privilege. Web Wallets are the easiest and most convenient to use, but less secure than a Software Wallet. A Hardware Wallet stores a part of the user’s wallet in offline hardware. This is the most secure of all since the key is encrypted and cannot be translated in plain text. Upon activating your bitcoin wallet, you should be provided with a default Bitcoin Address. This will be your public username, and will be used when people will send you bitcoins from anywhere in the world. Besides this address, you may also share a QR code that is attached to your wallet for easier transactions. Given this QR code, users will just scan the code with their phones and the transaction begins.

How Do I Earn Bitcoins?

For most users, it would be easier to just accept payments using bitcoins. That is the easiest way to earn bitcoins. Sending and receiving bitcoins would let it circulate through the entire network. Selling that branded shoes that you haven’t been using or that blu-ray DVD through bitcoin would make you earn some more. You may need to sign up on a bitcoin merchant account to send invoices for legality purposes. There are various websites online that allows users to create a merchant account. One example is bitpay.com. Another option is to purchase bitcoins. This is converting your local currency to bitcoins. The exchange rate of your local currency to bitcoins varies from country to country, so there is no exact way to measure it. Again, there are many websites over the internet that allows users to purchase bitcoins through their desired currency. Other than that, there is also the option of bitcoin mining. This one is harder compared to the first two ways of earning bitcoin as it entails more effort and hardware. You need to have a specialized bitcoin mining hardware designed to process the required verifications. This is also competitive and quite risky since there are cases when the mining would fail.

After setting up your very own bitcoin wallet, next is to find out where you can spend your bitcoins.

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