How Do You Buy Bitcoin?
If you want to learn about bitcoin, the best way is to get some in your “pocket.” Even though this is difficult and might even be dangerous, getting bitcoins is quite easy and safe. In many ways, it’s probably even easier than opening up regular bank accounts. Given how the banking system works today, it is probably a lot safer too.
There are some things you have to know about bitcoins before you should take this plunge though:
The first thing you’ll need to do is get a bitcoin wallet for yourself. This is as simple as registering with one of the bitcoin exchanges. Even though you might want to have multiple exchange wallets after a while, you can start off with a single one to get a better understanding of how things work.
A bitcoin wallet is the only way to store bitcoins. It’s software which has been designed specifically for this purpose. You can run it on your desktop, laptop and even mobile. You can even store bitcoins on USB drives. If you’re worried about getting hacked then USB drives are your safest option. You shouldn’t look at them as simple wallets though; they are more like a part of bitcoins network. They can store, receive and send bitcoins on your behalf.
When it comes to sending money, all you need is a unique code and you can transact with anyone else who has bitcoins. You can also create QR codes which make it easier for you to transact.
There are many websites on the internet that offer payments in bitcoin for completing certain tasks like filling out surveys, watching sponsored videos, etc. These can do no harm to you and you’ll be able to earn a few extra bitcoins in this way. It’s important to remember these businesses only get paid whenever you click on their website. They are basically giving a small portion of that back to you. There isn’t anything illegal or immoral about this.
The real test for bitcoin, however, is whether people can actually trade with them frequently. If this is not a possibility, bitcoin will never really become an economy since retailers will never be able to use it. If retailers can’t use it, what good is it? Fortunately, this isn’t a problem since most smartphones now have apps that can be used to trade bitcoin. Depending on the type of wallet you are using, you can even check your balance in real time.
One big problem when it comes to bitcoin is that the only way to reverse a transaction is if the recipient chooses to reverse the transaction. This is not in line with most credit cards and online wallets like PayPal. This has made it more difficult for people to trade bitcoin for cash since people can request chargebacks from their credit cards or wallets while nothing can be done about the bitcoin that has been transferred. Basically, you lose your cash and your investment in bitcoin. There is a solution to this. It just hasn’t been discovered yet.