So far, we are through with the basic knowledge of Bitcoins. There are plenty of sources available online that help you gain knowledge about Bitcoins, and help you know when to buy or sell in the market. After going through all this, one more thing that one should be aware of and that helps in the game of Bitcoin is what are the easier ways to have Bitcoins, how to purchase them. Bitcoins are mostly purchased via credit cards or debit cards. One may also use different virtual currencies online for purchasing them. But soon, purchase via credit/debit cards tends to be terminated. Let us know more about it and know the easy method to get Bitcoins.
Have a Digital Wallet
The first step from starting we are talking about for having Bitcoins is to have a digital wallet. Wallets are where you store Bitcoins and conduct transactions. When you create an account and register yourself, a digital wallet is created automatically. But you can create and choose wallet according to their needs and requirements and according to the transactions you will be conducting. Wallets come in different types like mobile, desktop, hardware, and offline wallet. But the most important is to look out for the key and password for your wallets to keep your information and transactions safe as they cannot be retrieved if once lost. So, try to choose the best wallet and keep your transactions and purchase of Bitcoins stored. If you are interested in bitcoin trading visit bitcoin up
Register and Create an account on the exchange
Bitcoins do come with some similarities with the stock exchange and one of them is that for trading Bitcoins as a stock exchange you need to register yourself and create an account. Different exchanges have different features and one may choose according to its requirement. Exchange helps you in trading Bitcoin on your behalf. One must be careful while creating and sharing the information to be secure. If we talk about the most used exchange in the market, it is Bit Flyer in other countries and Bitfinex in the U.S.A. listed according to the trading volume of Bitcoin. There are other exchanges as well in the list like, Coinbase, Poloniex, Bitstamp, etc., which can be used and traded in.
With the recently gained popularity of the black-market traders, there have been some changes in the procedure towards creating an account. Now you need to submit KYC- know your customer and other valid proofs to be safe from money laundering and other illegal activities. Creating an account does not take too much time but still depends upon the type of exchange. Once your account is completed and opened, exchange buys or sells Bitcoins on your behalf and your purchase is credited into your wallet. You just need to be careful and need to follow the process.
How to store in the wallet
Above we studied why we should have a wallet and what a wallet does. Now we will learn how it functions and how to use it. It is as simple as using any other online application like PayPal or google pay. Once you have registered and choose what type of wallet you require, all you need to do is go further with the transactions. The wallet is protected by key and password which is very important to keep safe and that cannot be retrieved once lost and all your transaction needs it. Your Bitcoins are not directly stored in your wallet. First, they are stirred online and then credited into your wallet. You will be needing the password you have set to use them. You can easily access your wallet on your mobile as an application and do transactions. You can have multiple wallets if you want. Bitcoins are never-ending knowledge and with them on every step, there is a new thing to learn or an easy shortcut to grasp or to know what is better or easy. You just need to be careful and cautious while dealing with Bitcoins. The market tends to be never stable, and prices keep on rising or falling. So, you should first look at the market, know what you need to do and then trade because it will be worthless if you lose that you cannot repay.