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Digital currency uncovered: How to start using Bitcoin

by , 13 August 2014

Using digital currencies as a means of paying for things may have you terrified. But the good news is, you don't have to be.

Using digital currencies like Bitcoin is actually not as difficult as you might believe. And it's also a lot safer to use than you might think.

So if you're desperate to start using Bitcoin, how do you start?

Read on to find out…


The ins and outs of getting started using Bitcoin


If you want to use Bitcoin to pay for things, the first thing you need is a Bitcoin wallet. Without one, you can’t, David Zeiler in Money Morning US explains.

So here’s a step-by-step guide to starting off using Bitcoin…


Step #1: Get a Bitcoin wallet


To buy or trade Bitcoins, you need to create a wallet. You can do this on your computer or your smart phone.

There are a number of options open to you. You can have a web-based wallet, a phone app wallet, one from software you download or a hardware wallet.


Step #2: Buy Bitcoins for your wallet


The next thing you need is Bitcoins for your wallet. You can do this by mining Bitcoins or you can buy them. Each Bitcoin you own has a unique electronic signature. This identifies the Bitcoin as yours.

You can get Bitcoins from a number of sources. The most popular way is using a Bitcoin exchange.


Step #3: Using your Bitcoins


When you create your Bitcoin wallet, you get Bitcoin addresses. You can share these addresses with those you want to receive payment from or pay to.

Each time you use Bitcoin to pay for things, the public Bitcoin ledger, Blockchain, records the transaction. Miners must confirm this before the transaction goes through.

So there you have it, how to start using Bitcoin.

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Digital currency uncovered: How to start using Bitcoin
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