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How to buy and sell using Bitcoin

by , 29 June 2015

Over the past couple of years, Bitcoin has made the headlines. And Bitcoin has had its fair share of scandal too.

Yet Bitcoin may be mapping out a future for digital currencies.

If you fancy buying goods with them or even receiving Bitcoin for services you've provided, how do you do it?

Read on to find out…


How you can get your hands on Bitcoin


There are three ways you can own Bitcoin:

  1. Buy them;
  2. Mine them; or
  3. Sell goods or services in exchange for Bitcoin.

Mining Bitcoin is not worth the effort, the computer power required or the investment to bother about, so that leaves you with options one and three.

If you want to buy them, or be in a position to receive Bitcoin, here is what you need to do, Dominic Frisby in Money Week explains…


How to buy and sell with Bitcoin


Get a Bitcoin wallet
This is a very easy thing to do. Just visit coinbase.com, blockchain.info or BitX South Africa.

To create your wallet, all you need to do is enter your email address and a password and you’ve done it. You’ll get an address for your wallet. Note this down.

Buy Bitcoin
Visit a site like BitX South Africa and paste in your Bitcoin wallet address where it asks for your Bitcoin address.

Buy a small amount of Bitcoin.

Use your Bitcoin
If you have a friend who also has a Bitcoin wallet, you can practise sending and receiving money from each other.

You can use them to pay for goods that accept Bitcoin payment, such as vendors using PayFast.

Receiving Bitcoin
To receive Bitcoin for services or goods you supply, you just need to give the person paying you your Bitcoin wallet address.
 
So there you have it. How to buy and sell using Bitcoin.

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How to buy and sell using Bitcoin
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