Are you starting to buy bitcoin and invest for it?Let’s learn how to set up a bitcoin wallet and how to buy the bitcoin.

What is Bitcoin?

Bitcoin is a form of digital currency, created and held electronically. It can’t be printed, like dollars or euros – it is produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. Users and their transactions are anonymous; there are no international exchange rates to figure out, and no middlemen to collect fees.

What is a Bitcoin Wallet?

A bitcoin wallet exists on an electronic storage device like a smartphone, hard drive, or even a flash drive. Just like your physical wallet, you can store a bitcoin wallet in a vault.  Just like the dollar bill in your hand only exists there, your bitcoin only exists in your bitcoin wallet.  When you spend a dollar or bitcoin, the currency is passed from your wallet to another.  They function nearly identically.

How to set up a Bitcoin Wallet and how to buy the Bitcoin?

In recent months, the price of bitcoin has fluctuated wildly. Few people can predict the price fluctuations, please note that we are in the middle of a bitcoin bubble. But one thing is for sure: if you invested in bitcoin five years ago, you would feel that you were doing a great job.

Two ways to get bitcoins in the following:

1. Buy an expensive supercomputer and use high electricity bills to “Mine” bitcoin. Solve the process of keeping the entire network running encrypted code.

2. Buy the bitcoin directly. In the past, buying bitcoin was complicated, requiring long waits and a lot of paperwork and access to foreign websites. But now, some websites are selling bitcoin to consumers directly.

Step 1. Set up a bitcoin wallet

Choose to use an online bitcoin wallet, which is an online account like a digital bank. There are too many bitcoin wallet on the market, but the most popular is Blockchain. Info, which is backed by millions of dollars and has easy-to-use websites and mobile apps. It also takes security measures to ensure that your bitcoins are secure. So you just need go to the “Blockchain. Info/wallet” to register or download a mobile application.

Step 2. Save your account

Blockchain. Info has a range of security, but you should also take some security measures to ensure your bitcoin security (The other online bitcoin wallets may have the same deal). Please remember your your e-wallet ID, and use the security center to verify your email, setting up a double-factor authentication, etc. After that, you can be ready to buy your bitcoin.

Step 3. Find a brokerage company

Once you get the bitcoin wallet, you can add some bitcoins. Bitcoins can be purchased in small amounts, and the price is based on the current price of the exchange. So you have to find a brokerage company who is deal with your real money. You need to send cash by credit card, bank transfer or otherwise, and the broker sends bitcoin to your account. Therefore, they usually have a strict “know your customer” (KYC) requirement, including authentication.

Please note that different brokerage firms differ in exchange rate, cost, payment terms and quality of service.

Step 4. Buy your bitcoin

Once you’ve found the right broker, you just need to pay the relevant fees for bitcoins through your credit card or bank account. the bitcoin address is the key information you need, it is the unique identifier for your bitcoin account. Crucially, this is different from the login account for your Blockchain. Info (or other wallet) account, but the address can be found there. Every bitcoin broker will ask for your bitcoin address which is the code you give them. Buying bitcoins can take seconds to a few hours, it is depending on the confirmation time of the bitcoin blockchain. Then you return to the Blockchain. Info account where you should find your bitcoins.

Published by Tony Shepherd & last updated on August 26, 2017 10:00 am

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