Bitcoin (BTC) is a cryptocurrency and payment system based on the P2P principle.
This system was created by the programmer Satoshi Nakamoto, whose identity to this day remains unverified. For a wide audience, Bitcoin remained unknown for a long time, but in recent years it has attracted a lot of attention, especially in the financial world. As a result, investing in bitcoins has become easier than ever. Of course, we should not forget that bitcoin is not an ordinary investment tool, it is distinguished by exceptional volatility, so you should not buy bitcoins without evaluating all the risks attached to it.
Create a Bitcoin wallet
Today it has never been easier to buy or sell BTC, and even for those who did not hear about this cryptocurrency yesterday. It all starts with registering a Bitcoin wallet: this is an electronic account with a unique address where you can buy, store, and sell your coins; it’s kind of like a checkbook if you like. The difference is that registering a Bitcoin wallet is possible online and can be done fairly quickly – in less than a minute. Coinbase.com, Coinmkt.com, Blockchain.info, Hivewallet.com, and similar sites are just some of the reliable, reputable, and convenient sites where newcomers can get their wallet.
This is where your Bitcoin journey begins, you can start your partner’s account with some money of your own, who knows, maybe she will turn to be quite an entrepreneur, and you will end up having to search for ways of complimenting a girl for her success.
Attach your bank account to your wallet
So, now you have a wallet, it’s time to fill it with money – more precisely, BTC. And for this, you need to provide the service with certain financial data about yourself – in particular, data about your real bank account. In principle, nothing surprising – when registering with PayPal, this is also necessary, not to mention other payment providers working on the Web. As a rule, you need to specify the account number, bank code, and your full name, to which the account is registered. All this can be found in the contract for the registration of an account or the online bank.
Buy BTC by purchasing them with your bank account
Having attached your bank account and having passed the procedure of confirmation by the service, you can easily proceed to the purchase of BTC, having received them in your wallet as a result. Everything is simple: open your wallet and look for a button or tab with the inscription “buy” or something like that. Click on the button or open the tab – then your purchase process will be quite simple and clear, in which you will pay with money from a bank account to receive BTC in your Bitcoin wallet.
Keep in mind that the cost of bitcoins changes daily, hourly, and even every minute, and sometimes it is very, very noticeable. Bitcoin is a relatively new form of currency, so the market is still not completely well established. The current bid at the time of purchase should be visible.
Buy at BTC wherever they are accepted
In recent years, more and more companies are turning their attention to bitcoins and are beginning to accept them as payment for their goods or services. Of course, such companies are still a minority, but there are quite well-known names among their numbers, for example:
- Victoria’s Secret
- Whole foods
Sell your BTC to another person
Here, alas, everything is already more complicated than with the process of purchasing BTC. You can’t just cash out Bitcoins, liquidating them financially, and you cannot withdraw them to a bank account. You will have to find someone who agrees to buy them from you (or who sells anything you need for them). The easiest way to find someone is to use the online cryptocurrency exchange services. Having found a buyer, you complete the transaction through the site, otherwise communicating directly with the buyer. To use this method, you will have to register on the appropriate exchange service as a seller and confirm your information. In the USA, for example, there are CoinBase and LocalBitcoins for these purposes. In Britain – BitBargain, and Bittylicious.
Alternatively, you can sell BTC via exchangers
This is quite an acceptable option. Some services bring together two good people (a buyer and a seller) and act as an intermediary that ensures and guarantees honest execution of a transaction. Of course, these services are not free – there is a certain commission, but it is very modest. Among the well-known exchangers are Circle, Kraken, and Virtex.