In this post I will explain how to get started with a BitCoin.
This post was updated on December, 2. 2020.
( $10 + potential $170+ gift included )
What is a BitCoin?
It is the first decentralized digital currency. System works without a central bank or any administrator. BitCoin is very popular, especially in online business because you dont need to worry do you have supported wallet and you dont need to have a bank account.
All you need is to have BitCoin address and it is not matter which BitCoin wallet you are using.
Before you start with BitCoin you need to setup BitCoin wallet to be able to generate BitCoin address where you will deposit or receive your BitCoins.
More about BitCoin you can read here.
How to create a BitCoin wallet?
Post updated on December, 2. 2020.
In this update I want to share my experience with BitCoin and other cryptocurrencies in last over 2 years. Firstly I was using Blockchain wallet mentioned just below this update. It is a good start but today I recommend to start with Coinbase because of 2 big reasons: integrated crypto wallets (you dont need to know how to create a crypto wallet or to have worries that you will do some mistake) and Coinbase Learn to earn program – you can earn FREE crypto just for watching short video tutorials about blockchain technology and by answering on simple questions. More information (including my own video) you can find inside my FREE CRYPTO section on this blog. Inside mentioned section you can find also join link to Coinbase. Recently I have received more than $100 in crypto from Coinbase. I also use a hardware wallet and all important hardware wallet tips for beginners you can find inside my post How to use a hardware wallet. On the next video you can see in real time how it looks buying crypto inside Coinbase. I also presented how to send crypto from Coinbase to hardware wallet. In this example was Chainlink (LINK), an Ethereum token but it is the same for any crypto including BitCoin – you just need to change deposit address. Because Coinbase already have integrated crypto wallets, when you are buying crypto you dont need to create a wallet or to know your deposit address – crypto assets will be automatically in your crypto wallet inside Coinbase. You just need to choose which cryptocurrency you want to buy. Recommended to secure your account with 2FA. I use Google authenticator on my mobile phone. On this way every time you want to log in and to send crypto from your Coinbase crypto wallet – you will be asked for this 6 digit code (30 seconds duration) to be safe from any potential hacker attempts to steal your crypto assets. After every 30 seconds application will generate a new code and this protection is pretty safe. The same protection I recommend to use for email security.
Blockchain online wallet
The most simple way is to create some online wallet. It is very important to use email with high security settings – Two-factor authentication (2FA). You can download Google Authenticator app from App store or Google Play store depends if you have Ios or android mobile device. It is very simple to use, you just need to enter 6 digit code from app (every 30 seconds app generate new code). More about email security settings in some future posts.
I use Blockchain online wallet more than 1 year without any issues. But be aware there is lots of scammers online and never give your login information via email. Sometimes emails looks like official but they are not. Also when you enter blockchain in google sometimes you will see clone sites from scammers. Be sure that you see Blockchain Luxembourg on the left side from web address in address bar. Sometimes you need to click on the padlock inside the web address bar, then you need to view site information and there you should see that site is secured, including words Blockchain Luxemburg. You can see more information and register wallet here.
First step is to enter email address and create password. Then you need to check your email inbox and click on verification link. In email you will also see your wallet ID – login link – series of letters, numbers and dashes after last “/” symbol. In compare with for example PayPal here your email is not your username / wallet ID. Keep it on safe place.
Now you can login and setup your settings in wallet.
It is recommended to enable 2-step verification (2FA) for better protection against scammers and hackers.
And you are ready to create your first BitCoin address to be able to receive some BitCoins. (or some other crypto such as ETH, BCH..)
Be aware: a public address (key) you need to share with sender to be able to receive crypto but never share your private key. In different wallets are different ways to access private keys. You need a private key if you want to recovery crypto amount in some other wallet. Every public address have an unique private key. Who know private key have control over crypto amount stored on that public address.
On next screenshot you can see how to create public address. It is recommended to generate a new one for every single transaction.
You can also use BlockChain mobile app.
It is a very simple to use it.
Next step is to buy some BitCoins.
Where to buy BitCoins?
You can search for BitCoin (Crypto) ATM in your area and that is the simplest way. But there are many ways to buy BitCoin online. (from home)
I will recommend 3 sites:
Coinbase – very popular crypto exchange site which gives you and your referrer $10 bonus when you buy or sell crypto for at least $100.
Except BitCoin (BTC) also available some other cryptocurrencies.
Update, January, 2019.
Now PayPal is also available as payment method but only for withdrawals. That means you can sell crypto and send money to your PayPal account. You can buy with VISA or Mastercard cards – recommended for small amounts. Bank account that can make and accept SEPA payments – recommended for large amounts.
You can join here.
Important: you need to verify account with personal documents.
Coinmama – very interesting solution because you can buy small amounts on simple and fast way without any verification and anonymously.
(up to $160 but please check for any possible changes on site)
You can buy: BitCoin, Ethereum, Litecoin and Bitcoin Cash.
You can join here.
LocalBitCoins – very interesting site where you can buy or sell BitCoins only but you can select people from your area and you can pay with many payment methods. (such as PayPal, AdvCash, PaySafeCard etc)
It is a very safe site because LocalBitCoins keep account balance until seller and buyer confirm transaction, there is also feedback like on Ebay.
You can join here.
For large amounts I recommend to use hardware wallet, more details in future posts.
I use online and hardware wallets: online for smaller amounts and hardware for large amounts (storage). You can check for hardware wallet at the Ledger official web shop.
I hope that this information is useful for you.
If you have any questions or doubts feel free to ask via comments.