In this post I will explain how to get started with a BitCoin.
( $10 gift included )
What is 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?
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 am using Blockchain online wallet more than 1 year without any issues. But be aware there is lots of scammers online and never give your login informations 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. You can 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 you 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 verifications 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 am using online and hardware wallets: online for smaller amounts and hardware for large amounts (storage). You can check for hardware wallet on next banner.
I hope that this information is useful for you.
If you have any questions or doubts feel free to ask via comments.