Bitcoin is another means of doing business anywhere when you want to explore alternatives of money. Without the help of the banks, Bitcoins allows you to have a full control of anything you have.
Investors nowadays are keen to use Bitcoins because of it’s uniqueness and the longevity of its value towards the market.
If you are a novice or new in Bitcoin and these information is way complicated than you thought, here’s the easy steps on how to get started with Bitcoins.
1. Get Your Private Keys
First move you have to initiate is to find a way how to secure your private keys. Bitcoin has key pairs that marks your ownership of certain coins on the ledger and certainly this is an open public ledger.
The private and public keys on each pair looks like the following :
Consider that your email address is the public key and the password is needed for sending coins which is the private keys. If you forgot your private keys or lose it or on the hands of anybody, then forever you will lose those coins.
That’s the reason why you have to store them on unbreakable place.
There are ways to make sure that your private keys are safe, one is to make you computer safe from any attackers or takers and don’t let them penetrate into your system, two is to invest financially on hardware wall that will make things easy.
Trezor is an example of wallet that is easy and handy to use and will be keeping your harware wallet secured from any attacks or viruses.
2. Purchase Coins
If everything are set specially your private keys are keep on safety places then you can buy your very first coins. Coinbase is the most popular exchange service that you can chose with.
In order to set up your account on exchange service company, you have to configure 2-Factor Authentication. In that way if bad actors are trying to access your account or login to your account, they need to be able to gain access also on the secondary credentials from your mobile.
You can buy coins by sending money to the exchange service from your respective banks. If you are hesitant on using bank or online transaction, you can just meet someone from your local to give you directly the coins in exchange with the cash you have.
5-10 percent are usual charge fees when you are to meet someone for exchange of the coins and that is standard over the market.
3. Push Coins To Your Wallet
If you are doing the active trading, you need to have a very secure and full control over your private keys. Staying you coins on the exchange service is way more risky.
If in can that service were bankrupt or gets hacked then all your coins will be lost forever including your money.
If Bitcoins are in your hands, you can do trading, purchasing of anything under the sun, tipping and can be use as e-cash for any online transaction. Without restrictions from banks or limitations, Bitcoins are really efficient that you can use it anytime of the day and any day of the week.