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What Is The Best Way To Get Started With Bitcoin
Now that you have read our Bitcoin For Beginners course, you probably know what Bitcoin is.
In this section, we are talking about getting started with Bitcoin. What is great is the fact that it takes only a few minutes to get started with BTC. Below, we are listing the most crucial steps.
- First, you need to create or buy a secure Bitcoin wallet and buy your first Bitcoin.
- Then, you need to learn how to protect and store your Bitcoin.
- The final step is to send and receive Bitcoin, so that you get to know how to use the cryptocurrency.
1.Creating A Bitcoin Wallet
A Bitcoin wallet is the basic need if you want to receive and send Bitcoins.
It is easy to create a Bitcoin wallet, but there are so many different types with various security. With every Bitcoin, you get a private and public key which you keep in a wallet. Simply put, the public key which you get acts as your email address and the private key is basically your password.
This means that you will need to protect your private key and not show it to anyone. This is where a secure Bitcoin wallet helps. There are different types of Bitcoin wallets (hardware and online ones).
If you want to buy a larger amount of Bitcoin, we recommend you getting a hardware wallet – which is basically a USB device that stores your Bitcoin. It is both easy to use and very secure. Most importantly, a wallet like this is offline which means that no hacker can get close to it online.
2.Getting Your First Bitcoin
There are three ways to get Bitcoin. The most popular one and easiest way is to buy Bitcoin on a marketplace. Secondly, you can also sell a product or service in exchange for Bitcoin. The third way is earning Bitcoin through mining, which requires great computational power and a lot of resources.
If you are interested in buying a Bitcoin, we recommend that you buy it from a registered and trustworthy exchange. You can check our guide on Bitcoin exchanges in the later sections of this course.
3.Sending And Receiving Bitcoin
If you want to send and receive Bitcoin, you should learn a thing or two about transferring your Bitcoin wallet.
In order to receive Bitcoin, you only need to share your public Bitcoin address (and never share information about your private address). The public Bitcoin address consists of a code which is a combination of 27 to 34 letters and numbers.
A Bitcoin address can look like this
Your private key will look similar to the above listed address but will be shorter. Never share it!
If you want to pay and send Bitcoin, it is simple. All you need is to launch your wallet, navigate to the “Send” page, fill out the form of your recipient and enter their public Bitcoin address – and enter the amount of BTC you want to send.