This is a simple guide to help you getting started with Bitcoin. This guide doesn’t cover all the technical details behind the Bitcoin crypto-currency. There are other useful articles on this website that can provide you with all the technical answers. Bitcoin can be used to make various purchases and if you like to make money online you can choose to be paid in Bitcoins. This simple guide is designed for newbies that wishes to have an easy to use and secure Bitcoin wallet. Here is how to:
- Create Your Bitcoin Wallet
- Receive Bitcoins
- Spend Bitcoins
1. Create Your Bitcoin Wallet. Go to Coinbase.com and click “Sign Up”. Make sure that you choose a very strong password that contains upper-case and lower-case letters, numbers and other special characters. Keep your password it in a safe place.
After you sign in click “Accounts” on the left sidebar and you will see your Bitcoin Wallet. You can click “New Acount” to create additional wallets. You can rename your account by clicking “Rename” link (“chequing” or “savings” for example).
You are now having a Bitcoin wallet which is a mix of letters and numbers, click “Get Bitcoin Address” to see your Bitcoin Wallet Address, you will use this address to receive Bitcoins. It’s the same as when you give your employer your bank account number so they can deposit your pay cheque into your account. No harm can come from giving out your Bitcoin Address because there is no personal info publicly attached to it.
2. Receive Bitcoins. The way you can do this is depending on the country where you reside. Normally, you’ll buy Bitcoins using the services of an E-currency Exchanger by sending the money to the exchanger to buy Bitcoins and once they’ve received your payment they will send you the bitcoins minus a small exchange fee. There are various payment methods accepted by exchangers for purchasing Bitcoins, and each exchanger will tell you how to send them the payment. There are different exchangers that you can use, click here for a list of options.
You might also have the chance to find someone in right in your town that’s willing to sell you Bitcoins.
You can search online for Bitcoin Faucet and/or Daily Bitcoins to receive some free Bitcoins.
3. Spend Bitcoins. When you want to send Bitcoins to someone, click on your CoinBase “Buy/Sell” link on the left side. Enter the Bitcoin address that belongs to the person to whom you are sending the Bitcoins, and paste it into the field where it says “Recipient” Enter the amount you wish to send and optional a personal message and click “Send Funds”. You will pay a very small transaction fee.
Congratulations! You are now a proud Bitcoin user. Welcome to the first online currency system that’s not controlled by any central authority, has extremely low fees and can be spent anywhere around the world.
CoinBase is used as an example, you can search online for other Bitcoin wallets and choose the one who inspires you trust. You can also choose to download and install the Bitcoin Client software and keep your wallets on your computer.