It doesn’t have to be difficult for you to open up a Bitcoin wallet, to buy or sell Bitcoin and even to make purchases with that Bitcoin. You just need to know what you’re getting into and we’re going to help you with all of that and more. When you’re ready to get started in the Bitcoin realm you’re most definitely going to want as much information to start out as you possibly can.
How to Open a Bitcoin Wallet
There are several different services that you can use to open up a wallet, but one of the most popular ones is Blockchain. This service is simple to use, it has a secure method of software and it’s going to give you the features that you’re looking for. So, just how are you going to create your wallet?
Go to the website. The website that you want is Blockchain.info and you’re going to want to be careful to check the site itself. It should show as an https and it should give you a certificate of authenticity in the form of ‘Blockchain Luxembourg S.A.R.L. [LU] in the section directly next to the URL that you type in.
Next, you just complete the super simple sign-up process to create your own account. You’re going to need an email address and you’re going to want a secure password. Treat this account the way you would treat any other bank account and make sure your password is something that no one is going to guess easily.
Secure your wallet with that password as well as by using a backup phrase, which you can create as a form of secondary password to log in to your account. You’re also going to want to print or copy all of the recovery passwords that are provided so you can make sure that you are able to get into the account if you forget your password.
Next up you’re going to want to link your cell phone number so that you get notifications about everything that happens in your account and you’ll want to enable the 2-factor authentication. All of this is going to make it more time consuming for you to log into your account, but it’s definitely going to keep your money much safer.
You’ll also want to make sure that no one from the TOR network is able to get into your account. This is super simple because all you need to do is tell Blockchain to block any IP addresses that come from this network.
Just like that, you’re all finished.
Now, there are plenty of other wallets out there that you can use and you may want to take a closer look at several of them, but you’re going to be ready to go in just a few simple steps (less if you don’t follow all of the security aspects but that’s not recommended).
How to Buy Bitcoin
The next thing you’re going to need to know how to do is how to actually purchase Bitcoin. One of the best ways you can do this is to go through a trader because it’s going to be a whole lot easier for you to do if you’ve never tried it before. On the other hand, there are plenty of options for going through a peer-to-peer service as well. These are going to make it easier for you to purchase directly from a Bitcoin seller.
If you want to purchase Bitcoin you’ll need a debit or credit card or you’ll need the information to make a bank transfer, also called an ACH debit.
Go through the Bitcoin exchange and look for the specific type of currency you want to purchase. You’ll have the option for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, though some interfaces and exchanges will give you the opportunity to purchase more obscure forms of the currency as well.
Make sure you select the tab to buy currency and not to sell currency. If you already have anything in your wallet you want to make sure that you’re going to keep that currency available until you want to sell it out. These should be separate tabs through the exchange.
Choose the currency type and amount that you want and the payment method that you’re going to use. You’ll be taken through a checkout process similar to anything else that you might buy online.
Once you’re finished you can leave currency in the exchange or you can transfer it to your Bitcoin wallet to make sure that it’s even more secure. This also gives you better access to your Bitcoin if you should have trouble with the exchange that you used.
When you go through the process of purchasing Bitcoin it’s actually going to be easier than you might have thought. There’s not much to it and even though there are a number of different types of this currency and even more places to buy and sell it, the process is generally going to remain the same. Just make sure you know what you’re getting when you start the process.
How to Sell Bitcoin
When it comes to selling Bitcoin you want to make sure that you’re using a secure exchange or peer-to-peer network. You want to be sure that you’re going to get the best price possible and that means treating the exchange something like a stock market. You want to pay attention to just how much your specific currency is worth at the time that you sell and on which exchange.
Do your research on the different prices for the currency you want to sell and where you can get the best return for your currency.
Next up, you’re going to want to think about just how much you want to sell. Pay attention to the price that you paid, the price you can get and how much you think the prices are going to fluctuate over time.
Once you decide on how much you’re going to sell out you want to go through the exchange and set up the method you want to receive payment in and make your sale. This will require you to select the “sale” tab and to select all the options we mentioned.
From there, you’re going to go through the sale process in a way that’s very similar to checkout and you’ll be able to get rid of your Bitcoin (or other similar currency) and move on with whatever else you might want to do.
Selling Bitcoin is even easier than buying it and you’ll be surprised just how much you could make if you’re doing it the right way. If you’re really good about your exchanges and paying attention to price fluctuations you could stand to gain a whole lot or you could gain just a small amount. It’s going to be up to the market and you.
Using Bitcoin for Payment
Another thing you can do with Bitcoin is to make payments. Now, paying with Bitcoin is going to be a little different from paying through a PayPal account or any other type of online account. It’s also going to be different from paying with Apple Pay or Google Pay or even paying with a credit card.
The first step is that you need to be buying something from a merchant that works with Bitcoin. You want to make sure you talk to them about what they accept before you’re ready to make a purchase.
Have them send you an invoice through BitPay and the Payment Protocol for the product or service that you are purchasing. This invoice is extremely time-sensitive, so make sure that you’re watching for it.
Make the payment for the invoice through your service. You generally have approximately 15 minutes to make a payment on an invoice before it goes away, so make sure that you pay attention to this window and make the payment so your merchant doesn’t have to make a new request.
Payment can be done by scanning a QR code and opening it within your wallet. This requires you to have two different devices, one that will show the QR code and one that is going to scan that QR code. Your device will then give you the option to open it in your wallet and make the payment.
The next option is that you can look directly at the invoice and open the wallet from the invoice. You just have to verify your invoice from the wallet and then you can quickly and easily make the payment that you need.
Finally, you can take the URL from the invoice itself, paste it into the ‘send’ field of your wallet and it will fill in the payment details. Make sure that you have everything you need and that everything is accurate and then just go ahead and initiate the payment.
When it comes down to it, making a payment is going to be extremely simple. Just make sure that you have your device ready and that you have contact with data so you can get into your account immediately. That way, you don’t have to worry about how you can make the payment within the 15 minutes you have on the invoice.
No matter what you’re planning to do with Bitcoin you’re going to want to know how to make it work for you. That means you’re going to want to know how to get it for yourself, how to store it properly and safely and definitely how to use it. So, take a look and see just how you can use Bitcoin for yourself and what it’s going to do to make a difference for your finances, your investments and a whole lot more. It’s definitely going to be an interesting process.
