Bitcoin is a digital currency that has made countless headlines in recent days. Its protocol is highly secure, it is anonymous and it’s value has soared sky high since it initially started. If you want in on the whole thing, here’s how to get you started.
Right now, the value of a single Bitcoin is fluctuating between $600 and $700. It started from virtually nothing but a few dollars per Bitcoin and soared to some $1300 before coming down and stabilizing in the current slot. This should give you an idea that Bitcoin is still a wildly fluctuating digital currency, although many herald it as the future of digital payments.
Bitcoin account and wallet:
To start in the Bitcoin business, the first thing you need is a wallet. A wallet is like your digital account where you can receive Bitcoin, send Bitcoin from and keep your Bitcoin wealth safe. The second thing you need is link to a Bitcoin exchange so that you can directly buy Bitcoin against your dollar payments.
Coinbase is an excellent place to start because it is a fine combination of the two aforementioned features. It is a wallet plus an exchange and is fairly reliable and reputed. To create a Coinbase account, you will need to furnish your bank account and verify the phone number you provide. There’s also the option of adding a credit card which can speed up your online transactions but that’s your call.
Once you provide all this information, Coinbase will take a few days to verify these details. At times, the company may take many days to verify your details, being wary of Bitcoin-related frauds that have been perpetuated by hackers in the past. As soon as your account is verified, you can start Bitcoin-related transactions right away.
You will be provided a BTC address, a key which is the digital equivalent of your bank account number. Whenever you want to receive Bitcoin from someone, you will be asked to provide the BTC address. Similarly, if you want to send Bitcoin to another user, you will need that user’s BTC address.
These basics will get you started on the basics of Bitcoin. Given the digital nature of the currency, you must take every measure to keep your Bitcoin-related account information safe from possible hackers.