You’re in an office meeting listening to your coworkers talk about cryptocurrency. The problem is, you have no idea what any of them are talking about. Sure, you heard about bitcoin in 2017, everyone was talking about it.
However, it’s a few years later, and now everyone seems to be talking about the cryptocurrency again. Maybe it’s time you took a better look at bitcoin? Here are the basics of what you need to know about dealing with the premier cryptocurrency.
Step 1 – Downloading Your Bitcoin Wallet
When you want to start your cryptocurrency portfolio, you’ll need to download a wallet. No, we’re not talking about the leather wallet in your back pocket. A digital wallet stores your cryptocurrency, similar to the way your wallet saves your cash.
However, crypto wallets rely on a digital private key to allow you to send and receive BTC. Your wallet has a unique address, which is your identifying number, sort of like your bank account. You get both “hot wallets” and “cold wallets.”
Hot wallets are the wallets you use on platforms like Coinbase, and cold wallets are storage vehicles like USB devices that store your BTC offline. Choosing the best Bitcoin wallet requires some research, but there are a few good options, and we like the Nano Ledger X for cold storage.
Step 2 – Learning to Trade with Your Wallet
After you download your wallet or purchase your offline cold storage wallet, you’re ready to send and receive bitcoin. Remember to back-up your wallet’s private keys. If you ever lose your cold storage wallet, you’ll need them to retrieve your bitcoins.
There are a variety of ways to purchase bitcoin online. Localbitcoins.com has plenty of sellers. Simply click on a vendor, EFT them money from your bank account, and they release your bitcoin from escrow to your wallet.
Receiving bitcoin doesn’t require any action from your side. However, selling bitcoin is a different story altogether. That’s not to say that it’s not a relatively straightforward process to master.
Copy the recipient’s bitcoin wallet address, or scan their QR code. Navigate to the “send” tab, and enter the receivers address into the recipient box. Enter the amount you want to send, as well as the wallet address, and hit send.
With bitcoin, you can send money anywhere in the world, without going through your bank. Save money on foreign transaction fees and forex rates.
Step 3 – Using Bitcoin ATMs
Now that you understand how to send and receive bitcoins electronically using your phone or computer, let’s look at bitcoin ATMs. Bitcoin ATMs are operating in most states and numerous locations in countries all over the world. With a bitcoin ATM, you can send money anywhere in the world.
Some bitcoin ATMs also allow you to withdraw your BTC in USD. However, these ATMs might ask you for information like your phone number or Social Security number, depending on where you are in the world.
In Closing – Keep Learning
As bitcoin continues to gain market cap and market share in the financial system, those in the know will reap the rewards. Stay plugged into the crypto space, and stay on top of all breaking developments.