We know that cryptos can be puzzling to people who are not so familiar with new tendencies in technology and finances. However, digital currencies have become reality and are easy to understand, if proper guidance is provided. This is something we had in mind when we prepared this quick and detailed reminder for you. A video attached is a step by step guide to buying and receiving a Bitcoin, and a part of a larger series of explanations which you can watch on You Tube.
Apart from this video, there are a few basic, general things (without going into the explanation of the cryptocurrency concept itself) which you should always keep in mind:
- Please note to check with your local tax authorities on paying the taxes on income or gains in cryptos, as most of the jurisdictions have this requirement.
- Bitcoins are stored and processed via e-wallets. As with physical wallets, it is your responsibility to take care of your asset, although digital wallets are designed to provide top-notch security. You will find a link below the video from you tube, which we incorporated herewith, explaining the digital wallets in detail and how to start using them.
- Bitcoin payments are irreversible. They can only be refunded by the person receiving the funds.
- Every transaction is transparent showing the bitcoin address (as cryptos are stored and processed on network, which is a public place). However, the identity of the user behind the address is a secret, providing full anonymity. More on this in the video below.
- You can get Bitcoin by accepting it as a payment for goods and services. There are also several ways you can buy & accept Bitcoin. So, let us get started.
Buying a Bitcoin
There is a place called Bitcoin Exchange. There are many platforms listed that can help you to buy a bitcoin through your bank account: Coinbase, which is covered in the attached video is just one of them.
You can also browse a P2P Directory and browse the sellers and the reviews they receive. This can help you in making a decision in choosing a reputable seller.
There are also Bitcoin ATMs that work the same as regular ATMs, apart from the fact they allow you to deposit and withdraw the money in order to buy and sell bitcoin. You can locate the bitcoin ATM which is closest to you by using Coin ATM Radar.
Convenient thing about bitcoins is that you can use variety of devices, touch screen apps or wallet addresses through QR Codes.
This is a video to give you a closer look at one of the above-mentioned ways to buy and withdraw bitcoins.