Bitcoin (BTC) has been one of the most talked about technologies of the past few years. Since its inception in 2009, this digital currency has made waves worldwide, establishing itself as one of the best ways to send and receive money online. Aside from being used for low-cost transfers, Bitcoin has also attracted headlines due to its potential for investors and traders.
Since 2009, BTC price has increased by an astronomical 720,000,000%. This has made it one of the most attractive prospects for investors looking to ride the next price rise and get rich. However, investors and traders should be careful, as Bitcoin is subject to big price fluctuations that go up and down. Countless investors have lost money by selling off during crashes, and the volatility can be difficult to take.
As well as turbulent prices, using Bitcoin can be quite daunting to some. It’s relatively easy once you know how, but unlike using a bank transfer, doing something wrong could cost you significant money. Secure issues also put some people off, but these are mostly easy to avoid, provided you know what you’re doing. This article’ll show you how to use Bitcoin in 2023.
Creating Your Bitcoin Wallet
Before you can start using Bitcoin, you should first set up a wallet. Much like a bank account, the wallet will allow you to send and receive coins and keep them safe. However, unlike a bank, the wallet is only owned by you, and no one else can access it unless they have your private key.
There are two main types of wallets that you can use to hold your Bitcoin. The first is the cold wallet, which keeps your coins in cold storage. These are typically offline and more secure. However, they make using your Bitcoin a bit more complicated. A hot wallet is what you want if you send and receive Bitcoin regularly, as these can be accessed online.
You can get the hot wallets on your mobile, desktop, or web browser. Some are easier to use than others, and each has advantages and disadvantages regarding security and access. Whatever wallet type you use, ensure you have good security protocols, and don’t give anyone access to your private keys.
Buying Your Bitcoin and Sending and Receiving
Once your wallet is set up, you can purchase your Bitcoin. You can do this in a few different ways, but the easiest and safest option is to buy through a trusted online exchange. Almost all cryptocurrency exchanges will allow you to trade fiat currency for Bitcoin; some even allow you to purchase directly with your card.
Popular exchanges you can use safely include Kraken, Coinbase, and Gemini. Ensure the exchange is legal and trusted in your location, as some may need a license. Then, please set up your trade and wait for it to complete to get your first Bitcoins. Don’t forget you don’t need to buy a whole Bitcoin; you can purchase it in fractions, and it works similarly.
Now you own your Bitcoin; you can do whatever you like with it. The best option for safety and utility is sending it to the wallet you set up earlier. Simply copy your wallet address, double-check it’s correct, and then send. Once the transfer has been confirmed, you can send it from your wallet to pay for things online. Beware of scams, and always check every transfer before you send.
