Five Ways To Buy And Use Bitcoin And Other Cryptocurrency Options

Ah, Bitcoin. It’s the financial revolution that’s sweeping the world – and like so many revolutions that came before it, there’s a lot of opportunities but also a ton of confusion for everyday people.

Bitcoin’s backers like to promote it as a way for everyday people to strike a blow against the financial status quo and enjoy fast transfers, trades, and financial freedom.

However, it will only live up to those lofty expectations if people actually understand how to buy Bitcoin, so let’s go through the basics of how to use Bitcoin.

1. Find a Trustworthy Bitcoin Wallet

Just as your physical wallet holds your physical currency until you spend it, your encrypted wallet does the same for Bitcoin.

One element of Bitcoins that can give newcomers a bit of anxiety is the wallet – who should you trust, and how do you know? As with many questions related to Bitcoin preferences, the answer is to check the community as well as official advice given by the Canadian government. See which wallets they deem trustworthy, and check the features they offer.

2. Searching for Traders

As with the wallet, you want to make sure that you find a trader that is safe and suits your needs.

Once again, you’ll want to do your due diligence and research to find the right trading site for you.

As with a traditional stock market, there are plenty of different exchange centers and exchange rates. Some cryptocurrencies are stronger than others, and their exchange rates are relative to dollars, pounds, euros, yen, and other currencies.

For many such services, you’ll need to provide your legal name, birth date, and other identifying information, which is once again why it is imperative to make sure that you absolutely trust the trader before you sign on with them.

3. Figure Out How You’re Going to Pay

There are a wealth of options here, though once again, you need to be careful about scam sites. Visa, Mastercard, PayPal, and other credit and debit cards are commonly accepted for wireless payments. To pay or make a transfer with Bitcoin, you’ll need to have a form of payment linked to your account.

Be aware that sites such as PayPal have special rules for making transfers with Bitcoin. For example, while you can use Bitcoin in conjunction with PayPal, you access the public address but PayPal controls your private key. The effect of this is that you cannot move your Bitcoin this way into “cold storage,” nor can you move them outside of your PayPal setup. Your Bitcoins are essentially tied to your PayPal account and accounts with which you interact legally under PayPal’s rules in this arrangement.

If that sounds complicated, that’s because it is. Bitcoin is still developing as a currency, as are the online methods for working with it on sites such as PayPal, so be sure to check back frequently to see if anything has changed before attempting transfers.

4. Place an Order

Now comes the point in this guide on how to buy Bitcoin to actually order some Bitcoins. Follow the directions on the site you choose. Most exchanges accepting orders allow both markets as well as limit orders, and some likewise allow for stop-loss orders.

5. Using Bitcoin

Once you have acquired Bitcoins, it’s time to figure out how to use them.

There are several possibilities here, not the least of which being transferring money quickly on an international basis. Normally, this would take several days at least, with the banks being involved taking a cut of the money for themselves. With Bitcoin, however, you can transfer funds quickly across borders without having to pay extra or waste time with bank delays.

There is also the possibility to invest in Bitcoin itself or flip it with other currencies to try and make money on the exchange. This has become a favorite option for many within the Bitcoin-sphere, so be sure to check up on established sites and online groups dedicated to reviewing and pursuing the latest opportunities.

If you are a boss, especially in the tech sphere, you might consider asking your employees if they wish to be paid in Bitcoin.

Once you set up your account and get started, a whole world of Bitcoin options await.