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5 Steps to How to get Bitcoins and How to use Bitcoins?

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In this article, we will discuss 5 steps to How to get Bitcoins and How to use them. Many people who want to enter the crypto space ask how to get bitcoin.

Bitcoin has been a revolution in the finance market for the last few years. The market doesn’t experience so much extent of people towards a new kind of market in its initial phase. The bitcoin achieved a miraculous height in 2017. No one has ever imagined a new cryptocurrency to have a value of $19783! However, the market of bitcoin declined miserably in 2018, and today it has a value near $3560.

Many people who want to enter the crypto space often ask how to get bitcoin and how to use them.

 

In this article, we will discuss 5 steps to How to get Bitcoins and How to use them?

 

1. Introduction to Bitcoin:

Whenever you are going to invest in any financial firm, you must be well known to the platform. After going through the research about the investing platform, then only you should decide whether you want to invest or not. Similarly, you must have an introduction to bitcoin before buying and using it. Let us a summarized introduction about the bitcoin:

First, Bitcoin is not a fake currency. You shouldn’t have any confusion regarding the fraud of this currency.

Second, You can use the bitcoin for your daily transactions like stores, etc. However, no of stores accepting bitcoin is less today and will undoubtedly increase in the future.

Third, You don’t need third-party organizations such as a bank to have control over bitcoin. You are the sole controlling person.

Fourth, You must do transactions with care and with trusted people only as there is no kind of refund or reversing of a bitcoin transaction.

Fifth, All the transactions related to a bitcoin account are stored publicly, and anyone can see one’s bitcoin transaction with the bitcoin address.

Sixth, There are a lot of similar cryptocurrencies like Bitcash, Bcash, Bitcoin Cash, etc. You should not be confused over the resembling pronunciation of others with original bitcoin (BTC).

Seventh, Bitcoin values are subject to crypto space. Sometimes, it reaches the sky while sometimes it fell miserably.

 

2. Choose a bitcoin wallet:

Just like you need a wallet for carrying cash with you, you also need a bitcoin wallet for storing and using bitcoin. There is a lot of such bitcoin wallet in the industry. They may be a mobile wallet or a desktop wallet or a combo of both. Here we are listing some popular bitcoin wallet:

Blockchain Wallet: It is one of the most popular bitcoin wallets. Using this wallet is straightforward. The organization, stores the details of your wallet on their dedicated servers, hence involving a risk of the third party. Although it is very convenient to use, it maintains a high level of security for privacy and safety of your bitcoin wallet.

Circle Invest App: This is available on Android and iOS platform. Also, you can use this app only if you are a US resident. It is a well-designed app to serve as your bitcoin wallet efficiently. It has the features of secure transfer of money and link to your bank account. It is secure internally as well as externally too where you can have a fingerprint of Face-id lock on the app.

Coinbase Wallet: It is one of the largest Bitcoin wallets. It has a high level of security for your transactions. It provides an exchange for the software of merchant payment. People widely use it.

Trezor: It is a hardware bitcoin wallet that operates on the desktop, is as well as the Android platform. It has one of the easy to use wallet. The anonymity in this wallet is very high. It supports seven other cryptocurrencies apart from bitcoin. The security provided by this wallet is of very high quality. It costs nearly 180 Euro.

Trust Wallet: It works on iOS and Android platform. It also supports a total of 14 cryptocurrencies. The security provided by Trust wallet is similar to its name and is very trustable. Binance acquired it in mid-2018.

 

3. How to Buy Bitcoin:

After you have a bitcoin wallet, the next step is to buy bitcoins. There are a lot of sources where you can buy bitcoins. Here we list top 4 exchanges from where you can buy bitcoins.

Poloneix: It is a cryptocurrency to cryptocurrency exchange. It is based in the US. There is high-level security in this exchange. The fee for trading is 0.2% whereas, for deposit and withdrawal, it depends on the blockchain

Kraken: It is a crypto exchange where you can link your bank account and can add money for bitcoin by deducting from the bank account. Also, you can do the transaction of bitcoin from one account to other using this exchange.

Coinbase: It is one of the largest exchange for the crypto market. People can buy bitcoins via linking their bank account. Also, the transaction is secured by some high-level security. It is used in the US, Canada, and some European countries too.

Binance: It is the largest exchange for cryptocurrency in perspective of trading volume in the world. It provides an exchange of more than 100 digital currencies. It also has some of the acquired wallets such as trust wallet. It is secure and easy to use.

Alternatively, you can also earn bitcoin. Suppose, you are seller then you can ask your customer to pay using bitcoin. You will need some merchant bitcoin account to link with you.

You can use these options for earning bitcoins:

BTC clicks: An easy to use merchant for earning bitcoin.

Bitpay: A widely used merchant to get invoice and transaction details of bitcoin received from customers.

Coinbase merchant tools: A trustful merchant which is a subsidiary of Coinbase exchange.

CoinPayments: A payment gateway to receive bitcoin from your customers.

 

4. How to use Bitcoin:

Once you have a wallet as well as bitcoins, you will think to use it. Well, you can use bitcoins in several instances such as paying rents, paying at stores, buying vehicles, etc. There are a lot of firms which accepts bitcoin such as:

Purse.io: It is an online bitcoin marketplace. You can buy Amazon gift cards also through your bitcoins using this marketplace. It allows customers to purchase items from a merchant exchanging bitcoin rather than standard cash.

BTC Trip: You can use bitcoin to plan a journey using this firm. It allows you to book a trip exchanging bitcoins.

Crypto Asylum: This company is dedicated to selling hardware wallets by accepting bitcoins.

Dish Network: This huge cable company also accepts bitcoin now for cable rent.

Famsa: It is a large furniture company based in Mexico that accepts Bitcoin from users.

Apart from the above, there are numerous firms that accept bitcoin.

 

5. Update to recent news of bitcoins:

Bitcoin is still under several developments. A lot of improvements and new features are yet to come. Also, the policies of governments of different companies vary from one to another. Market conditions always tend to change. All the above factors still affect the bitcoin. So, you must get in touch with the recent updates in this field. Also, you should keep an eye on the price value of bitcoin.

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Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes

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These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate.

 

Record of BTC Contract Size on CME:

As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.

cme-futures-trading-volume

Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading.

 

When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.

 

This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle.

 

As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report.

 

Exchange traded funds are the future:

In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC.

 

GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund.

 

Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want.

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Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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