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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.

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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