If you have decided to dive into Bitcoin or are still on the fence, research and read as much as you can about Bitcoin and related cryptocurrencies to get a basic understanding. Take a look around this site as well as many others (I don’t have all the answers) and you’ll get a pretty good understanding. Also, visit forums and ask questions if you are unsure about anything. The main doubts of Bitcoin seem to stem from security concerns or reports of fraudulent use of the currency. I will periodically add blog topics addressing these concerns so do come back. Rest assured, once you come to grips with the digital nature of money you’ll never look back.
Get a Wallet
To use Bitcoin you will need a wallet which is essentially an electronic equivalent of a real-life wallet. You use this to store small amounts of coin which you use for daily transactions and just like your real-life wallet, your bitcoin wallet is only safe if cared for correctly. So, check your pockets for holes then check and update anti-virus and anti-spyware software. Also, make your passwords strong and keep them safe. Security is your responsibility.
I recommend a Xapo wallet as they are one of the leading providers of Bitcoin related services. Not only do you get a free wallet but you also get access to their insured vault services and a mobile app which makes using Bitcoin a breeze.
Get some Bitcoins
The easiest way to get some Bitcoin is through sites called ‘faucets’ which provide small amounts of Bitcoin by simply visiting the site. The faucets vary a bit, but typically you will have to either click on a link or wait out a time delay before completing a captcha to prove you’re human. The following is a list of recommended faucets which I use daily:
There are literally thousands of faucets out there so refer to ‘faucet’ blog topics here for more information about specific faucets.
An even easier option is to buy some bitcoins with your folding money from numerous exchange sites including Xapo. But, be warned that the Bitcoin price is still highly volatile and you could lose money instantly if the price drops which might leave a sour taste in your mouth.
Earn, Spend, Invest, Live Bitcoin
Once you immerse yourself in Bitcoin you will be looking for more ways to earn it, spend it, and invest it – aka live it. These are the three main categories of this blog and I will continually add posts regarding all of these ranging from beginner right through to advanced investment and trading strategies. So stay tuned…