Don’t own any bitcoin. How do I buy bitcoin?
Nowadays every online user wants to buy bitcoin. This is because they are watching market volatility. They know that it’s price is boosting. People know that its a dawn of economy. Bitcoin is future currency alternate. Its easiest and fastest way to transfer money without any bank and other formalities. Now that you have a wallet and you are thinking that how to buy bitcoins or where to get some bitcoin?. The first and easiest way to get bitcoin is to sell a product or service.
Sell online products to get bitcoin
If you have a shopping cart or shopping website then you can start accepting bitcoin as payment method. You can add the QR code or bitcoin address for payments on your invoices. There are several payment provider services can create new bitcoin address for each transaction. These services can keep your accounts, handle refunds. Some of them even convert bitcoin to USD or your local currency instantly. It depends upon the service that you are using for your website.
These service providers offer their own plugins just like many popular online store applications, for easy integration. If you have plan to make bitcoin as your payment method for some or many transactions, it might be best to use these services. Some payment gateways like Shopify, Square and Stripe also include bitcoin as a payment option for their online merchants.
Buy Bitcoin directly instead of selling products
If you are thinking to buy bitcoins rather than sale of products or services for bitcoin, you can buy some. To buy bitcoin, at first you will have to convert your local currency into USD. If it is already USD then convert into bitcoin, at the current exchange rate. Some websites show current exchange rate on real time just like bitcoinaverage.com. To buy bitcoin, you can use a broker or exchange just like Coinbase, Binance, Yobit, BTCChina etc.
If you are using above mentioned services to buy bitcoin it is prudent to transfer your bitcoin once purchase directly into your own wallet. You can control the bitcoin in that way.
Buy Bitcoin Locally, but how?
There is another way to buy bitcoin, buying through local traders. There are a lot of traders trading bitcoin locally. You just need to find them through legit source. You can find local traders through a famous website that is localbitcoins.com. Insert your city or zip code there and that will help you to arrange a meeting with a local bitcoin trader in a public place (like a cafe). With that meeting you will handle the escrow of bitcoins to protect you from fraud. You can also get bitcoin paper wallet on public place. Depends upon the wallet that local trader is using. It is the fastest and easiest way to purchase small amounts of bitcoin (eg. $100-$500 USD worth).
Where do I keep my bitcoin?
Before buying, these kinda questions arise. This is natural. If you are using online wallet then keep your bitcoin key safe and secure. Though keeping your bitcoin keys out of the hands of hackers is not easy. It depends upon the type of wallet you have. Your wallet has the keys that can unlock the bitcoin. The actual bitcoins are stored on the network in a public ledger of accounts.
In this case, protecting your private keys is critical to protect your money. If the keys are stolen, then thief can easily access to bitcoin and steal them all or apart. In this kinda case you will have no way to get it back. There are also precautions to the bitcoin wallet holding services on your behalf. Because someone can access to their system and they might also cause the theft of your bitcoin. Custodial accounts of this sort can be hacked or have the funds stolen by insiders.
If you have larger amounts in your bitcoin wallet, it is best to combine to keep bitcoin offline in “cold storage”. You can also use paper wallet. The paper wallet can be printed and the private keys that are necessary to unlock bitcoins can also get printed. But there some Bitcoin Paper Wallet Pros and Cons. It can be secured in any safe box or in lockers.
Bought Bitcoins, Now how do I spend bitcoin?
You can keep those bitcoin for future. The prices are increasing day by day. People are trading bitcoin and it’s now base currency of trading. After buying, the question arise, where to and how to spend bitcoin that you own? There are thousands of merchants showed trust upon bitcoin and they are accepting bitcoin directly. Such as gift cards (Gyft.com) or some travel agents like (CheapAir.com).
There are some merchants who are not yet accepting bitcoin directly, but there are some exchanger who exchange or giving services as payment gateways or checkout to some merchants. You can google the list of companies who accept bitcoin. You can also use a number of online maps and directories, such as coinmap.com, spendbitcoins.com, or bitpay.com/directory.
Several large merchants now accept bitcoin too:
Overstock.com, Tigerdirect.com, Square Market (squareup.com/market) and
others. Every week more and more merchants start accepting bitcoin. Next time you are shopping in a store, ask “Do you take bitcoin, yet?”
Use of Bitcoin for Charity
You can use Bitcoin for charity purpose, whether you are running a walfare organization or trying to help individually. You can use Bitcoin for that purpose. There are several organization accept bitcoin charity. That may be in worth $10 to $10,000. There are several contractors and professionals accepting bitcoin, especially freelancers. Bitcoin is making payments easy, secure, instant and much much less expensive than other payment systems like Paypal, Stripe, Bank wire or Western Union.
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