We know that bitcoin can be difficult to grasp at first, so we’ve simplified everything you need to know into a one page document. Read all there is to know in the article below:
1. Bitcoin Wallets
There are a number of bitcoin wallets to choose from, some are cloud based and others are downloaded to your computer. All wallets provide the same functionality i.e. transferring bitcoin from one place to another but each wallet has their own benefits and below you can find our current recommendations on the top bitcoin wallets:
Cloud wallets are the easiest & most convenient to use, however when storing your bitcoin in the cloud you are ultimately handing over responsibility to the business holding your BTC. When it comes to storing bitcoin in a cloud wallet, trust is essential. Here are our recommended cloud wallets:
Software wallets are downloadable programs that run from your computer. They are considered more secure because you have total control over them but they do come with their own risks.
2. Buy and Sell Bitcoins
There are a number of ways to get hold of bitcoins, one is to make a direct purchase which can be done relatively easily through any trusted bitcoin exchange (such as bitstamp.net) using USD/EUR/GBP etc. Here are some other options to help you purchase bitcoins:
3. Spending Bitcoins
Bitcoin transactions are very simple; when purchasing from a website or store that accepts bitcoin, they will provide you with an ‘address’ to send the bitcoins to. All you need to do is open your wallet and send the appropriate amount to the address provided.
Most transactions are instant, but they can take up to a few hours to arrive.