How is Bitcoin used?
by SMEBOOK (admin) · October 16, 2020
Generating and using Bitcoin is a four steps process:
Step 1: Create a Bitcoin Wallet: A Bitcoin wallet is needed to receive and send bitcoins. There are several Bitcoin wallets available like Ledger, Trezor, Cryptosteel, Coinbase etc. which users can compare to create their wallets.
Step 2: Get Your First Bitcoin: There are three ways to get Bitcoins:
- Buy from Bitcoin Marketplace.
- Conduct an online sale of goods or service in exchange of Bitcoins.
- Bitcoin Mining
Step 3: Secure Your Bitcoins: It's an important step to secure the Bitcoins. In order to make Bitcoin secure, these have to be transferred from the exchange to a secure Bitcoin wallet
Step 4: Send and Receive Bitcoin: To receive Bitcoin, you only need to share your public Bitcoin address. Sending Bitcoins works somewhat similar to sending money though online modes just incase of Bitcoins one needs to be triple check the recipient information and other details before sending as the amount sent is irreversible.