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Bitcoin, what to begin with? We start from scratch with Bitcoin.

 

March 2, 2020 (Investorideas.com Newswire) In a world controlled by data, digital payment methods have become commonplace. Credit cards, debit cards, PayPal and other payment systems provide us with an incredible variety of choices on how to pay for goods and services online. Alas, most digital payment methods have a common disadvantage: they leave marks on which governments and banks can easily find you.

If you need anonymity and privacy, there is still good news for you: you can pay with Bitcoins. Let's look at the process of working with them step by step.

To purchase Bitcoins, you need:

  • Computer, tablet or smartphone.
  • Connection to the Internet
  • Bitcoin address and wallet (see Step 2)
  • Money to buy bitcoins

It is worth keeping in mind that the use of bitcoins is not currently permitted in the whole world. Some countries explicitly prohibit them, while others take a dual position in relation to cryptology. Before you buy a Bitcoin, make sure you don't break the laws of your country.

Step 1: Understanding what bitcoins are and how do they work.

There are a few things you need to understand before you buy bitcoins. First, you have to realize that they are a kind of cryptographic currency and do not depend on any central bank.

The process of exchanging bitcoins goes through a P2P system, that is, directly between users; you don't need any intermediaries. However, payments and mutual settlements are still recorded in a special register, which exists in a distributed form among multiple nodes.

Today, bitcoins are the main anonymous digital payment tool in terms of number of users and total currency value.

Step 2: Get an address

Now when you know a little bit about bitcoins, it's time to get an address. Basically, it's the equivalent of a bank account number.

Each user in the system has its own unique address, which consists of a very long and complex sequence of characters and numbers. However, the user is not bound to a single address. He can have many addresses and store them in his digital bitcoin wallet. There are countless sites that allow you to create such a wallet.

Keep in mind that to lose your password on any of these sites means you will lose access to your money once and for all. Use the password database or other secure means to record confidential information when registering your wallet.

During the registration process you will receive a URL that will lead to your wallet.

Step 3: Buy bitcoins

So, you registered your wallet and got an address. Now you need to visit the site where you can buy bitcoins. As in the previous case, you have almost endless choice. By the way, if you do not want to register the address and wallet on a third-party resource, please note that most sites that sell bitcoins, and offer tools to work with the wallet.

Here are just three of the many popular sites where you can buy some:

BitStamp

BTCMarkets

Hiribi

When you find a platform of your choice, you will have to make a purchase. There are many ways to exchange regular money for bitcoins, including through PayPal, credit and debit cards and so on.

Step 4: Pay for your purchase with bitcoins

So, the bitcoins have successfully migrated into your digital wallet. Finally, you can buy with impunity throughout the network, forgetting to be careful, because the bitcoins are completely anonymous... Well, not exactly.

So far, a lot of sites do not accept crypto currency at all as a payment - however, every day there are fewer and fewer. In recent years, some online stores have started working with bitcoins. Learn to pay attention to the small Bitcoin symbol in the "payment methods" section to see if a particular site accepts digital currency.

There is, however, a small paradox here.

If you pay for an item with Bitcoins and then specify a delivery address, it slightly violates the very idea of anonymity. Of course, you will not leave a trace in the documents of financial institutions, but the site on which you purchased the goods will have an address that can be transferred to the authorities by court order.

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