If you have downloaded a bitcoin wallet app, then you may now be wondering what to do. Bitcoin is still surprisingly poorly understood, with few people knowing anything about it other than that it is the first accepted cryptocurrency. People believe that it is linked solely to the dark web and only really used by criminals. This isn’t true at all, however. Companies like Dell, Expedia, and Subway all accept it!
Bitcoin is popular because it has a lot of benefits. You don’t have to use a bank anymore to send someone else money, nor do you have to pay their fees. Sending money is super quick, with transfers being completed in seconds. Hence, the cryptocurrency system is becoming more and more popular, but that doesn’t mean people suddenly know all about it.
How to Use a Bitcoin Wallet App
The thing with bitcoin is that you can’t simply go to a store and purchase some bitcoins. Rather, you have to open a bitcoin wallet, which you can link to an app if you have an Android device, and then you can start buying them. A full bitcoin can cost as much as $2,000, but you can buy pieces of one as well. Indeed, you can purchase bitcoins for as little as $20. And it is actually quite simple to do as well:
- Choose your wallet. There are lots of different wallets available, most of which run on various electronic devices. All you generally have to do is download it and register through their site. Some wallets have to be synced with the overall bitcoin network, which can take a very long time, so do be patient.
2. Pick a vendor. There are lots of places where you can buy bitcoin, and they all work in different ways. Direct online sellers, for instance, will sell them after you pay them via credit card or bank wire. There are online exchanges where you can swap bitcoin with other. Local exchanges also exist, where you can meet up with people in your area. You can even use certain ATM machines, although they do charge as much as 20% more than others. Each option has its own pros and cons that you need to investigate before you decide which one to go with.
3. Purchase your bitcoins and put them in your wallet. Once you decide where you want to purchase, you simply have to make your funds available and wait for a good price to come up. Bitcoin prices always fluctuate, which is why they are such a good investment. Purchase when you think the price is right, and they then have to go to your wallet. You will provide the seller with your wallet’s ID and they will show up within no more than an hour.
That literally is all there is to becoming a bitcoin owner. You can then decide to hold them and watch their value grow, or you can decide to sell them on to others, or even use them to purchase goods or services.