Bitcoin is a cyber digital curency. Buying Bitcoin and paying with Bitcoin is like sending an email to another person or company.

A Bitcoin is a digital token — with no physical backing — that can be sent electronically from one user to another, anywhere in the world. A Bitcoin can be divided out to eight decimal places, so you can send someone 0.00000001 Bitcoins.

Criminals have taken to Bitcoin because anyone can open a Bitcoin address and start sending and receiving Bitcoins without giving a name or identity. There is no central authority that could collect this information.

There are companies in most countries that will sell you Bitcoins in exchange for the local currency. In the United States, a company called Coinbase will link to your bank account or credit card and then sell you the coins for dollars. Opening an account with Coinbase is similar to opening a traditional bank or stock brokerage account, with lots of identity verification to satisfy the authorities.

How To Buy Bitcoin: This Procedure Looks Hard, But It's NOT!

So you've learned the basics about bitcoin, you're excited about the potential and now you want to buy some, but how?

You can pay for them in a variety of ways, ranging from hard cash to credit and debit cards to wire transfers, or even with other cryptocurrencies, depending on who you are buying them from and where you live.

1 – set up a wallet

The first step is to set up a wallet to store your bitcoin – you will need one, whatever your preferred method of purchase. This could be an online wallet (either part of an exchange platform, or via an independent provider), a desktop wallet, a mobile wallet or an offline one (such as a hardware device or a paper wallet).

You can find more information on some of the wallets out there, as well as tips on how to use them, here and here. The most important part of any wallet is keeping your keys (a string of characters) and/or passwords safe. If you lose them, you lose access to the bitcoin stored there.

Where To Buy Bitcoin:

You can buy bitcoin from many different places, but the easiest way is with coinbase.com or coingate.com.

At the two websites listed above you can buy bitcoin using your credit card, debit card, or with a bank transfer. Simply register by giving them your name, address, etc., along with your email address and cell number. They will verify your cell number and email by sending you a text and an email. It is done almost instantly while your still on the site. Once that is done you proceed to the next step in buying bitcoin.

Enter your credit or debt card number and choose the amount of bitcoin you wish to buy. Click BUY. They will then need to verify that payment information by having you talk a selfie of yourself holding the card with the numbers clearly showing. Upload that photo to their website.

You then need to take a photo or scan of your driver's license and upload that file to them.

If all goes well you will be verified in just a few minutes to a few hours and once they do that your Bitcoin purchase will be completed and the bitcoin will be sent to your wallet.

How To Receive Your Bitcoin:

 When you purchase or pay with Bitcoin it's like sending an email to anther person. You first need to get a Bitcoin wallet. A wallet is where your Bitcoin is sent and stored. We suggest the following bitcoin wallet websites:

Opening a Bitcoin wallet is even easier than buying bitcoin. No ID verification or payment method is needed. Bitcoin wallets are free. One very important thing is that you don't lose your password for your wallet as there is NO way you or anyone else can access that wallet without that password. If you lose it, you've lost the bitcoin in it. ONLY you have that password.

 

How To Send Your Bitcoin:

Once you have opened a wallet you can receive and send bitcoin to any bitcoin wallet address you enter. Sending bitcoin is like sending an email. Simply enter the receivers wallet address and choose the amount you want to send. That's it.

Advantages of Paying With Bitcoin:

Paying with Bitcoin has many advantages. It is quick and far less expensive than wiring money. You can do it from your phone or computer without ever leaving your house.