People who just started to learn about Bitcoin and now hope to unlock its benefits have a straightforward question: how do you really get it?
For BTC locals who already got their feet dipped into the crypto lake, this sounds way too easy. But for those who are still new to this wide, wide abyss, walking around on tiptoes is harder than one might think. And the confusion usually starts right where the first step is taken.
Make no mistake - Bitcoin is rooted in a massive platform with a system still developing - but joining in on the action is fairly easy when done with the right steps. So to clear the path to a successful Bitcoin journey, let’s dive into the basics and talk about how to acquire your first Bitcoin.
First things first, you need to have a wallet.
Of course, securing the place where you will store your money should be your top priority. Because Bitcoin is a digital currency that bears no physical form, finding a safe wallet where you can keep it is of utmost importance. Aside from that, you’ll use this wallet to engage in Bitcoin-based transactions. It’s the same as having a mobile bank account which most people now have access to. There are online-based wallets like Coinbase, Trezor, or Online Blockchain as well as desktop and mobile apps you can use to keep your Bitcoins.
Next, get one from a Bitcoin exchange.
There are numerous ways to acquire (or sell) Bitcoins, but the standard one recommended by every Bitcoin guide and used by most BTC holders is an online Bitcoin exchange website. Like changing your money to a particular currency for a corresponding price, you exchange your regular (fiat) cash to Bitcoin, depending on the current price index. Coinbase is by far the biggest and most trusted Bitcoin exchange site to date. Using the traditional automated clearing house transfer (ACH) system that most banks use, sites like Coinbase typically require users to link an existing traditional bank account to the Bitcoin exchange account to make a purchase or sale.
You can also buy coins directly from a person.
This is where Bitcoin’s peer-to-peer (P2P) transaction comes into the spotlight. The blockchain technology allows Bitcoin users to send or receive coins to or from each other with the aid of a reliable, transparent, and secure system. So, if you have a friend, or better yet, a professional trader that offers to sell his or her Bitcoin, you can make an arrangement and settle on a deal.
Engage in Bitcoin transactions.
You can never fully learn about Bitcoin until you get comfortable using it in actual transactions. This is the easiest way to grow your Bitcoin stash; to actively participate in the market by engaging with other merchants and joining activities that help you earn a good amount of Bitcoin. When you’ve reached pro level, you can even start mining your own Bitcoin, which is the complex process of acquiring Bitcoin. But until then, engage in Bitcoin transactions consistently and carefully.
Nitrogen Sports is one of the first sportsbooks that offer a multi-channel platform in online gambling. Bettors get the opportunity to place their bets on sports, esports and play casino and poker all in one place. But at the forefront of this well-rounded wagering experience is the use of the biggest cryptocurrency in the world, that is bitcoin.
This is the newest addition to the growing landscape of online betting and if you want to learn more, the sportsbook offers an all-encompassing instructional content over at Nitrogen Sports Blog where latest news, updates, matchups, betting lines and bitcoin betting guides are published for free.