As different bitcoin news surfacing on the internet, many people have shown interest in the cryptocurrency world. And while bitcoin and other cryptocurrencies burst into the mainstream, we receive several questions like “How to use bitcoin?” and “how to get bitcoins?”
Surely, this type of question came from beginners. There is no specific answer because bitcoin is more than just a payment method. There are many ways to obtain bitcoin. You can also sell it or trade. To answer those questions, we need to go back to the back to the basic of bitcoin.
So what is bitcoin and how does it work?
Bitcoin or BTC is the first cryptocurrency today introduced by a pseudonymous person (or group of developer) Satoshi Nakamoto. Today, bitcoin is the most valued cryptocurrency.
Like other digital currencies, you can use it to buy services or products. You can also deposit bitcoin to play your favorite casino games and win. Casino bitcoin sites like kingbit accepts bitcoin. You can also send or sell it to other users in exchange for real cash.
All bitcoin payments are recorded on a database called the blockchain. This database can be accessed by anyone, even you to verify and review the transactions.
What makes Bitcoin special is its decentralized nature. It means that no middle man, not even the country’s central bank, regulate the bitcoin transaction. All the bitcoin transactions are using peer-to-peer technology. This allows the transaction faster and has lower fees.
How Buy Bitcoin?
The first step in getting bitcoin is by obtaining a bitcoin wallet. The bitcoin wallet is where you will store your bitcoins. You will also need your bitcoin wallet to send and transfer your bitcoin.
There are many types of a bitcoin wallet and the good news is that you can get it free from bitcoin exchange websites. Many cryptocurrency exchange websites offer bitcoin wallet app that can be downloaded on your mobile devices or computer. Once you created your bitcoin wallet, you can start buying bitcoin:
- Once you have a wallet, you only need to place an order on the bitcoin exchange website of your choice. Some popular crypto exchange website includes Coinbase, Binance, FTX, Coinmama, Kraken, and Localbitcoins.
- Go to the buy menu and select bitcoin.
- Typically the page will show you a list of a predetermined number of bitcoin you can buy and its price. Others however allow you to manually enter the amount of bitcoin you wanted to buy. Once you decided on the amount, click the “buy now” button.
- On the page that will appear enter your payment details. You may also need to give your bitcoin wallet address in this section.
- Finalize your transaction by clicking okay.
Aside from buying, there are other ways for you to earn bitcoins. The well-known method is through bitcoin mining. It is one vital part of bitcoin because the process keeps the bitcoin network secure. Here, bitcoin miner verifies that the bitcoin being used is premium. They by using specialized computers that can solve a mathematical problem. When they solve a puzzle the miner will be rewarded with newly-created bitcoins.
For gamblers, they can use bitcoin to play on the casino website. As mentioned above, websites like Kingbit casinos accept bitcoin as a payment method. Players need to transfer bitcoin from their bitcoin wallet to play games, and when they win the amount of bitcoin can also be withdrawn.
The good thing about bitcoin casino is that they are offering bonuses that can boost the amount you have deposited. Some bonuses also allow you to play without spending any amount.
You can also earn and make money by selling bitcoins. Today, there are many platforms including those exchange website mentioned above that allows you to sell your bitcoins. For you to sell bitcoin, you need to register first as the seller. You may need to send IDs, emails, and other information to complete this process.
Once your account is verified, you need to make a sell order. Enter the amount of bitcoin you wanted to sell and enter t price per unit. You need to be aware that some platform, has a default limit. When you entered, the required amount, click the “Sell bitcoin” button.
In some platforms, the website only serves as the bridge to connect the seller and those people who wanted to buy. Here, when interested buyers showed, the platform will only notify the seller. The buyer and seller will have to get in touch to negotiate the price. The seller will send the bitcoin manually using the bitcoin wallet.