Bitcoin has never been this popular. Sure, there’s still plenty of controversy surrounding the cryptocurrency, but that hasn’t stopped thousands of businesses all over the world from accepting Bitcoin at checkout — including Newegg.
It also hasn’t stopped millions of people in emerging markets from using it to replace their national currency.
At the time of this writing, 1 Bitcoin is valued at $222.93 USD. While this price is drastically lower than the $1,000+ USD it was trading at about one year ago, the possibility of its value rising again is real. And because it’s so cheap, it’s also a perfect time to buy it.
As much as I would love having a Bitcoin mining system digging for gold all day long, there’s a much easier way to get your hands on some coin before it’s too late.
But before we get started, there are some things you need to know:
What You Need to Know
- Bitcoin wallets need to be secure — just like your real wallet
- Bitcoin price is volatile
- Bitcoin payments are irreversible
- Bitcoin is not anonymous
- Instant transactions are not secure
- Bitcoin is still experimental
- Some governments impose taxes and have special regulations on Bitcoin
It’s important to educate yourself about Bitcoin before you start using it. Otherwise you may be in for some surprises. But once you have a clear understanding of the risk involved, you’ll feel a lot safer when you start using Bitcoin.
Here’s the fastest way to get started with Bitcoin:
Step 1: Create a Bitcoin Wallet
There are many different types of wallets available for mobile, desktop, hardware, and the web. These wallets offer different features so it’s crucial you research your options to find the one that’s best for you. But once your mind is made up, setting up a wallet should only take a couple of minutes.
Popular Bitcoin Wallets
Step 2: Put Some Bitcoin in Your Wallet
Different Ways to Obtain Bitcoin
- Accept Bitcoin as a payment for goods or services
- Receive Bitcoin from a friend or someone near you
- Buy Bitcoin directly from an exchange
The most secure way to buy Bitcoin is through an exchange but you need to make sure the site you’re buying from is secure. It’s also recommended you obtain the real-world identity of the operator transferring your funds in case you need to take some legal action in the future. You can never be too careful when dealing with money.
You should stick to buying Bitcoin straight from a legitimate exchange and never from a third party. Also keep in mind that Bitcoin services are not highly regulated and it’s possible to operate as an exchange despite not being secure. It’s risky, but completely safe if you do your homework and know who you’re dealing with.
Popular Bitcoin Exchanges
Step 3: Start Using Bitcoin
With that being said, many people do get rich from Bitcoin — it’s just not as easy as you think.
Most people who deal with Bitcoin do so because it’s an excellent digital payment option. But with so many merchants now accepting Bitcoin, it may seem “safe” to spend money with anyone who accepts it. There are no laws on how merchants accept Bitcoin and you should only buy from a store that is using a trusted payment gateway.
The most secure payment option available today is BitPay. Not only does Newegg rely on it to process every Bitcoin transaction, but so do over 50,000 businesses and organizations around the world. If BitPay is good enough for WordPress, Microsoft, and countless other companies we do business with; it’s good enough for us.
Any store that uses BitPay to process Bitcoin transaction is guaranteed to be safe and secure. But BitPay isn’t the only payment gateway that’s available, so you need to make sure the one you’re using is legit. If you’re not sure where your money is going, it’s a good idea to do a background check on the company that’s handling the transaction.
Popular Bitcoin Payment Gateways
Spend it Wisely
You should have no problems using Bitcoin if you follow the guidelines listed above. The important takeaway is to carefully evaluate every company you deal with in the process to minimize the risk. But once you do that, using Bitcoin is actually fun.
One of the most popular and creative ways people are spending their Bitcoin is through ChangeTip. It’s an easy way to tip people for their service and allows you to transfer funds to anyone you want no matter where they are. And the best part about it is that it’s completely free to use.
Bitcoin is still in its infancy stage and people are trying to figure out what to do with it. But if you’re as tech-savvy as I think you are, you probably already know how you’ll be spending it. I just hope this quick guide helps you get started!
What will you be buying with Bitcoin?