If you’ve heard about Bitcoin and are interested but are still wondering how to use it, here’s how to set it up in two easy steps! The entire process takes less than 10 minutes.
STEP ONE: First, you’ll want to set up a bitcoin wallet. Bitcoin wallets are online applications that can be used on your computer, cellphone, or tablet. Basically, this is where your bitcoin will be available for you to access.
There are many different bitcoin wallets available and we understand it can be difficult to decide which to use. So, here are our top five favorite Bitcoin wallets:
1. Mycelium – Android and iOS
2. CoPay – Windows, Mac OS, Linux, iOS, and Android
3. Armory – Windows, Mac OS, Ubuntu, and Raspberry Pi
4. Breadwallet – Android and iOS
5. Electrum – Windows, Mac OS, Linux, Android
STEP TWO: Next, you’ll need to buy some bitcoin. You may be wondering – well, if I have a wallet, can’t I just buy Bitcoin using that? Not quite.
Bitcoin wallets are where you store your bitcoin. Bitcoin exchanges are where you buy and sell bitcoin.
Bitcoin markets are country-specific. If you live in the US, we recommend using one of these three methods of purchasing bitcoin:
1. Coingate, Paxful, Coinbase, Coinmama – Easy to use / allow purchases with credit card
2. Local Bitcoins – a directory of Bitcoin traders / Bitcoin ATMs near you
3. Gemini, Poloniex, Kraken – fully fledged bitcoin exchanges
These bitcoin exchanges accept credit card payments as well as other payment options – so you can easily buy bitcoin with your USD credit card.
If you live outside of the US, simply Google search for: “Bitcoin exchange + [your country name] ” to find a bitcoin exchange near you. We recommend using Kraken for EU-based customers.
When you purchase bitcoin on the market exchange, you’ll be asked for your unique bitcoin wallet address – this is the address of the wallet that you set up earlier, and it’s where the bitcoin will be sent to.
You can find your bitcoin wallet address by accessing the wallet that you setup earlier.
For security purposes, we’d recommend using Coinbase to purchase bitcoin, and then sending the bitcoin to your own private wallet.