How to Get Began with Bitcoin – The Official Newegg Blog

How to Get Embarked with Bitcoin

This is awesome, but you don’t need to mine for Bitcoin to get some.

Bitcoin has never been this popular. Sure, there’s still slew of controversy surrounding the cryptocurrency, but that hasn’t stopped thousands of businesses all over the world from accepting Bitcoin at checkout — including Newegg.

At the time of this writing, one 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 flawless 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 lighter way to get your mitts on some coin before it’s too late.

But before we get began, there are some things you need to know:

It’s significant to educate yourself about Bitcoin before you commence 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 begin using Bitcoin.

Here’s the fastest way to get commenced with Bitcoin:

Step 1: Create a Bitcoin Wallet

A Bitcoin wallet permits you to commence buying Bitcoin right away. But before you open an account with the very first website you find in a search result, there are some things you should know before embarking into the world of cryptocurrency.

There are many different types of wallets available for mobile, desktop, hardware, and the web. These wallets suggest 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 duo of minutes.

Step Two: Put Some Bitcoin in Your Wallet

With your wallet set up, it’s now time to buy some Bitcoin. There are many ways to do this just like there are many ways to create a 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 act 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 very regulated and it’s possible to operate as an exchange despite not being secure. It’s risky, but downright safe if you do your homework and know who you’re dealing with.

Popular Bitcoin Exchanges

Step Three: Begin Using Bitcoin

It’s not recommended to think of Bitcoin as an investment unless you have the time and resources to treat it like the stock market. There is no ensure you will ever make a profit from it and it’s significant to be cautious with your money.

With that being said, many people do get rich from Bitcoin — it’s just not as effortless 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 innumerable other companies we do business with; it’s good enough for us.

Any store that uses BitPay to process Bitcoin transaction is assured 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 treating the transaction.

Popular Bitcoin Payment Gateways

Spend it Wisely

You should have no problems using Bitcoin if you go after the guidelines listed above. The significant takeaway is to cautiously evaluate every company you deal with in the process to minimize the risk. But once you do that, using Bitcoin is actually joy.

One of the most popular and creative ways people are spending their Bitcoin is through ChangeTip. It’s an effortless way to peak people for their service and permits you to transfer funds to anyone you want no matter where they are. And the best part about it is that it’s totally free to use.

Bitcoin is still in its infancy stage and people are attempting to figure out what to do with it. But if you’re as tech-savvy as I think you are, you very likely already know how you’ll be spending it. I just hope this quick guide helps you get commenced!

What will you be buying with Bitcoin?

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