So what is Bitcoin ?
Bitcoin is a digital currency created in January 2009
The identity of the person or persons who created the technology is still a mystery
Bitcoin is a digital currency which operates free of any central control or the oversight of banks or governments. Instead it relies on peer-to-peer software and cryptography. It’s not a United States Dollar however can be bought with United States Dollar aka USD
So where can I purchase Bitcoin ?
There are several ways you can purchase. One way is a Bitcoin ATM. They’re easy enough to find. Simply google search “bitcoin ATM near me?” A Bitcoin ATM is easy to understand. Basically you put Cash or Card in the ATM to purchase the Bitcoin. Now that you’ve purchased the Bitcoin you may be asking where has it gone ? Well, just like a real wallet in your back pocket your going to need a digital wallet to hold your Bitcoin. We’ll get into this in a minute. A second option and more popular option is to download an app. We’re about to get more into that below, so keep reading my friend.
So how do I get a Bitcoin Wallet ?
It’s easy to obtain a Bitcoin Wallet. There are lots of apps for both Android and Apple’s IOS you can download for free.
So how do I choose the right Bitcoin Wallet ?
You have different options when it comes to apps to download. You may already have an app on your phone that supports purchasing Bitcoin with an in-app wallet such as Cash App or Venmo. However, you may want to choose a more anonymous option when purchasing or sending Bitcoin such as using an app like Mycelium where you don’t have to give out your personal information when setting up your wallet. This gives you a more “off the grid option” which many people prefer. Now, not all wallet apps can be used to purchase Bitcoin so you’ll have to research your apps briefly.
I’m still having trouble understanding the idea of a digital wallet ?
In layman’s terms, it’s really no different then a bank account. Your digital wallet is an account which stores your Bitcoin. It’s from this account you can send Bitcoin to purchase from merchants that take Bitcoin.
Can you break down the idea step by step ?
Yes I can.
STEP 1 - Download a Bitcoin Wallet App
STEP 2 - Set up the Wallet Account
STEP 3 - Purchase the Bitcoin via ATM with cash or card or purchase within the app itself if that particular app will allow. NOTE: if your using an ATM you will send the Bitcoin to your wallet per ATM instructions
STEP 4 - Send the Bitcoin to the merchant
Any other notes you can give me ?
Yes I can. When sending Bitcoin, the merchant will send you a code.
This code is their wallet address/ID. You’ll copy this code and go to your app wallet and paste the code to send to. The code itself will consist between 27-34 letters and numbers.
The address/ID can look like this: 7bDqUth9zEvfJGHTvjBiFu5vhd8nomxNn3 This address is only a random example, so do not use. Each merchant will have a unique address and no two merchants are alike. You your self also have an address wallet as well.
Okay so, sending Bitcoin from my wallet to their wallet is like wiring money from one bank account to another?
In layman’s terms, YES! The idea is really no different the using Paypal, Venmo, Cash App, or Zelle. when you use those apps you don’t actually see the money in your hand you just see it go from your phone app to theirs.
I’m old school and this sounds confusing. I don’t even know what Venmo is ugh!
The biggest problem is people way Over Think it. Technology can be confusing at times but, as we know it will never slow down. And in all aspects of life knowledge is a useful tool. When needing help never be afraid to ask. Some merchants offer Bitcoin help
Written by Exo