You’ve seen How Bitcoin Works through video – and if you haven’t the link is here – so now it’s time to take a closer look through infographic. It’s a very easy step-by-step process but it can be confusing for some. We’ve tried our best to ease the pain and make it as simple as possible. Please take a look and if you still need an extra hand, be sure to give our customer support team a call anytime at 1-877-528-6748 for more help.
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How Bitcoin Works Instructional Inforgraphic
1. The Wallet
For starters, you may be a little confused about the term. Well, think about it this way and things become much easier; a ‘wallet’ is a fancy word for your account. They act and perform the exact same.
When selecting, we do recommend that you use either Coinbase, Blockchain or CEX, based on their reputation and simplicity, but the choice is up to you. There are dozens of wallet sites out there that work well and are quick and easy, with hundreds – if not thousands – more in production. So, by all means, take some time and Google until you feel comfortable that you’ve met your match.
2. Purchasing Bitcoin
Now that you’ve picked your wallet site, the purchasing part is very easy. In fact, you have three options for this. You can purchase your desired amount of Bitcoin (the same as you would any other currency) online from any of these recommended websites. You can bank wire money to your wallet/account or you can use an ATM.
Now, keep in mind, Bitcoin ATM’s aren’t that abundant and can be difficult to find depending on your location. If you can track one down though, they accept credit, debit and some even take cash straight up in exchange.
3. BTC Exchange Rate
Again, we’re going to send you back to one of our recommended wallet sites CEX.io. They have a very user-friendly template and presentation along with live updates. So you can see how your currency is reacting and performing that day in real time.
4. Purchases
The actual purchases and exchanges work very similar to that of any other type of online transaction. The only difference is an extra step. Well, and this doesn’t count as a step, you’ll need to download your wallet site’s smartphone app for mobile transactions before you get started.
Now when you get to the purchase screen using your phone, you’ll need to snap a shot of the QR code using the app. Meanwhile, if you’re using your computer, you’ll need to copy the URL token given and paste in to your wallet.
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