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How to use Bitcoin

A new common question we get asked at CBN is How do I use Bitcoin? The answer is almost complicated because there are too many options for new users and it's hard to give advise on the best way to start using Bitcoin. Just a bit of warning you'll want to know the laws of how your government and banks handle Bitcoin as these laws and policies can change at any moment. You can get more info from the Wikipedia page of Bitcoin so it's still use at your own risk. 

You need a wallet!

To get started with Bitcoin, you need a wallet which is a place to store your digital currency. Your wallet is also digital so you can think of your wallet like a bank and it's somewhat interchangeable. There are many websites that offer wallet services where you can store your money. The only dowside of doing such a thing is adding some risk your wallet could get locked, compromised or the exchange holding your currency could disappear which is exactly what happened years ago with MT Gox. That said things today are a lot better than they were years ago. You can choose between cold storage (stored on a device that is NOT connected to the internet) versus an online wallet like Blockchain.info. When it comes to using any of these wallet sites, it's your responsibility to abide by the terms and conditions of that wallet. In other words, don't do anything you shouldn't be doing and nothing illegal so it is your responsiblity. 

blockchain wallet bitcoin

Depending on the wallet, you can fund your account sometimes through bank wire but credit cards are one of the more common and popular methods. For europeans and other countries around the world, Cubits.com is another popular wallet. 

cubits wallet bitcoin

Once you signup to a wallet like Cubits or Blockchain Wallet, you should be able to deposit and these methods will vary depending on which country you are in.

cubits deposit methods

How to Send and Receive Bitcoin

Sending and receiving bitcoin is fairly easy. For receiving your wallet will generate a code that you can copy and give to the sender for them to send you btc. To send money, you'll also need a code from the receiver and you send the amount from an amount you have and that's it. The transactions are very very fast, the fees for transfering money are extremely low. The only thing you need to fully understand is you must copy the address exact and if you make a mistake, the money could go somewhere else and these transactions are irreversible! So don't mess it up!

Sending Bitcoin

sending bitcoin

Recieving Bitcoin

receive bitcoin

and to deposit into BitStarz

deposit bitcoin BitStarz