So you have made your first Bitcoin purchase and want to know what’s next? At HowToBuyBitcoin.org, we understand that stepping into the world of Bitcoin can be as exciting as it is daunting. That’s why we’re here to guide you through the essentials of using Bitcoin in your daily life. Here are some of the keys things to know when it comes to using your coins.
HODLING BITCOIN
Meaning of HODL
At its core, HODLing is about the unwavering belief in Bitcoin’s future value. You are playing a long game by holding on to your Bitcoin, irrespective of market fluctuations.
Securing Your Investment
We can’t emphasize enough the importance of a secure wallet. Whether it’s a hardware wallet or a fortified software wallet, we want you to choose the safest home for your Bitcoin.
Patience Pays Off
The cryptocurrency market is known for its rollercoaster nature. We encourage you to stay patient and keep your eyes on the horizon.
SPENDING BITCOIN
Bitcoin-Friendly Vendors
We’re witnessing a growing list of merchants who are saying yes to Bitcoin. From online platforms to local cafes, keep an eye out for the Bitcoin sign.
Making Payments
With your digital wallet, you can make payments in a snap. Just scan, send, and smile — it’s that easy.
Transaction Fees
We want you to be aware that transactions aren’t free. Depending on the network’s demand, fees apply and can also vary.
SELLING BITCOIN
Exchange Platforms
We recommend reputable exchanges like Coinbase, Kraken or Binance for a smooth selling experience. They’re the digital marketplaces where you can trade Bitcoin for fiat or other cryptocurrencies.
Bitcoin ATMs
For a quick cash exchange, Bitcoin ATMs can be handy, though we advise you to be mindful of the higher fees.
Peer-to-Peer Exchanges
If you prefer a more personal touch, platforms like LocalBitcoins offer direct trades with other users, often giving you more control over the terms.
SENDING BITCOIN
Recipient’s Address
This unique identifier is where you’ll send the Bitcoin. Think of it as a digital P.O. box.
Initiating the Transfer
In your wallet, enter the amount and the recipient’s address. Double-check all the details before confirming.
Confirm and Send
Once you’re all set, confirm the transaction. The Bitcoin network will take care of the rest.