Bitcoin and cryptocurrencies are now a given. Whether you want them to or not, they will be gaining popularity every year. Obviously, it’s best to start learning about Bitcoin now. Here’s your ultimate guide to getting payments with Bitcoin.
Table of Contents
Understand How Bitcoin Works
The first thing you must do is understand what Bitcoin is and how it works. As defined by BBC, “Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency – is a type of money that is completely virtual.”
You could say that it is an online version of cash that can be acquired in three ways:
- Creating with a computer.
- Buying with “real” money.
- Selling things and getting paid with Bitcoin.
Bitcoin is not as popular as the usual money you are used to, but it is quickly being adopted by many big and small companies. However, you should still keep in mind that BTC is banned in some countries.
To put it simply, every Bitcoin is a computer file that is stored in a digital wallet app on a mobile or desktop device such as a computer or smartphone. You can send and receive Bitcoins or parts of Bitcoins to your digital wallet.
Every transaction is recorded in the blockchain, which is a public list. This makes this technology extremely secure as nobody can spend coins that aren’t theirs, copy coins, undo transactions, or perform other malicious actions.
Determine Your Storage Method
The next step is determining your storage method. This is very important as it will help you keep yourself protected from hackers. Moreover, this will also protect everyone else you communicate with while performing BTC transactions.
Of course, Bitcoin is already a very secure currency, but there have still been instances of theft when users stored their Bitcoins on unreliable websites. To avoid such situations, you must choose a platform that has a good reputation.
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Open Your Bitcoin Wallet
You will have to open a mobile wallet that is an app supported both by Android and iOS. Some notable apps of such kind include Airbitz and Copay. Some mobile wallets can even provide you with discounts and special offers if you use them for making purchases on a daily basis.
Alternatively, you can set up a web wallet, also known as an online wallet. This option is better for those who are planning to convert their Bitcoin to a fiat (national) currency or trade it for other cryptocurrencies. BitGo and BTC.com are both examples of these.
It is important to keep in mind that there are other types of Bitcoin wallets and just like mobile and web wallets, they also have their own flaws. It is impossible to have an entirely secure wallet, but you can still choose something more or less reliable.
Promote On Your Website
After you’ve done all the technical parts, it’s time for you to get the word out about your Bitcoin acceptance. If you own a business, it would be a great idea to start accepting payments in Bitcoin, so make sure to promote this feature on your official website.
If you have already created your ICO paper, then it would be a great idea to get it in other languages. In fact, translating your ICO can give you extra exposure along with the one you already get from promoting your new Bitcoin acceptance feature on your website.
In case you don’t have an ICO paper and aren’t planning to get one, you can still promote your Bitcoin compatibility on your website. Here are a few ways you can do it:
- Add a logo somewhere on your website that says that your website is crypto compatible.
- For online stores, you could add a button for accepting Bitcoin payments.
- Lastly, you can promote this new feature on your business’s social media profiles.
Get Help from Specialists
One of the ways to get Bitcoin is to mine it. However, this is a very difficult and complicated process that must not be carried out by a beginner. But even if you are not planning to mine Bitcoin, it is highly recommended that you seek advice from specialists concerning how you must manage your Bitcoin transactions.
Once you get advice from the experts in this industry, you will be able to conduct safer operations with a smaller risk of being hacked. Besides, you can get invaluable tips that you might not find as easily by simply searching online.
Alternatively, consider finding relevant courses online or offline that you can attend and learn how to manage Bitcoin step-by-step. It’s a great option for those who don’t want to keep surfing the Internet for the information they need on this topic.
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Follow Best Practices
Lastly, there is no need for you to invent something new, as the best practices are the methods that have proven to be effective. Here are some techniques you should adopt to make your experience with Bitcoin a positive one:
- Don’t store your Bitcoins in the same place you keep them in during the day while making transactions. Just like you would take out real money from the cash register at the end of the day, withdraw your Bitcoins and store them elsewhere when you are not using them.
- Consider exchanging your Bitcoins for a national currency immediately after receiving them. It’s not a difficult process and can be carried out by anyone through a virtual exchange house.
- Alternatively, get a hardware wallet for fully controlling your private keys and storing your currency offline. This will make it harder for hackers to get through to your money. Nevertheless, make sure you keep this hardware wallet in a safe place.
- Take into account many factors when choosing your storage wallets. Consider such factors as the platform’s regulatory frameworks, interaction with fiduciary currencies, the fees charged by the platform, and the availability of customer support.
- Back up your wallet once in a while to be ready in situations when both humans and computers fail. Prioritize this feature when choosing your platform. Use strong passwords and make sure that all your linked accounts are strongly protected as well.
- Avoid scammers at all costs. Bitcoin is an attractive currency as it is fairly new and already very popular, so there are many inexperienced people trying to get started with it. Don’t fall for scammers who claim they have a magic tool to double your Bitcoins. It’s not true, and you will simply lose everything you have at the moment.
- Remember about HODL, which means “hold your Bitcoins.” Many beginners don’t have the necessary skills to earn a lot with trades, so don’t buy into all the success stories. It takes time, effort, practice, and patience before you figure everything out.
All in all, even though Bitcoin is not a stable currency yet, it already costs a lot and has a fair share of the market. By investing in Bitcoin now, your future will be more determined, bright, and hopeful.
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