Coin Week

  • bitcoinBitcoin$28,340.005.75%
  • ethereumEthereum$1,809.545.23%
  • binancecoinBNB$317.222.73%
  • rippleXRP$0.5717.10%
  • dogecoinDogecoin$0.0759735.08%
  • solanaSolana$21.157.08%

What Do You Need to Get Started with Bitcoin?

Bitcoin is the original cryptocurrency, which is to say that it was the first and only cryptocurrency between 2009 and 2011. The coin has had its ups and downs, but so far, the cryptocurrency has never once failed to reward investors willing to wait. Read on if you are interested in bitcoin, whether for trading in crypto, investing in the asset, or to start accepting bitcoin as a mode of payment.

Create a Bitcoin Wallet

You will need to create your own bitcoin wallet first, no matter whether you are planning to invest, trade, buy, or sell bitcoin. You will be receiving, storing, and spending all your bitcoins via this wallet from that point on.

Enable Crypto Payments on Your eCommerce Website

If you have an online business where you wish to add bitcoin as a method of payment, there are two ways to go about it. If your ecommerce platform supports bitcoin payments, you can easily download and install a plugin to enable bitcoin payments on your website. In case there isn’t a plugin available from your eCommerce platform provider to enable crypto payments, there is another way.

You will need to embed your bitcoin wallet’s unique address into the site’s HTML code. Don’t worry, though; this is not as technical as it sounds. The wallet itself will generate the code and instruct you on the necessary steps for integrating bitcoin payments into a business website.

Find Shops and Sites that Accept Bitcoin

If you are looking to spend your cryptocurrencies to buy stuff or pay bills, you will only be able to do so on websites or brick-and-mortar shops that accept that particular cryptocurrency. Since we are talking about bitcoin here, rest assured that any shop or website that accepts crypto will accept bitcoin. As is to be expected, more online sellers accept cryptocurrencies than offline shops, but the overall list does include some very impressive names.

  • Microsoft
  • Starbucks
  • AT&T
  • PayPal
  • Overstock
  • Newegg
  • Etsy
  • Twitch
  • Sotheby’s
  • Shopify
  • Tesco
  • Subway

Open an Account with a Crypto Exchange

Open a trader’s account on one of the verified, legitimate cryptocurrency exchanges next if you wish to buy and sell cryptocurrencies for profit. Coinbase, Binance and Kraken are all legitimate places to trade in bitcoin, but they may or may not be available in your geographical location.

Day trading in cryptocurrency can be a complex process, and it’s not the ideal option for new investors. However, for those with prior day trading experience in the stock market or the foreign currency exchange, this should not be an issue.

New investors should think about making small to medium-sized asset-type investments into bitcoin. The price of bitcoin dropped in 2022, which means that it’s the perfect time to buy the cryptocurrency. Buy cheap and sit on it until the next hike. Although no one is sure exactly when bitcoin will see one of its famous hikes next, the chance of a spike down the line is almost inevitable.

Opinions expressed by Coin Week contributors are their own.