Today’s article will teach you how to get started with Bitcoin. I will take you through the basics of how you can use this cryptocurrency, as well as how you can accept it. Even without having to go into the very technical terms, we shall highlight the most essential elements of this cryptocurrency so that you can be well equipped either to use it or to educate someone else. Let us get right into it.
The first step that everyone should tackle before anything else is to do some research about where this coin originated from, how investors rely on it, the reason behind its popularity, and why it stands out from other currencies.
Choose your Bitcoin Wallet
There a variety of free Bitcoin Wallets that you can rely on to store your coin. Most of them come in the form of mobile apps that you can install on your smartphone. With these wallets, you can make all payments to platforms that accept Bitcoin or even receive coins from other investors.
If you are a long-term investor, then you can contact the Regal Wallet support staff for a quick set up of a Bitcoin IRA wallet.
Purchase your Bitcoin
You can get your Bitcoin from several Bitcoin exchange platforms. The most crypto exchange I can recommend as of now is Coinbase. Coinbase has the widest variety of cryptocurrencies, and you can purchase your Bitcoin within the touch of a single button.
You can also purchase Bitcoin from various sellers by simply browsing a P2P Bitcoin Directory, or simply by visiting a Bitcoin ATM.
Start Spending your Bitcoin
Several companies and service provision firms are already accepting payment in the form of Bitcoin. All you need is to log into your Bitcoin Wallet and send the tokens to the company’s Bitcoin address.
What if you are a business owner or company director who needs to make it possible for your customers to pay for products or services using Bitcoin? Which steps can you follow?
It is always good to understand the implications that the use of Bitcoin will have on your business. Owing to the fact that Bitcoin is a crypto, and that it is based on Blockchain technology, then it is bound to work differently from all the other payment systems you’ve put in place.
Processing the payments
There are two ways in which you can process Bitcoin payments. These include:
- Processing the payments yourself
- Using a merchant service platform that lets you deposit bitcoin tokens or the regular currencies.
In most situations, you will be required to set up a Point of Sales system to facilitate the payment for products and services through Bitcoin. The POS can simply be installed on a tablet or smartphone.
Accounting and Taxes
Most merchants usually display product prices in the local currencies. Bitcoin is therefore perceived as foreign currency during the accounting phases. Every country has different jurisdictions when it comes to the accounting and taxation of Bitcoin products and services. It is therefore advisable that you reach out to your accountant to have a clear understanding of the impact of accepting Bitcoin payments on your business’ taxes.
Informing customers that you accept Bitcoin payments
There is an increase in the number of people who are looking for ways to make payments through Bitcoin. If you want these people to look for your business, you can submit the name of your business in an online directory, so that they can look for you. Another thing you can do is that you can place the Bitcoin logo on a visible spot on your website, or at your store.
With a proper understanding of how to get started with Bitcoin, you can now take action and beginning making transactions using this cryptocurrency. The main thing that you should look at as an individual or as a business owner is whether Bitcoin transactions are legal in your country. You can also look at how using Bitcoin will benefit your business. For all those who are interested in getting started in Bitcoin investments, then you can reach out to Regal Wallet support today and set things rolling.
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I hope that you enjoyed this article about how to get started with Bitcoin. Feel free to express your thoughts in the comments section, and to also drop a question if you have any.
I wish you success!
Eric, Investor and Member of the Goldretired Team.