Owning a Bitcoin

You know now enough about Bitcoin, but you don’t know how to get your own.

There are a lot of ways to own a Bitcoin, but for now lets us begin within the basic steps.

Your first move is to buy your new bitcoins from a digital wallet. You can store, send and receive bitcoins with Bitcoin wallets. You can receive one from an online wallet service , such as Coinbase or Blockchain. All Bitcoin online wallets are widely considered safe but neither company can guarantee 100 percent protection from infringements, just as any other company does.

Once you have become the proud owner of a digital wallet, there is just one thing to do: fill it with bitcoins or for start up, a fraction will do. Different wallets offer different ways to let you store, buy, and exchange your Bitcoins. Every Bitcoin wallet has a unique address and private keys. Additional external security programs also let you secure your wallet with OTP(one time password).

One way to fill your wallet is peer to peer. A person can send you his/her bitcoin by just scanning your QR code that represents as your Bitcoin address in exchange with the money that was given to you. Usually transactions would take minutes depending on the speed of verification of blocks.

Another way is to buy Bitcoin is VIA an exchanger; wallets usually have this feature. Price of Bitcoin may vary depending on how the exchanger sets the price.

A popular Bitcoin wallet in the Philippines will instruct you to go to 7/11 store and other remittance center to cash in money to fill your wallet with digital asset. You will then decide if you want to exchange that amount of money to crypto, or hold it still in the peso account. Remember that once you chose to converted your money to crypto currency, your bitcoin will now then be affected by changing price of bitcoin.

You can also own a bitcoin through mining process. The process involves using special machines for mathematical algorithms in exchange for bitcoins (and expensive mining computers, which sauce loads of power). At the end of the day, you will be the one to decide which type of process suits your capacity.

About the author

Jeremiah Gan is a Filipino Entrepreneur and currently the Business Development Officer of Bitshares Labs, Inc., a blockchain and web technologies company providing solutions to various businesses in the Philippines.

Comments

  1. Thank God for Compumatrix where it will facilitate all that is needed for obtaining holding and trading CBTC (BTC) and other cryptoassets
    no miing needed just being active in CDAP will earn you points

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