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

  2. How wonderful it is, that Bitcoin has now become so popular that there are so many multiple ways to get your hands on it. Exchanges are now so willing to take your cash, credit card and sell you some Bitcoin. With 17 millions Bitcoins now in circulation that leaves on 4 million yet to be mined, held, sold, and traded. If you are one of the few in the world that has any Bitcoin, consider yourself very privileged.

  3. I hope the future is very very bright for all of us here at compumatrix — I believe we could be definitely one of the very fortunate once all our parts are put in play and they are meshed together to run like a finely tuned guitar — I am looking forward to everything that can happen for us here and hope that all of us here will benefit beyond — thank you for opportunity

  4. Yes they are so many ways to get BTC , some safer , some not so, but its all a learning curve for the beginners. We are lucky that we started early and once we can access them , the sky could be the limit . Its just a matter of time and a lot of patience , but eventually we will get there .

  5. There may be so many ways to obtain Bitcoin but the object is to go and get it! One YouTube channel I follow talks about how little an amount of Bitcoin you can have and be in a top level income bracket. He was only talking about 1/10 of a Bitcoin to be in the top 1%. Is that crazy or what? Can you imagine where we will be as Founding members of Compumatrix?

  6. On the mining sites, you must be very careful. Some of them will stall the payments for months, and their site admin will not respond to their contact site. To avoid disappointment try contacting them first before you spend a lot of time and effort mining,

  7. caution is very important in any venture you choose to go on when you are online and literally not face to face with your other party — online or even over the phone You are exerting a tremendous amount of Trust in the other party to be Honest and doing business in a way of Integrity — unfortunately there are still too many who are nothing but deceptive in their ways and I am being as nice as I can be– STAY AWARE and STAY ALERT —

  8. I am glad that discovered this post today because it is very helpful information for people who are new to Bitcoin. Providing information for newbies adds additional value to this Compumatrix blog. I want to add the Cash app ( https://cash.app ) and also Bitcoin ATMs to the list of tools for easily buying Bitcoin.

    The Cash app has become very popular in the USA and offers a Debit Card, but currently is not available in globally. Bitcoin ATMs however are available in a growing number of places all over the world. Take a look at the locator map on this site to see them: https://www.buybitcoinworldwide.com/bitcoin-atms

    1. @ Kevin, I find a lot of information reading your posts. By the way, I tried signing up at the Cash app, but is a little confusing to me. I’m still learning these new concepts of the digital and cryptocurrency just like learning a new language. I have been waiting for a long time to cash in my first Compumatrix BTC.

  9. I think the title of this blog post article, “Owning A Bitcoin”, is a little misleading for newbies because it implies that you may need to buy 1 Bitcoin. When people new to Bitcoin hear what the price of 1 BTC is (…today it is $9,499.70 USD) I have found that they often react negatively and say something like, “Oh wow, I can’t afford that!”.

    To avoid that potential sticker shock for people who may read this in the future, I want to clarify that you can simply “own Bitcoin”, which means you can buy a very small part of a Bitcoin to just get started. For example, you could buy 0.00052569 Bitcoin (BTC) which is currently worth $5.00 USD.

  10. @Kevin, perhaps that’s what Jeremiah meant when he said “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.” I take that to mean a fraction or a part of a bitcoin can be bought which makes sense really. I know there are many people who especially are just getting started who would not jump in and spend enough for a whole bitcoin at the price they are right now. I am guessing they would probably want to “test” the waters before they jump in.

  11. Yes Gail, I agree with what you said above 100%. Thank you for pointing that out. I was attempting to clarify the title of the post, potentially for the sake of newbies. But to your point, Jeremiah did in fact cover it well in the body of the article. The article is full of good information, which I did take the time to mention in a previous comment, which is currently awaiting moderation approval.

    On another note, I will find it interesting to read my earlier post above, a year or more from now and see what the price of Bitcoin will be then, because I documented today’s price in there.

  12. I never thought much about all that is necessary in owning a Bitcoin. Yes, I have heard protect your password and my favorite: “Your keys, your coin, not your keys- not your coin”. I have heard Andreas Antonopoulos state this so many times on various videos that I hear it in my sleep! We take for granted if we have a mistake with our bank, a simple phone call should straighten out the problem. Not any more. Now, you are the bank and if you create a problem, live with it!

  13. I think buying and selling cryptocurrencies through Coinbase is a pretty simple process, but the fees are ridiculously high for transactions! Luckily for us, Compumatrix is working on a system that will do transactions more cost and time efficiently through the CDAP. Compumatrix is on the brink of cutting edge technology that will revolutionize the way people do transactions!

  14. When a newbie to Bitcoin first decides they want to start buying Bitcoin it can be a bit overwhelming to decide where to invest their fiat. The Blog mentioned buying Bitcoin at 7-eleven in the Philippines. Since the timing of this blog being published, 7-eleven, CVS, Rite Aid and other stores in the US have agreed to start selling Bitcoin to customers. This is going to take away many hurdles to becoming a Bitcoin owner.

  15. It is like riding bike, you are a little nervous the first time, then it is mileage. It is mindset like transferring cash with Paypal or sending a wire. The first time is a little nerve-wracking, then it becomes easier. I really enjoyed the article as it describes different ways to purchase or earn fractions of bitcoin to hold in cold wallets or spend with my favorite BitPay card. Once you find the way that works for you, you will be doing it in your sleep.

  16. I still consider myself a newbie to all of this. Always learning and this post contributed to that learning as well. I have found Coinbase to be easy to use for a wallet. And their short learning videos helpful as well. I continue to learn all that Compumatrix offers and how all of the pieces connect. And coinbase was a way for me to connect my bank to buy a small amount of bitcoin and then connect to compumatrix. I appreciate the references to additional tools to explore.

  17. After hundreds if not hours of studying cryptocurrency, this blog seems like a lifetime ago. How to set up out digital currency portfolio was a scary thing to do as a novice. But now I remember thinking back then, how on earth does all of this work? It is almost like going from 0-60 mph in 3 seconds like a Ferrari. Once you have your foundation set up, buckle up because the knowledge and trading is addictive. This was a good overview for getting started.

  18. had to come back read again — so much and so many great postings thru the blog area now — but it amazing after reading those thru to think seriously just how Simple it actually is to get into the bitcoin field of dreams — and now its over $11,700 this morn and it was back in june lil over $9K yeppers there are good things happening in the financial arena — also not so good like eth clss 51% double dose here lately — ?? keep learning and keeping aware — good stuff here —

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