Bitcoin is the most famous of cryptocurrencies at the moment. Unlike paper currency, Bitcoin is a digital currency that you can buy/ sell online only. Bitcoin is popular because it is the most stable digital currency as compared to its counter parts. Transactions through bitcoins is quiet easy once you understand the process. Once you know how to receive bitcoin, the rest is pretty simple. So let’s tell you about 2 simple steps to start receiving Bitcoins.
Step 1: Setup your own Digital Wallet:
In order to receive a Bitcoin, you must first get a Wallet. This is not your physical wallet, rather it is a digital wallet. You can keep digital currency only in a digital wallet.
To get a digital wallet, visit https://bitcoin.org/en/getting-started and select whichever wallet suits you best.
Digital Wallets are of many types and you must choose them carefully. These include:
Mobile Wallets: You download these apps on your smartphones from the app store.
- Desktop Wallets: Desktop Applications that you download from a website.
- Hardware Wallets: Drives that you can purchase from any online store or hardware shop. Hardware wallets can be costly but they are perfect for long-term use.
Tip: Always enable a strong Firewall software or a good Anti-Virus Program on your smartphone/ Desktop/ Laptop before you download any Bitcoin wallet. This is because your device is connected to internet and therefore can be hacked so securing your system is necessary.
Step 2: Get your Bitcoin Address
Now that you have your own digital wallet, the next step is to get your Bitcoin Address. This address is like your bank account number, so let’s suppose you want to receive Bitcoins from a seller, then you must give the person your Bitcoin Address.
Your Bitcoin Address can be shared with anyone who is suppose to send you Bitcoins so it’s not necessarily a secret. However, sharing the address does not mean that he can see how much Bitcoins you have in your wallet or take away any of it. You have your own private key to manage your Bitcoin.