by Brian McKay
Bitcoin is one of the latest and trending modes of transactions, and a lot of people have started registering themselves on the block chain technology by creating wallets. Bitcoin is similar to hard cash; however, it is a digital currency.
One can easily buy and sell things using bitcoins through the Ad Revolution. Trading has become one of the major ways of using bitcoins. In order to increase the value of Bitcoin, people start mining them, and this is one of the most important processes of cryptocurrency. Using the Bitcoin trading system, a lot of people have started multiplying their assets and money. Through this article, we would be giving you step-by-step details on how to create a bitcoin wallet and also the procedure to buy and sell using the bitcoins.
As we all know, a lot of places have started accepting cryptocurrencies in place of cash. Most of the businesses and non-profit organizations are cashing in on cryptocurrencies as they do not have any extra fees towards tax. Therefore, creating a bitcoin wallet for trading becomes extremely important.
Let us quickly check how to open a bitcoin wallet
· There are a lot of websites that offer the users to create a bitcoin wallet
The first step is to find out one such website and understand the history even before you simply click on the create wallet button. Get to know all the details of the website and whether they are genuine or not. Once you understand all the details of this Bitcoin website, you can register your details with them.
· Ensure to give proper and accurate details
The next step is to fill in the registration form and create your wallet. You have to fill in the basic information like your name contact details and also other information, as suggested by the website.
Your wallet is now ready, and you can start trading using this Bitcoin wallet.
Now that you have understood how to create your Bitcoin wallet, it is important to get to know how to receive a bitcoin using your wallet.
We already know that Bitcoin is a peer-to-peer networking system. Any user that is registered on the block chain technology will be able to transfer the bitcoins are cryptocurrencies to the other users globally.
· The first step to receive a bitcoin to your wallet is to open the Bitcoin wallet and select the receive option.
· Depending upon your preference, whether you want to receive it in Bitcoin cash or into the wallet, you can select the option accordingly.
· The wallet that you choose will technically generate an address, and it allows you to receive the coins depending on the preference that you have chosen. You must simply tap on the generated QR code either on a mobile or on a desktop to receive the bitcoins from the other user.
· Ensure to exchange the address with the sender that is trying to send you the bitcoins if the user is located at a different place. If I told you are making the transactions when you are in person with the sender, you could simply show your mobile, and they can easily scan the QR code and transfer the bitcoins into your wallet.
Well, this is about receiving a bitcoin into your wallet, now let us quickly look into the steps on how to send the bitcoins to the other users.
· You must first open your Bitcoin wallet, and instead of receiving, you must hit on the send option.
· Paste the wallet address of the receiver if the person is sitting elsewhere. Otherwise, you can simply choose to scan the QR code that is available on the person's phone if the user is with you at the time of sending the bitcoins.
· You have to again choose the Bitcoin wallet from where you want to send the money. Enter the amount that you want to send and click next.
· Remember to cross-verify all the details once again, even before sending the money to the other Bitcoin user.
· Once you're completely satisfied with all the details, you can send the money to their wallet.
We have written all the steps right from opening a bitcoin wallet, still sending money to your own Bitcoin wallet. We hope that this article will come handy to you when you are making any sort of transactions like sending or receiving the Bitcoin through your wallet.