Top 5 questions about Bitcoin (BTC)

Written by Anna Komashko
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Investing reporter
ECOS community manager...
2   min.
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How to get a bitcoin wallet?

A bitcoin wallet is an application or program that allows you to store, send and receive bitcoins. Wallets also keep track of your balance, which is stored in one or more BTC addresses. Wallets also keep track of your transactions. There is a huge selection of wallets on the market now, so you just need to choose the most suitable one for you, register and start using in accordance with the instructions of the platform.

How to buy BTC?

To buy bitcoin, you need to do 5 simple steps:

  1. Choose an exchange (we recommend comparing the most popular ones) and go to its website
  2. Choose for which currency and how you want to buy BTC
  3. Enter the data that the exchange requires (usually the address of your bitcoin wallet and sometimes proof of identity)
  4. Send money to the address provided by the exchange and confirm the payment
  5. Receive bitcoins to your BTC wallet.

How to use BTC?

If you have already bought BTC on the exchange and now own at least one satoshi, then you can:

  1. Pay for purchases with cryptocurrency. Every day there are more and more companies that accept payment in bitcoins. And in some countries, bitcoin has become one of the most popular payment methods (for example, in Venezuela).
  2. Store bitcoins as an investment asset. The cost of the main cryptocurrency is growing every year and has doubled in price more than once in its history. This is a great investment for the future.
  3. Do charity work. Many opposition organizations or just foreign bloggers cannot accept donations except in BTC. Thanks to cryptocurrency, you can support them.
  4. Send and receive BTC. This is a great alternative to international transfers that will help you save money.

Use cases of BTC are not limited and you can always find yours.

How to mine Bitcoin?

Mining is the process of confirming transactions in the Bitcoin system over a period of time, recording them on the blockchain and forming new blocks. There are three types of mining:

  1. Solo mining. You should buy, configure, maintain the equipment that performs the tasks, and get rewarded.
  2. Mining pool. You should also buy, configure and maintain equipment, but complete tasks and receive rewards together with other members of the mining pool.
  3. Cloud mining. You should rent mining hardware located from a provider who maintains it. Further, you receive a reward minus the cost of rent and maintenance.

You must choose the option that suits you. We will tell you more about each of them in the following articles.

How to sell BTC?

  1. Selling BTC is not much more complicated than buying. It is divided into several stages:
  2. Select an exchange and go to its website
  3. Choose in which currency and how you want to receive payment for BTC
  4. Enter the data required by the exchange
  5. Send BTC using the details provided by the exchange
  6. Get money in the way you specified in the second stage.


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