How to Make Money with Bitcoin for Beginners

If you’ve just heard about Bitcoin and are wondering how to get started with it, then this is the article for you! Here we explain what it is, why people use it, how to buy Bitcoin, as well as how to use Bitcoin safely and securely. At the end of this article you will know all about Bitcoin and be ready to go and buy some yourself

The Basics

Bitcoin is a digital currency that is decentralized and not controlled by any one central authority. Bitcoins are created through a process called mining where new units of currency are generated and given to people who participate in the mining process. Users can purchase bitcoins through bitcoin exchanges or privately from other people through many different websites, over an IRC channel, or via text messages. The easiest way to learn more about bitcoins is just by trying them out.

Where Can I Buy Bitcoin?

The best way to get a bitcoin is through an exchange. An exchange allows you to buy and sell bitcoin in return for another cryptocurrency, or fiat currency such as U.S. dollars, euros, or pounds sterling. You can also earn bitcoin by accepting it as a payment for goods and services or running a business that has bitcoin as one of its main selling points. If you are living in a city center and have space to set up shop, then opening your own store might be the perfect opportunity.

Choosing an Exchange

The first step to trading bitcoin is selecting an exchange. Choosing the best exchange varies based on what kind of cryptocurrency user you are. Take a look at this quick breakdown of the most popular exchanges:
Binance, Coinbase is best suited for beginners, as it does not allow any manual trading and lets users buy bitcoin through their credit card or bank account. This makes it easy and inexpensive to buy your first coins, but some people have been put off by its lack of flexibility as well as customer support issues.

Preparing to Buy Cryptocurrency

Today there are a number of ways that you can go about buying cryptocurrency. However, due to high demand and low supply, the most popular way by far is still peer-to-peer through marketplaces like LocalBitcoins or BitQuick. The only other way of purchasing coins is through centralized exchanges like Binance, Coinbase, Kraken, or GDAX.

Transferring Bitcoins Between Wallets

It's very easy and inexpensive to transfer Bitcoins between wallets. Simply copy the receiving wallet address of the person or service you want to send Bitcoins, and then just paste it into your sending wallet. Be careful not to make a mistake and send money somewhere unintended!

Using Bitcoin and Other Cryptocurrencies

Bitcoin is a decentralized, digital currency that offers an alternative to traditional currencies. There are many benefits of using bitcoin, such as its global acceptance and ease of use. The blockchain technology that backs bitcoin is both secure and fast. It's also an investment opportunity because the supply is limited; there will never be more than 21 million bitcoins in existence.

Tips For Newcomers

-Start by choosing a wallet, desktop or mobile.
-Choose between a managed exchange like Binance, Coinbase and Gdax or a decentralized exchange like Bisq or Hodl Hodl.
-Learn about the types of bitcoin trading available including market orders, limit orders, stop limit orders and stop orders.