Buying Your First Bitcoin Using the Bitcoin Wallet App
If you have installed your Bitcoin wallet app, you will now wonder what you can do with it. If you are truly completely new to the world of bitcoin, then visit the Faucet site first. Here, you can access very small bitcoin amounts to learn to get the hang of them. It was actually developed by Gavin Anderson, one of bitcoin’s original founders, although it has since been taken over by others. You cannot get unlimited amounts of bitcoins through this, however, as it has really only been designed to train you.
Using Your Bitcoin Wallet App
Once you have your wallet app installed and you have used Faucet, it is time for the real deal. There are lots of websites out there where you can earn a few bitcoins by completing surveys or watching sponsored videos, for instance. This is completely legal, but do be aware that you’re watching an advertisement that has been designed to get you to buy something. However, if you can resist that temptation, it is a great way to get started.
Once you have done this, you are ready to enter the real bitcoin economy. You should now be ready to use your bitcoin Android wallet app to start sending and receiving bitcoin. It comes with a QR code that you can give to others who will send you bitcoins, and you can then go to your wallet app to see if you have received it.
A few pointers:
- Make sure you get the hang of your wallet. Click on the different buttons that exist within it and find out whether there will be any fees charged to help you make the transactions go faster. If so, don’t be discouraged by it. These fees are paid to bitcoin miners and they have to work incredibly hard to get new bitcoins out there. Eventually, the last bitcoin will have been mined and then there should be no more transaction fees. You can actually circumvent the fees now, but it will make your transaction slower.
- Look in your app to find out how you receive a confirmation of your transactions. This is the information that will be sent out into the network, and you should then receive information back to confirm it. Doing so means that the no double entries will be made.
How to Buy Bitcoin
There are numerous ways in which to buy bitcoin, including:
- Visiting bitcoin meetups, of which there may be some in your area.
- Visiting bitcoin websites to determine whether anyone close to your geographical location is currently buying or selling.
- Searching for local street exchanges that are popping up all over the world. They are known as Buttonwoods, because Wall Street’s first street exchange was established in 1792, in the shade of a buttonwood tree. If there is no Buttonwood in your area, consider setting one up.
- Speak to your friends and find out whether they are interested in bitcoins themselves.