Where do I get bitcoin?
Bitcoin can be purchased from specialized ATMs, various online exchanges, or from private individuals both online and locally. ATMs are instant and convenient for buying and selling smaller amounts, while Coinbase.com and other popular exchanges require users to wait 7-8 days for fund disbursements when both buying and selling.
Localbitcoins.com is a marketplace for private individuals to transact with many cryptocurrencies and is a good place to find users willing to make large transactions, quickly.
How do I use bitcoin?
Bitcoin is a digital asset, and as such must be stored in a digital wallet. There are many digital wallets (we recommend Electrum), and each cryptocurrency requires a different type of wallet. Bitcoin wallets allow you to store, send, and receive bitcoin with anyone with a bitcoin wallet of their own. You simply need the public key of the recipient and the private key of the sender to complete a transaction. These transactions are typically completed in the wallets themselves.
Where can I spend my bitcoin?
Contrary to popular belief, you can spend bitcoin in many places. An exhaustive list would be difficult to amass, but many articles have been published on this subject. This article is a good place to start.
A quick google search can also help you spend bitcoin at your favorite merchants and retailers thanks to third-party services. For US customers, companies like Gyft, eGifter, iTradeBTC, and GiftCardZen have many options related to bitcoin; however, we cannot personally vouch for these sites. Do your research!
How can I make sure my bitcoin is safe?
This is an important consideration because no service exists to replace lost or stolen bitcoins. You must own the private key of your bitcoin wallet to ensure no one can steal them! Online wallets, such as those on coinbase.com or bitcoin.com, own your private keys and you can lose control of your funds if these services are hacked or go offline. To reiterate, NEVER SHARE YOUR PRIVATE KEY WITH ANYONE.
Write it down, put it in a safe place, and only transact with trustworthy businesses and individuals. Online scams love bitcoin because no authority can "steal it back", so be careful when doing business with bitcoin. Please contact us for guidance if you are unsure about the security of your funds!