Bitcoin, Ethereum, cyrptocurrencies …. we hear so much yet understand so little about these up and coming currencies. Maybe you’ve mastered the definition of each and have a general idea of why investors are so crazily interested in being a part of the movement. But for people like you and me, we want to know how the heck we can use cryptocurrencies and how they could benefit us.
Let’s dive in and try to understand how we can use this new technology. So let’s start out from the basics. Right now, where do you keep your cash? Ah yes, that’s right–inside of your wallet. And guess where you keep your Bitcoins? In an online wallet! That was easy, right? Obviously the Bitcoins don’t magically appear inside of your wallet, you need to purchase them first with cash.
So where on earth do you exchange your cash for Bitcoins? Online, duh. Now I’m not here to tell you to invest all your hard earned dollars into Bitcoins, because let’s face it, this technology is new and it has a long ways to go before it is “fool proof.” But if you’re eager to start investing then a good place to start is Coinbase. Never heard of Coinbase? Well it’s a way for you to deposit your money from a bank account and trade it in for Bitcoin, Ether, or Litecoin.
What do you do once you have your cryptocurrency? Well you can use Bitcoin online to purchase items off of large retailers such as Overstock, Expedia, and Dish. You could also send Bitcoin to friends or family, or you could save it and see where your investment takes you.
Whatever you decide to do with your Bitcoin, be safe and smart with your investments. This remains to be a highly unregulated means of currency so if you want to take a risk and test the waters — now is a good time.
What are you buying with Bitcoin? Tweet @StarterNoise.