Millions of people in emerging markets are using bitcoins to replace their national currency – it has never been that popular! One of the reasons of Bitcoin’s insanely positive reception is just how easy it is to get started with bitcoin.
The controversy around the popular cryptocurrency usually stems from opinions of people who don’t know how to use it properly, and we would not want you to find yourself in the same situation!
With this handy guide, you will go from a newbie to a Bitcoin superstar in no time – just follow the steps outlined below, and please do not hesitate to reach out to us if you have any additional questions.
Do your research
We have many resources available to help you wrap your head around the Bitcoin concept – please read those, and do your own thorough research on top and make sure you are aware of all the common pitfalls, pros and cons!
Assessing the risks is important before starting any new financial venture, and Bitcoin is no exception.
There are a few critically important things you need to know before you get started. Remember – bitcoins are different from other financial solutions you’re used to.
Spare a few hours for educating yourself to make sure your practices are sound and secure.
Whether you’re only intending on keeping a wallet for online purchases on your computer, or if you’re ready to get close and personal with Bitcoin and use mobile apps and the like, outlining your goals and picking a suitable wallet is equally important.
It’s a quick and easy process though, so don’t worry – just commit as soon as possible and get started.
This is where the exciting stuff truly begins!
You may want to purchase some bitcoins or, if you’re a merchant, start accepting bitcoins as a payment option for services and goods.
There are several ways to obtain bitcoins, so simply pick one that suits you – and off you go.
Spend, spend, spend
With many merchants accepting bitcoins these days, spending your cryptocurrency has never been easier. Support your favourite businesses by spending bitcoins with them, leave honest reviews and share your experiences to help the network grow, as it benefits everyone!
Do your research
As a merchant, you won’t have to change much to accept Bitcoin as a form of payment – however, it’s important to acknowledge that this form of currency is unlike what you’re used to.
Before you pull the trigger and start accepting Bitcoin, do extensive research, read the resources we have available and make sure you understand all pros, cons and common mistakes.
Easy payment processing
Use merchant services to deposit money in either bitcoins or local currency, or process payments and invoices yourself – the possibilities are endless, and the choice is yours!
One of the most popular ways to accept payments is using tablets or mobile phones equipped with payment processing software, making the experience very convenient for customers.
Taxes and accounting
It’s a common practice for merchants to display prices and process payments in local currencies. Otherwise, Bitcoin basically works like a foreign currency.
The implications for taxes and accounting vary in different regions, so it’s a smart move to contact a professional accountant and get help and guidance regarding local jurisdiction and policies.
More and more users are converting to bitcoins, consecutively looking for more ways to spend their cryptocurrency. A good way to reach out for more customers is to submit your business into one of the Bitcoin online directories, which will help potential clients easily find you.
Another tip is to display a Bitcoin logo on your website or your physical store to draw even more customer attention.
Bitcoin has come very far in a very short time, with giant companies such as PayPal and Microsoft, as well as smaller businesses, accepting it as a form of payment internationally.
People talk about it, forums discuss it and exchange bitcoins, websites promote it, and articles related to Bitcoin pop up on business blogs and resources all the time – so pretty much everyone knows a thing or two about Bitcoin.
It’s time to reap the benefits and join the Bitcoin movement!
There hasn’t been a better time to get started with Bitcoin! Do your research, remember the tips above – and you will become a seasoned Bitcoin expert soon.