We know that bitcoin can be difficult to grasp at first, so we’ve simplified everything you need to know into a one page bitcoin guide. Read all there is to know in the article below:
1. Bitcoin Wallets
There are a number of bitcoin wallets to choose from, some are cloud based and others are downloaded to your computer. All wallets provide the same functionality i.e. transferring bitcoin from one place to another but each wallet has their own benefits and below you can find our current recommendations on the top bitcoin wallets:
Cloud wallets are the easiest & most convenient to use, however when storing your bitcoin in the cloud you are ultimately handing over responsibility to the business holding your BTC. When it comes to storing bitcoin in a cloud wallet, trust is essential. Here are our recommended cloud wallets:
- Xapo Do not use Xapo to send bitcoins to us, they use shared addresses to send it.
Software wallets are downloadable programs that run from your computer. They are considered more secure because you have total control over them but they do come with their own risks.
- Armory (Recommended) Armory is the most mature full featured wallet.
- Bitcoin Core The original Satoshi wallet from bitcoin.org
- Blockchain (Recommended)
- Bitcoin Wallet (Recommended)
- Multibit This is the easiest to use because it doesn’t require a full download of the blockchain.
- Mobile Phone Wallets – iPhone & Android apps are available.
2. Getting Hold of Bitcoins
There are a number of ways to get hold of bitcoins, one is to make a direct purchase which can be done relatively easily through any trusted bitcoin exchange (such as bitstamp.net) using USD/EUR/GBP etc. Here are some other options to help you purchase bitcoins:
- LocalBitcoins.com – find people near you who are willing to sell bitcoins face to face.
- How To Buy Bitcoins – find your local and most secure bitcoin exchanges.
- Coinbase – the largest bitcoin exchange in the United States.
3. Buy Bitcoin at a Bitcoin ATM
Bitcoin ATMs are popping up in major cities and towns across the world. To purchase bitcoin through an ATM, the user inserts their bank cards into what looks like a traditional ATM, but instead of receiving cash the user receives a receipt with a printed bitcoin QR code – scanning the code loads the appropriate amount of bitcoin into the user’s wallet.
You can stay up to date with the bitcoin ATMs in your area by using the map provided on CoinDesk.com.
4. Buying Bitcoin Through Exchanges and Online Wallets
One of the most popular and straightforward ways to buy bitcoin is to go through a regulated online exchange. This method is rapidly growing and more and more businesses are entering the market to cater to this escalating demand. There are a few fully developed exchanges, which sell bitcoin for cash, other digital currencies and bank account or international wire transfers. Other exchanges are less involved, and simplify the process with just a couple of payment methods.
Buying bitcoin through an exchange is often the best route for those less interested in privacy. This is often because exchanges require proof of address and identification in order to comply with the required regulation around money laundering and KYC (know your customer).
Bitcoin exchanges are located worldwide, and some of the largest exchanges operate in Japan, Bulgaria and the United States. The world’s largest exchange, BTC China, is a Chinese-based exchange that allows bitcoin to be purchased with Chinese Yuan. But regardless of the exchange that you choose to register with, users will be required to link an existing bank account in order to use it.
Below is a list of the top bitcoin exchanges currently operating:
5. Spending Bitcoins
Bitcoin transactions are very simple; when purchasing from a website or store that accepts bitcoin, they will provide you with an ‘address’ to send the bitcoins to. All you need to do is open your wallet and send the appropriate amount to the address provided.
Most transactions are instant, but they can take up to a few hours to arrive.
To invest in our Fighters, just send your chosen amount to the address located under the fighter.