How To Bitcoin

HOW TO BITCOIN

What is bitcoin cryptocurrency?

Bitcoin is a peer-to-peer electronic payment system called a cryptocurrency. It’s not issued by any government and does not require using a bank; instead it’s decentralized, open-source computer software running on thousands of nodes around the world handling the bitcoin transactions. Anybody can use this innovative system to pay anyone, anytime, without any permission, friction or hassle.

Where do I get cryptocurrency?​​

Obtain bitcoin via a cryptocurrency exchange (aka fiat on-ramp), such as LUXOLO, where you exchange US dollars directly for cryptocurrency. This is very similar to any currency exchange transaction. Receive your bitcoin or litecoin as a deposit via your wallet’s public key. Your funds will be immediately visible and spendable on your smartphone wallet.

How do I store my cryptocurrency?​

Store your bitcoin on a wallet, available in the form of a smartphone app, desktop app or paper wallet. In any case, the wallet has two sides: a public key (for deposits) and a private key (for spending). Don’t ever show or give your private key to anyone! To conveniently use bitcoin, consider installing an encrypted software wallet on your smartphone. Use a trusted wallet software developer such as CoPay, Coinomi or Edge.

How do I use cryptocurrency?​

You can now easily make a payment to a friend or business via your smartphone app. Open your wallet app, scan the QR code of your desired recipient, type in the amount in either $USD or BTC, and hit send. Voila!

The transaction is immediately signed, broadcast and placed in the network queue for “mining” which is also referred to as confirmation. You have made a payment which will be recorded on the bitcoin blockchain, a public ledger permanently showing all historical transactions and viewable by anyone. See any historical bitcoin transaction including yours on Blockchain.com or BlockCypher.

Looking for more?

LUXOLO – Detailed Bitcoin FAQ
Found on the LUXOLO Blog, learn more technical details as well as legal, legislative and governmental considerations.

Bitcoin.org
The official site of the Bitcoin Foundation, a non-commercial, non-profit community of bitcoin core developers.

CoinCenter
“The leading non-profit research and advocacy center focused on the public policy issues facing cryptocurrency and decentralized computing technologies like Bitcoin and Ethereum.”

Bitcoin Simplified

BITCOIN SIMPLIFIED!

By popular demand, we’ve created this concise, easy to read booklet to help you understand bitcoin. It’s so simple, even your 8-year old will get it. Satisfaction guaranteed or we’ll send you a free bitcoin bumper sticker.