The innovation behind Bitcoin can possibly settle a wide range of worldly issues. Maybe because it has positive capability and ensures faster exchanges. By using Bitcoin, you are all set to make transactions anytime, anyplace on this planet almost instantly. This is how you go about receiving Bitcoin.
1. Get A Wallet
You will need to download a Bitcoin wallet first in order to get a wallet address. Wallets are basically software applications that are used to receive, send and ‘store’ Bitcoins. Technically speaking, a wallet does not really store your Bitcoin. It is meant for safekeeping your private and public keys which provide access to your Bitcoin. The private key, which is a ‘secret number’ and is mathematically linked to the public key, signs transactions. Public keys are used to validate your ownership of an address which is being used in receiving funds. A Bitcoin wallet address is basically the hashed version of public keys and plays a similar role as a bank account number for receiving Bitcoin. This address is used by the contributor to send BTC.
2. Choosing The Right Wallet
You must choose the right wallet application for receiving Bitcoin. You can opt for a hardware, online or software wallet as per your preference. As an online wallet, Coinbase is user-friendly and a great choice for beginners. You can use Coinbase to purchase and sell Bitcoins as well. The wallet is easy to use and comes for free. It is recommended that you enable the Google Authenticator for a 2-Factor Verification. It is also important to note here that Coinbase holds the private keys, which means that you are not fully in control of your cryptocurrency. Coinbase is based out in the U.S. and is widely acclaimed for its reliability.
3. Ready To Receive Bitcoin
Now that you own a wallet address, accepting Bitcoin is now a simple affair. Share your address with your peers so that they can send you BTC. Once you have created an account on Coinbase, go to the ‘Accounts’ section. Click on the ‘Receive’ tab on the Bitcoin wallet. The Bitcoin address will be displayed here.
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