Using Bitcoin




Chakra Corner, Inc. excepts no responsibility for financial losses or any other damages resulting from purchasing, trading, or selling of any cryptocurrecies.  The following is for informational purposes only and should not be interpreted as an endorsement of  Bitcoin, cryptocurrency or any specific provider, service, or offering.  In other words:  Use caution and common sense as you would with any other purchase!!


Bitcoin was the first digital currency to eliminate the middleman. By avoiding banks and payment processors, Bitcoin developed a decentralized, worldwide market that requires only an Internet connection and an investment of fiat currency (national currency) if you want to participate. To get started, acquire some currency and set up a digital wallet in which you want to store it. From that point, you can use your Bitcoin stash as an investment, or spend it wherever Bitcoin is accepted as a method of payment. (2019,



Buy small amounts  Buy small amounts of Bitcoin online directly. On some websites, such as Bitcoing, Indacoin or SpectroCoin, you can immediately buy small amounts of Bitcoin using a major credit or debit card. (2019, wikiHow)

 Use a trading exchange to buy large amounts of Bitcoin. With online trading exchanges, such as Coinbase or Kraken, you can create an account to buy and selllarge amounts of Bitcoin. These exchanges operate similar to stock exchanges, with bid/ask spreads.[3]   If you live in the US, you might also consider Gemini, which is a licensed exchange with regulatory oversight.While it still doesn't have the security that a traditional bank might, the rules and regulations make it more secure than the average online exchange.[4]  Opening an account at a trading exchange is similar to opening a bank or investment account. You provide your real name and contact information. When your identification is verified, you'll fund your account with the money you want to use to buy Bitcoin. Different exchanges may have account minimums, although some are as little as a few dollars.



 Tip: Once you buy your Bitcoin through an exchange, it will be much safer if you transfer it out of your trading account into a more secure wallet. Large exchanges are a prime target for hackers. 


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Setting up a Mobile Wallet:  Try a mobile wallet if you want access to your Bitcoin. Mobile wallets are smartphone apps, available on both iPhone and Android. These apps are user-friendly and possibly the best choice for beginners, particularly if you only have a small amount of Bitcoin and want to keep it accessible.  amount of Bitcoin and want to keep it accessible.[9]

Some popular Bitcoin wallet apps include Airbitz and Breadwallet. Unlike Breadwallet, Airbitz manages accounts using usernames and passwords and doesn't actually store or have access to your Bitcoin

Create a web wallet for online use. If you plan on using your Bitcoin primarily for online purchases, a web wallet is likely the best choice for you. They are convenient and easy to use, so you don't need to be particularly tech-savvy.[10]

A web wallet works like any other online account. You simply register, transfer your Bitcoin, and then log on to manage your wallet.

Because of the security risks with web wallets, it's much better to go with a hybrid wallet, such as Copay, that can be used across multiple devices and provides additional layers of security not found on basic web wallets.

Download a software wallet if you want more control. Software wallets, as the name implies, require you to download software on your computer. Once the software is downloaded, you don't have to rely on third-party services to complete Bitcoin transactions. The blockchain can take as long as 2 days to download, depending on your connection speed. You may want to download the wallet on a dedicated computer.[11]

Bitcoin Core is the "official" wallet for Bitcoin, but it may be frustrating due to its lack of features and slow processing speeds. However, it does offer better security and privacy because it doesn't rely on external servers and all transactions are routed through Tor.

Armory is a secure software wallet with more features than Bitcoin Core, but it's also technologically complex and can be intimidating

Print a paper wallet for secure long-term storage. Paper wallets are cumbersome if you plan to use your Bitcoin frequently in the short term. However, if you're just buying your Bitcoin to hold it for a long period of time as an investment, it will be most secure in a paper wallet.[13] 

Keep your wallet secure. No matter how secure your wallet is, you can still make it more secure. Make regular backups of your Bitcoin wallet, and store multiple backups in multiple places so you still have access if one is destroyed.[14] 



 Create public and private Bitcoin addresses. Your public address allows you to receive Bitcoin from other people. The private address is the one you'll use to send Bitcoin to others. Public addresses are a stream of about 30 random alphanumeric characters that start with either a "1" or a "3." Private addresses are longer and start with a "5" or a "6."[15]

Your wallet generates these addresses, or "keys." They typically are provided as machine-readable QR codes. By scanning the code, you can easily pay for products and services.

Use your public address to transfer your Bitcoin to your wallet. The public address is a version of the public key similar to a bank account number. Once you've set up your wallet, use this public address to send the Bitcoin you've purchased to your wallet.[16]

Your exchange account has an option to "send" or "withdraw" Bitcoin. Select that option, then enter the public address of your wallet as the place to send your Bitcoin. It may be several hours before