Because Bitcoin is a virtual/digital currency, you can’t find it in any physical shape. The easiest and fastest way these days to get bitcoins is to acquire them through exchanges. This is a straight forward process and if you used PayPal or Skrill before, you won’t have any problems with it. Basically you are converting traditional currency (USD/EUR/GBP) into Bitcoins and vice versa. To upload traditional currency onto exchange platform you can use debit cards, credit cards, money orders, checks or cash. Exchange is a normal market place where currencies are getting changed according to an exchange rate.
Current exchange rate: 1 BITCOIN = $ 7323.22, € 6629.27, £ 5569.18
So, if you already made the decision to get Bitcoins, first you need to choose a right Bitcoin wallet.
Bitcoin wallet is a storage of all your Bitcoins and it allows you to be in a full control of all transactions. You can choose wallet from all these platforms:
Principle is simple.
You transfer funds from an exchange account to the virtual wallet and there you can decide to keep them, or securely and privately spend them wherever you want or send them to whoever you want.
Next step is to choose an exchange.
There is few things to consider:
- how safe are the website and server
- which currency pairs are available (USD/EUR/GBP or other)
- feedback from another users
- for a beginner how user friendly the exchange is
So, after an exchange you receive a string of numbers and letters. This string represents an actual value of Bitcoin.
Your chosen wallet is programmed to decode this string and assigns a value to it.