2021-03-25 17:45:56

Bitcoin guide: How do you buy, store and spend cryptocurrency – and what to avoid

Tesla has joined thousands of other companies around the world by allowing customers to pay using bitcoin from this week.

The electric car maker has even gone a step further by setting up its own node on the cryptocurrency’s network, meaning it will not need to rely on any third-party digital wallet or custody services to receive payments.

The cryptocurrency’s recent price rally – it is trading above $50,000 at the time of writing – means a single bitcoin is now enough to purchase a Tesla. Five years ago, it would have taken at least 100 bitcoins to afford one.

So how does the process of acquiring, storing and spending bitcoin actually work? We’ve put together a guide explaining everything you need to know.

What is it and how do you get it?

Bitcoin was conceived in 2008 by the pseudonymous Satoshi Nakamoto as a form of “peer-to-peer electronic cash system”, meaning it is entirely decentralised and does not require banks, governments or any single organisation to operate.

There are three ways to acquire bitcoin: You can digitally mine it, you can buy it, or you can receive it as a payment or gift from someone.

empty message

empty message

empty message

empty message

empty message