Bitcoin is a form of digital currency, that is created and stored electronically. It is a type of money known as cryptocurrency. It is decentralized which means No one controls it. Bitcoins are not printed like traditional fiat currency such as dollars, euros or pounds – they’re produced and distributed as a reward to people who use computer hardware to solve a mathematical problem. This is know as mining.
Bitcoin can be used to buy and sell things electronically in the same way you can use dollars, euros, or pounds. What makes Bitcoin different from these currencies is the fact that it is decentralized. This means that No single bank or institution controls the bitcoin network.
So you know what bitcoin is and now you what to get some bitcoins. But how can you do this?
You can buy bitcoins from exchanges or directly from other people. You can pay for them with other cryptocurrencies, hard cash or a wire transfer. Some will even let you pay with credit and debit cards or even PayPal.
The secure digital keys used to access your public bitcoin addresses and sign transactions are stored in a bitcoin wallet. There are different types of wallets to choose from:
Desktop (e.g. Bitcoin Core)
Mobile (e.g. Blockchain and Xapo)
Online (e.g. Coinbase, Blockchain and Xapo)
Hardware (e.g. Trezor and Ledger)
Paper (Keeping the private key on paper)