Bitcoin had got into a buzz these days. People who do not understand about Bitcoin will end up losing their money to HYIPs and scammers. As for me, I started browsing about Bitcoin and keep on reading about the blockchain technology. In short, Bitcoin is a digital asset that uses peer-to-peer technology to perform transaction with no central authority. This post is about my experience on how to start with Bitcoin.

What is Bitcoin?

Do not fall victim to HYIPs that claim to be investing in Bitcoin. Research and understand about Bitcoin before investing in it. There is a simple explanation on 'What is Bitcoin?' here. When you are ready to get involve in this revolutionary technology, there are a few ways to get your first Bitcoin.

1. Buy Bitcoin

The easiest way to get Bitcoin is through exchange. For myself, I bought my Bitcoin through Luno. First, register an account in Luno and log in to your account.

Then, go to 'Wallets' (shown in figure above) and click on 'DEPOSIT'. Luno has CIMB bank account and Maybank account. You can also deposit money from other bank accounts. Follow the instructions provided by Luno and you can see your fund shown up in the MYR wallet.

After you have your fund, click on the 'Exchange' to go to the trading floor.

Go to place order, key in the amount of Bitcoin (BTC) and the exchange rate for 1 Bitcoin in MYR. Confirm your order and click 'Place Buy Order', the system will automatically match your buy order to the sell order. This is how you obtain your first Bitcoin through exchange. There is a very good article regarding on how to buy Bitcoin in Malaysia in case you want to try other exchanges.

2. Mine Bitcoin

Second way to get Bitcoin is to mine them. Before you start mining, you have to understand how Bitcoin mining works. In a nutshell, you need to acquire bitcoin mining hardware to start mining. It may costs you as low as around RM2000 (Price of AntMiner S7 as for today) to own a piece of mining equipment. After that, you need to join a mining pool or mine by yourself to start earn Bitcoin. If you are not a tech guy or an IT guy, you can consider Cloud Mining. Cloud mining is where you pay a service provider to mine for you. Do do research on which Cloud Mining service providers are not fraudulent. I did invest in Genesis Mining in mining Bitcoin. You can enjoy a 3% discount on your purchase by applying this promotion code: uWmMhT. Unfortunately, Bitcoin mining contract is not available in Genesis Mining currently. Check out the facilities of Genesis Mining with Boxmining (Youtuber). Get to know more about Bitcoin mining in 'Getting started with Bitcoin Mining' and 'What is Bitcoin Mining?'

3. Earn Bitcoin

You can earn Bitcoin by accepting Bitcoin as a payment system for your business. All you have to do is get a Bitcoin wallet, and now you can receive Bitcoin from your customer. As the same, do research on Bitcoin wallets and how to use them before accepting Bitcoin. Read this article on '10 best Bitcoin wallets with low transaction fees'. Currently, I am using Blockchain wallet.

4. Claim Free Bitcoin

You can get free Bitcoin from Bitcoin faucet. Just search the keyword 'Bitcoin faucet' with Google, and you can get a lot of Bitcoin faucet. Here is a tutorial on how to claim free Bitcoin using CoinPot.

Spent Bitcoin

What is the use of getting Bitcoin without spending it? Until today, I did not spend Bitcoin on goods, I only use Bitcoin in the crypto exchange to get other cryptocurrency. If you want to spend Bitcoin in Malaysia, you may like to read these:

• Where to Spend Bitcoins in Malaysia (and How to Use a Bitcoin Debit Card)
• Where to Spend Bitcoin in Malaysia

Extra:

Get daily updates in cryptocurrency
Understand on blockchain technology
Check cryptocurrency market capitalizations