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Step-by-step guide to buy and sell bitcoin

10 steps to buy, sell and spend bitcoins
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10 steps to buy, sell and spend bitcoins

Bitcoin is dead. Long live bitcoin.

The controversial cryptocurrency, which exploded into public consciousness more than a year ago, is either on the verge of death or poised to go mainstream, depending on who's doing the talking.

Bankrate wanted to dig into what bitcoin is and how it works.

Using a couple hundred bucks, I bought, sold and owned less than a quarter of one bitcoin. My goal was to see how easy it was to deal in a virtual currency, how much of my personal information I would have to share and what kinds of fees I would have to pay.

What I found: Bitcoin is far from being practical or easy to use for the everyday consumer, but it's also not a shady, anonymous industry as some have described it.

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