advice How bitcoins work ?

It's quite a complex topic. Bitcoin itself is extremely safe, but the price is very volatile, you can see price shifts of 30% or more in a single day. The danger with Bitcoin comes from using online "wallets" rather than the wallet that is central to the Bitcoin system. There is quite an overhead in maintaining a "core wallet" ( the official system one" If you are in the UK, I'll exchange Bitcoin for Sterling - either cash or bank transfer. Ths is the official Bitcoin site -
https://bitcoin.org/en/

There are many others offering explanations and informative videos. There are also quite a few posts here on NP.

Man! It's hard to not heard of Bitcoin unless you're living under a rock, especially now, when Bitcoin is booming more than ever.
It's a virtual currency/ cryptocurrency.
It's quite complex to explain it in a few words here but you can start from here..
https://www.coindesk.com/information/what-is-bitcoin/

In brief, Bitcoin is a decentralized digital currency.
You need a bitcoin wallet to receive and send btc.
For online wallets, you should use one which provides access to the private keys, which most online wallets do not provide.
I recommend paper wallet that are installed locally like electrum
Always keep a backup of the wallet in a secured place, never anywhere online.
Anyone having access to your private keys or passphrase (which is a random set of words when you first create your wallet) can get your bitcoins.
Bitcoin payments are irreversible and safe for sellers.
You can cash out Bitcoin at many exchanges, the best I found was a peer to peer one localbitcoins

watch the documentary " Banking on Bitcoin".....it's on Netflix! You will know all you need to know then.

You buy or somehow obtain, they go up. Been accumulating and holding since 2013. Ohhhh yeah!

I think OP wants to understand how to take money in bitcoins not how bitcoins work which is quite complicated.

OP to take bitcoins from anyone, you need to have a wallet. Either you can create wallet on various website such as bitpay, coinbase, localbitcoins etc. OR you download bitcoin client on your computer and generate wallet.

Having wallet will give you an address which will be something like xH4589jhkgfkj2dXLJfkjk3d9JkKj23lLLL

So if you want to take payment from anyone, just send them your bitcoin wallet address and tell them number of bitcoins you want.

For e.g. if you are selling domain for $50 then at current rate you ask him to send you 0.01 bitoins. You can check USD to BTC exchange rates on various sites.

I'd accept btc anytime for anything, irreversible. I am not worried about the price fluctuations because I hold long term.

You may use Epik escrow/marketplace or NameSilo marketplace...
They accept Bitcoin as payment method...

Jurgen Wolf said:

You may use Epik escrow/marketplace or NameSilo marketplace...
They accept Bitcoin as payment method...

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But whats wallet system in bitcoin

You may then disburse your funds from Epik/NameSilo via traditional wire or PayPal...
BTC wallet is not needed at all.

If you're not sure about using Bitcoin, don't use it.
Ask them to convert their bitcoin to $ then send you payment.

If you messed up with bitcoin and send it to a wrong address, it's gone there is no refund

They can easily convert their bitcoin to $ anyway.

If wallet and exchange/trading are interesting - see my signature... 2in1 service.

Isac said:

But whats wallet system in bitcoin

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There are many wallets available using cloud based, exchange or local. Most exchange provide this services too. For example Coinbase.com, by the way you get $10 when you create your account and start using their service. I prefer exchange wallet and active multi-factor authentication, if you geek enough to understand a local wallet is highly recommended as you keep it yourself.

Isac said:

Yes, actually i am not well versed with Bitcoins.

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you will be ok

In theory - the most reliable is local wallet on your own computer...
But high performance hardware and internet connection + additional software = are required to work with blockchain...

Isac said:

I got it Bitcoin is crypto currency ?

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There are 1000+ crypto in the market e.g. ethereum litecoin etc. I even have my own currency

If local wallet - then https://bitcoin.org/en/bitcoin-core/features/requirements

Isac said:

Can anyone tell me what are those different kinds of wallets in bitcoin and which one to choose ?

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There is no difference between different bitcoin wallets because they all serve same purpose i.e. to send or receive money.

The only difference I can say is that when you create a wallet on some site for e.g. localbitcoins.com then any funds you receive resides in that wallet on that website. Any time you want to send money, you log into that website and send money from your wallet.
The other type of wallet is the one you create or your own computer. For that you need to install bitcoin client. In this case any money you receive will reside in that wallet on your computer. If you lose that wallet, your money is gone.

Jurgen Wolf said:

You may use Epik escrow/marketplace or NameSilo marketplace...
They accept Bitcoin as payment method...

Click to expand...

+ NameCheap marketplace, but it is suitable only for their domains.