Are you looking for a guide to buying Bitcoin? Wondering where to start? People have a lot of misconceptions about bitcoin – a world-famous and widely accepted cryptocurrency.
Many people think that hackers and shadow people, for example, only use it. However, bitcoin is typically going from TigerDirect to Expedia.com to Dell and even Subway supports payments in bitcoin.
Why so popular?
Well, bitcoin has many advantages over other currencies. For example, you can send bitcoins to someone as a payment without having to go through a bank broker (and get them thanks to the extra fees). It is also much faster than sending money by bank or bank transfer. You can send bitcoins to someone and pick up coins in seconds.
With all of this, it’s no surprise that a lot of people are trying to buy bitcoin for the first time. However, it’s not as easy as going to your bank and extracting bitcoins – or going to a store and earning the money you earn for bitcoin.
The system works a little differently than that. This Bitcoin buying guide will cover some things you need to know before you buy – so that you can buy safely and securely.
First of all, even though it can be over $ 2000 per coin, you don’t have to buy the whole bitcoin. In most places they will allow you to buy parts of a bitcoin for $ 20. So you can start at a young age and move on from there as you feel more comfortable with the way things work.
Secondly, this article is for general purposes and should not be taken as financial advice. Bitcoin can be dangerous and you should check with your financial advisor before making any purchase.
Here are 3 easy steps to buying Bitcoins:
# 1 Get the Bitcoin wallet
The first thing to do before you buy your coins is to get a virtual wallet to store your coins. A wallet is a string of texts that people can use to send bitcoins.
There are several types of wallets that you download to your phone or computer, online wallets as well as offline storage wallets.
Most people prefer to get the wallet on their phone or computer. Popular portfolios include Blockchain, Armory, Bitgo MyCelium and Xapo.
Usually downloading the wallet to your phone as an application or downloading the software to your computer is as easy as downloading from your wallet’s main website.
# 2 Decide where to buy
There are different types of places to buy and each one is different. There are online sellers who will sell bitcoins directly to you in cash (or with a bank or credit card).
There are exchanges where you can buy and sell bitcoins to others – similar to the stock market. There are also local exchanges that connect you with vendors in your area who want to sell.
There are also ATMs where you can buy money with your wallet and hand your coins in your wallet.
Every Bitcoin seller has its benefits and drawbacks. For example, ATMs are great for privacy, but they will charge you up to 20% above the current price, which is ridiculous. ($ 2000 in BTC price, $ 400! So instead of paying $ 2000 you are paying $ 2400).
Whatever place you decide to buy, remember to do your research and go with a reputable seller with a good reputation and strong customer service. First-time buyers will be hesitant especially and will need extra help to assist in the first transaction.
Take your time and research before you decide to buy different places. Factors to consider include coin prices, extra fees, payment method, and customer service.
# 3 Buy Bitcoin and carry it in your wallet
Once you’ve found a place to buy, prepare your funds (that is, you can send an email transfer or use Visa to fund your account). Then wait for a good price. (Bitcoin prices always change 24 hours a day, 7 days a week). Then place the order when you are ready.
When you fill out your order and have your coins, you want to send them in your wallet. Simply enter your bitcoin address and get the seller to send you your bitcoins. You should see it appear in your wallet within minutes and an hour (depending on the speed at which the seller sends it).
Voila, you now own bitcoin. You can send coins to pay for other goods and services or hang them on rainy days.
One last thing to remember: bitcoin is still in its infancy. There are big price fluctuations and the currency can be dangerous. Don’t buy more bitcoins than you can ever lose.