Looking for a Bitcoin Buying Guide? Wondering where to start? People have many misconceptions about bitcoin – the first well-known and widely accepted cryptocurrency in the world.
Many people think for example that only hijackers and shady people use it. However bitcoin is actually moving forward with everyone from TigerDirect to Expedia.com to Dell and even Sway Subway which accepts payments in bitcoin now.
Why is it so popular?
Yes, bitcoin has more advantages than other currencies. For example, you can send bitcoins to someone for payment without going through a bank account (and earn extra money). And it is much faster than sending money by bank or transfer. You can send bitcoins to someone and make them earn coins in seconds.
With all this, it is not surprising that many people are now trying to buy bitcoin for the first time. But it’s not as easy as going to your bank and withdrawing bitcoins – or going to a store and depositing hard earned bitcoin money.
The system works differently than that. This Bitcoin purchase guide will go through a few things you need to know before you buy – so you can buy safely and securely.
First of all, while the price may be more than $ 2000 for us per coin, you do not have to buy all the bitcoin. Most sites will allow you to buy bitcoin shares for as little as $ 20. So you can start small and get out of there as you become more comfortable with the way things work.
Second, this article is for general purposes only and not for financial gain. Bitcoin can be dangerous and before making any purchase you should consult your financial advisor to see if it is right for you.
So here are 3 easy steps to buy Bitcoins:
1 Get Bitcoin Wallet
The first thing you should do before buying your coins is to get a visible wallet to store your coins. This wallet is a text string that people can use to send you bitcoins.
There are many types of wallets including the ones you download to your phone or computer, online and even online wallets, cold storage bags.
Most people prefer to get a wallet on their phone or computer. Popular brands include Blockchain, Armory, Bitgo MyCelium and Xapo.
It is usually as simple as downloading a wallet to your phone as an app or downloading software to your computer from the main wallet website.
2 Decide where to buy
There are many types of places you can buy and each one is different. There are online merchants who will sell you bitcoins directly for money (either a bank phone or a credit card).
There is an exchange where you can buy and sell bitcoins to others – like the stock market. There is also a local trade that links you with merchants in your area who want to sell.
There are also ATMs where you go to make money and your money is delivered to your wallet in minutes.
Each bitcoin trader has its advantages and disadvantages. For example ATMs are good for privacy, but they will charge you up to 20% more than the current price, which is ridiculous. (At BTC prices of $ 2000, that’s $ 400! So you pay $ 2400 instead of $ 2000).
No matter where you buy it, remember to do your research and go with a reputable seller with a good reputation and strong customer service. First-time buyers will have more questions and may need additional support to help them with their initial transaction.
Take time to research the various options available to you before making a decision. Factors to consider include pricing, additional fees, payment method and customer service.
3 Buy Bitcoin and transfer it to your Wallet
Once you have a place to buy, adjust your fees (which means you can send wire transfer or use your Visa to pay your account). Then wait for a good price. (Bitcoin prices are fluctuating 24 hours a day, 7 days a week). Then place your order when you are ready.
Once your order has been completed and you have your money, you will want to send it to your wallet. Just enter your bitcoin address and find that the merchant has sent you your bitcoins. You should see them appear in your wallet within minutes to an hour (depending on how fast the seller sends them).
Voila, you now own bitcoin. You can now send coins to pay for other goods and services, or hold on to them on a rainy day.
One last thing to keep in mind: bitcoin is still young. There are huge volatility and money can be risky. Never buy more bitcoins than you can throw away.