Bitcoin Buying Guide – Easy 3-Step Guide to purchasing Your First Bitcoin

Looking for a Bitcoin Buying Guide? Wondering the place to start? People have many misconceptions about bitcoin – the very first well known and accepted cryptocurrency worldwide.

A lot of people think for example that only hackers and shady people utilize it. However bitcoin is really going mainstream with everyone from TigerDirect to to Dell and even Subway accepting payments in bitcoin now.

Why so popular?

Well, bitcoin includes a lot of benefits over other currencies. For instance, it is possible to send bitcoins to someone as payment and never have to go through the bank middleman (and get hit with extra fees). It’s also much faster than sending money with a bank wire or transfer. You can send bitcoins to someone and also have them receiving the coins in seconds.

With all of this, it’s no surprise that many people are now trying to buy bitcoin for the first time. However it’s not as easy as going to your bank and withdrawing bitcoins – or going to a store and plunking down some hard-earned cash for bitcoin.

The system works a bit differently than that. This Bitcoin Buying Guide will review a few things you need to know before you buy – to help you buy safely and securely.

First of Wasabi Wallet , as the price may be over $2000 us per coin, you don’t need to buy an entire bitcoin. Most places will let you buy portions of a bitcoin for less than $20. So you can start small and go from there as you obtain more comfortable with just how things work.

Secondly, this short article is for general purposes only and not to be taken as financial advice. Bitcoin can be risky and before making any purchase you need to consult with your financial advisor to see if it’s right for you.

So listed below are 3 easy steps to buying Bitcoins:

#1 Get a Bitcoin Wallet

The first thing to do before you buy your coins would be to get a virtual wallet to store your coins. This wallet is a string of text that folks may use to send you bitcoins.

There are a number of various kinds of wallets including ones you download to your phone or computer, online wallets and even offline, cold storage wallets.

Most people would rather get a wallet on the phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium and Xapo.

Usually it’s as simple as downloading the wallet to your phone as an app or downloading the software to your computer from the wallet’s main website.

#2 Decide Where you can Buy

There are several types of places to buy and each is a bit different. There are online sellers which will sell you bitcoins directly for cash (or bank wire or charge card).

There are exchanges where you can buy and sell bitcoins from others – similar to a stock market. Additionally, there are local exchanges that link you up with sellers in your area looking to sell.

Additionally, there are ATMs where you head to purchase with cash and obtain your coins delivered to your wallet in minutes.

Each bitcoin seller has their benefits and drawbacks. For example ATMs are great for privacy, but they’ll charge you up to 20% along with the current price, that is ridiculous. (On a BTC price of $2000, that $400! So you’re paying $2400 rather than $2000).

No matter where you choose to buy, remember to research your facts and go with a trusted seller with an excellent reputation and strong customer support. First-time buyers will especially have questions and could need the extra support to help them with their first transaction.

Invest some time and research the different places to buy before you decide. Factors to consider include coin prices, extra fees, method of payment and customer support.

#3 Buy Bitcoin and Move It To Your Wallet

Once you’ve found a place to get, get your funds ready (i.e. you may send a wire transfer or use your Visa to invest in your account). Then await a good price. (Bitcoin prices are always fluctuating a day, 7 days a week). Then place your order when you’re ready.

Once your order is filled and you have your coins, you will want to send them to your wallet. Simply enter your bitcoin address and obtain owner to send you your bitcoins. You need to see them show up in your wallet within minutes to one hour (depending on how fast the seller sends them out).

Voila, you are now a bitcoin owner. You can now send coins to pay for other goods and services, or hold on in their mind for a rainy day.

One last thing to remember: bitcoin continues to be in its infancy. There are huge price swings and the currency could be risky. Never buy more bitcoins than you can afford to lose.

Leave a Reply