Looking for a Bitcoin Buying Guide? Wondering where to start? People have a lot of misconceptions about Bitcoin – the first widely known and accepted cryptocurrency in the world.
Many people, for example, think that only hackers and shadowy people use it. But Bitcoin is actually mainstream with everyone now accepting payments in Bitcoin from TigerDirect to Expedia.com to Dell and even on the subway.
Why so popular?
Well, Bitcoin has a lot of advantages over other currencies. For example, you can send Bitcoin to someone as a payment without going through a bank middleman (and hit with an extra fee). This is faster than sending money by bank cable or by transfer. You can send bitcoins to anyone and receive their coins in a matter of seconds.
After all, it’s no surprise that many 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 dipping some hard-earned cash for bitcoin at a store.
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The system works a little differently from that. Before buying this bitcoin buying guide you need to know a few things – so that you can buy safely and securely.
First, when the price in the currency can be more than our 2000 2000, you don’t have to buy a whole bitcoin. Most places let you buy some bitcoin for as little as 20. So you can start small and go from there as you feel more comfortable with the way things work.
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Second, this article should not be taken solely for general purposes and as financial advice. Bitcoin can be risky and you should consult your financial advisor before making a purchase to see if it is right for you.
Here are 3 easy steps to buying Bitcoins:
# 1 Get a Bitcoin Wallet
The first thing to do before you buy your coins is to get a virtual wallet to store your coins. Get this wallet is a string of text that people can use to send you bitcoins.
There are a variety of wallets that you can download on your phone or computer, online wallet and even offline, including cold storage wallet.
Most people like to get a wallet on their phone or computer. Popular wallets include Blockchain, Armory, Bitgo Mycelium and Zapo.
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It’s usually as easy as downloading a wallet on your phone like an app or downloading software to your computer from the wallet’s main website.
# 2 Decide where to buy
There are different types of places to buy and each one is a bit different. There are online sellers who will sell you Bitcoin directly for cash (or bank cable or credit card).
There are exchanges where you can buy and sell bitcoin from others – like the stock market. There are also local exchanges that connect you with vendors in your area if you want to sell.
There are also ATMs where you can go to buy cash and deliver your coins to your wallet in minutes.
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Every bitcoin seller has their advantages and disadvantages. ATMs for example are great for privacy but they will charge you up to 20% above the current price which is ridiculous. (BTC costs $ 2000, that’s $ 400! So you’re paying 00 2400 instead of $ 2000).
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No matter where you decide to buy, remember your research and go with a trusted seller with a good reputation and strong customer service. First-time buyers will have specific questions and may need additional assistance in their first transaction.
Take your time before you decide and search different places to buy. Topics to consider include currency prices, additional fees, payment methods and customer service.
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# 3 Buy Bitcoin and carry it in your wallet
Once you’ve found a place to buy, get your funds ready (like you can send a cable transfer or use your Visa to fund your account). Then wait for the best price. (Bitcoin prices always fluctuate 24 hours a day, 24 hours a week). Then place your order when you are ready.
Once your order has been completed and your coins are done you will want to send them to your wallet. Just enter your bitcoin address and send your bitcoins to the seller. You should show them in your wallet within a few minutes to an hour (depending on how quickly the seller sends them).
Voila, you now own a bitcoin. You can now send coins to pay for other products and services, or hang out with them on a rainy day.
One last thing to remember: Bitcoin is still in its infancy. There are huge price swings and the currency can be risky. Never buy more bitcoin than you are able to lose.