Looking for a buying guide for bitcoin? Not sure where to begin? The first cryptocurrency that was widely used and accepted worldwide, bitcoin, is misunderstood by many people.
For instance, many people believe that only hackers and dubious characters use it. However, bitcoin is actually becoming more widely accepted, with companies like TigerDirect, Expedia.com, Dell, and even Subway now accepting bitcoin payments.
Why so popular?
Well, there are many advantages that bitcoin has over other currencies. For instance, you can pay someone directly using bitcoins instead of going through a bank middleman and incurring additional fees. Additionally, it moves along a great deal more quickly than a bank transfer or wire. In just a few seconds, you can send someone bitcoins and have them receive them.
Given everything, it should come as no surprise that many people are currently trying to purchase bitcoin for the first time. However, it’s not as simple as visiting your bank to get a bitcoin withdrawal or visiting a shop to buy a bitcoin with your hard-earned money.
Instead, the system operates somewhat differently. In order for you to buy safely and securely, this Bitcoin Buying Guide will go over a few things you should know before you buy.
You don’t need to purchase a full bitcoin, even though the price per coin may be over $2000 US. In the majority of places, you can purchase a portion of a bitcoin for as little as $20. As a result, you can begin small and increase your efforts as you become more accustomed to how things work.
Second, don’t interpret this piece of writing as financial advice; it is only meant for informational purposes. Before making any purchases, you should speak with your financial advisor to determine whether bitcoin is the right choice for you. Bitcoin can be risky.
So here are 3 easy steps to buying Bitcoins:
#1 Get a Bitcoin Wallet
Get a virtual wallet to store your coins before you even buy any. You can receive bitcoins sent to you using this wallet, which is a text string.
Wallets come in a variety of formats, including those that you download to your phone or computer, online wallets, and even offline, cold storage wallets.
The majority of people choose to access their wallets via their phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium, and Xapo.
Typically, all you need to do is download the wallet’s software to your computer from the wallet’s main website or as an app to your phone.
#2 Decide Where to Buy
There are various kinds of shops, and each one is a little different. Bitcoins can be purchased directly online from some sellers in exchange for cash (or a bank wire or credit card).
Bitcoins can be purchased and sold on exchanges, which are akin to stock markets. Another option is local exchanges, which connect you to local buyers who are looking to buy.
There are ATMs as well, where you can use cash to make purchases and quickly receive your coins in your wallet.
Each bitcoin seller has advantages and disadvantages. For instance, ATMs are excellent for maintaining your privacy, but you’ll be charged up to 20% more than the current price, which is absurd. ($400 at a BTC price of $2000! As a result, you’re paying $2400 rather than $2000.
No matter where you choose to purchase from, always do your research and choose a reputable seller who offers excellent customer service and a solid reputation. The extra assistance may be necessary to help first-time buyers with their first transaction as they will likely have questions.
Before making a decision, take your time and investigate the various retailers. Coin values, additional costs, payment options, and customer service are all things to take into account.
#3 Buy Bitcoin and Move It To Your Wallet
Prepare your finances (i.e., cash) once you’ve found a place to buy. you may send a wire transfer or use your Visa to fund your account). then watch for a competitive price. (7 days a week, 24 hours a day, there is constant fluctuation in bitcoin prices. When you’re prepared, place your order.
You should send the coins to your wallet as soon as your order has been fulfilled and you have them. Get the seller to send you your bitcoins by simply entering your bitcoin address. Depending on how quickly the seller sends them out, you should see them appear in your wallet in a matter of minutes to an hour.
Voila, you now possess a bitcoin. From this point forward, you can send coins to pay for other goods and services or save them for a rainy day.
Finally, keep in mind that bitcoin is still a relatively new technology. The currency can be risky and there are significant price fluctuations. Never invest more in bitcoin than you can afford to lose.