Looking for a Bitcoin Buying Guide? Wondering where to start? People have a lot of misconceptions about bitcoin – the first known and accepted cryptocurrency in the world.
Many people think for example that only hackers and shadow people use it. However, bitcoin actually dominates everything from TigerDirect to Expedia.com to Dell and even Subway that accepts bitcoin payments today.
Why is it so popular?
Well, bitcoin has many benefits over other currencies. For example, you can send bitcoins to someone as payment without having to go through the bank’s middleman (and hit the extra fee). It is also faster than sending money via bank wire or transfer. You can send bitcoins to someone and they will receive 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 digging up some hard earned money for bitcoin.
The system will operate somewhat differently than that. This Bitcoin Buying Guide will discuss a few things you need to know before you buy – so you can buy safely and securely.
First of all, while the price can be over $ 2000 us per coin, you don’t have to buy an entire bitcoin. Most places will allow you to buy shares of a bitcoin in the amount of $ 20. So you can start small and walk from there as you become more comfortable with the way things move.
Second, this article is for general purposes only and should not be considered financial advice. Bitcoin can be risky and before buying and any purchase you should consult your financial advisor to see if it is right for you.
So here are 3 quick 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. This wallet is a set of text that people can use to send you bitcoins.
There are several different types of wallets including those you download to your phone or computer, online wallets and even offline, cold storage wallets.
Most people want to get a wallet on their phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium and Xapo.
It’s usually as simple as downloading the wallet to your phone as an app or downloading software to your computer from the wallet’s main website.
#2 Deciding Where to Buy
There are several types of places to buy and each one is a little different. There are online merchants that will sell you bitcoins directly for cash (or bank wire or credit card).
There are exchanges where you can buy and sell bitcoins from others – similar to a stock market. There are also local exchanges that link you to sellers in your area who are looking to sell.
There are also ATMs where you can go to shop with cash and send your coins to your wallet in minutes.
Every bitcoin trader has their advantages and disadvantages. For example, ATMs are good for privacy, but they’ll charge you up to 20% above the current price, which is ridiculous. (At the BTC price of $ 2000, that’s $ 400! So you pay $ 2400 instead of $ 2000).
Wherever you decide to buy, remember to do your research and work with a reliable seller with a good reputation and strong customer service. First -time buyers especially have questions and may need additional support to help them with their first transaction.
Take your time and research different places to buy before you decide. Items to consider include coin prices, surcharges, payment methods and customer service.
#3 Buy Bitcoin and Transfer It to Your Wallet
Once you find a place to buy, prepare your funds (for example you can send a wire transfer or use your Visa to fund your account). Then wait for a good price. (Bitcoin prices fluctuate regularly 24 hours, 7 days a week). Then place your order when you are ready.
When your order is filled and you already have your coins, you want to have them sent to your wallet. Just enter your bitcoin address and ask the seller to send you your bitcoins. You should be able to see it visible in your wallet within minutes to an hour (depending on how fast the seller sends it).
Voila, you are now a bitcoin owner. You can now send coins to pay for other items and services, or hang them up for a rainy day.
One last thing to remember: bitcoin is still in its infancy. There are a lot of price fluctuations and money can be at risk. Don’t buy more bitcoins than you can afford to lose.