Bitcoin Buying Guide – Easy 3-Step Guide to purchasing Your First Bitcoin
Looking for a Bitcoin Buying Guide? Wondering where to start? People have many misconceptions about bitcoin – the 1st well known and accepted cryptocurrency worldwide.
Many people think for example that only hackers and shady people use it. However bitcoin is in fact going mainstream with everyone from TigerDirect to Expedia.com to Dell and even Subway accepting payments in bitcoin now.
Why so popular?
Well, bitcoin has a large amount of benefits over other currencies. For example, it is possible to send bitcoins to someone as payment without needing to go through the bank middleman (and obtain hit with extra fees). Wasabi Wallet is also much faster than sending money via a bank wire or transfer. You can send bitcoins to someone and have them receiving the coins in seconds.
With all this, it’s no surprise that lots of people are now trying to buy bitcoin for the very first time. However it isn’t 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 little differently than that. This Bitcoin Buying Guide will review a couple of things you have to know before you get – to help you buy safely and securely.
First of all, while the price may be over $2000 us per coin, you don’t have to buy an entire bitcoin. Most places will let you buy portions of a bitcoin for as little as $20. In order to start off small and go from there as you get more comfortable with just how things work.
Secondly, this short article is for general purposes only rather than to be taken as financial advice. Bitcoin could be risky and before making any purchase you should check with your financial advisor to see whether it’s right for you.
So here are 3 easy steps to buying Bitcoins:
#1 Get yourself a Bitcoin Wallet
The first thing to do before you get your coins would be to get yourself a virtual wallet to store your coins. This wallet is a string of text that folks can use to send you bitcoins.
There are numerous of various kinds of wallets including ones you download to your phone or computer, online wallets and also offline, cold storage wallets.
Most people prefer to get a wallet on their phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium and Xapo.
Usually it’s as simple as downloading the wallet to your phone being an app or downloading the program to your personal computer from the wallet’s main website.
#2 Decide Where to Buy
There are several types of places to get and each one is a bit different. There are online sellers which 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. Additionally, there are local exchanges that link you up with sellers in your area looking to sell.
Additionally, there are ATMs where you go to purchase with cash and obtain your coins sent to your wallet in minutes.
Each bitcoin seller has their positives and negatives. For example ATMs are excellent for privacy, but they’ll ask you for up to 20% on top of 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 do your research and go with a reliable seller with a good reputation and strong customer service. First-time buyers will especially have questions and may need the excess support to greatly help them with their first transaction.
Invest some time and research the different places to get before you decide. Things to consider include coin prices, extra fees, approach to payment and customer service.
#3 Buy Bitcoin and Move It To Your Wallet
Once you’ve found a location to buy, get your funds ready (i.e. you may send a wire transfer or use your Visa to fund your account). Then await an excellent 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 also have your coins, you need to send them to your wallet. Simply enter your bitcoin address and get the seller to send you your bitcoins. You should see them show up in your wallet within a few minutes to an hour (based on how fast owner sends them out).
Voila, you are now a bitcoin owner. Now you can send coins to pay for other goods and services, or hold on in their mind for a rainy day.
One last thing to keep in mind: bitcoin is still in its infancy. There are huge price swings and the currency could be risky. Never buy more bitcoins than you can afford to lose.