Looking for a bitcoin purchase guide? Want to know where to start? There are many misconceptions about Bitcoin, the world's first widely accepted and accepted cryptocurrency.
For example, many people think that only hackers and dark people can use it. But, in fact, from TigerDirect to Expedia.com to Dell, and even to Subway, Bitcoin is now becoming mainstream, and now people are accepting bitcoin payments.
Why is it so popular?
Well, Bitcoin has many advantages over other currencies. For example, you can send Bitcoin to someone as a payment without going through a bank broker [and being hit by an extra fee]. This is also much faster than sending money by bank wire transfer or transfer. You can send Bitcoin to someone and have them receive the coin in seconds.
With that, it's no surprise that many people are now trying to buy bitcoin for the first time. However, this is not as easy as going to the bank to withdraw bitcoin or go to the store and then spend some hard-earned cash to buy bitcoin.
The system works differently than this. This Bitcoin Buying Guide will introduce you to some things you need to know before you buy – so you can buy them safely.
First, although the price of each coin may exceed $2,000, you don't have to buy the entire bitcoin. Most places will allow you to purchase some bitcoin for as little as $20. So you can start small and start from there to be more satisfied with how things work.
Second, this article is for general purposes only and should not be considered financial advice. Bitcoin may be risky and you should consult with a financial advisor before making any purchases to see if it is right for you.
So here are 3 easy steps to buy Bitcoin:
#1Get Bitcoin Wallet
The first thing to do before buying a coin is to get a virtual wallet to store coins. This wallet is a string of text that people can use to send you bitcoin.
There are many different types of wallets, including wallets that you download to your phone or computer, online wallets, and even offline cold wallets.
Most people like to put a wallet on their mobile phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium and Xapo.
Often, this is as simple as downloading a wallet as an app to a mobile phone or downloading software from a wallet's main website to a computer.
#2 Decide where to buy
There are several types of places to buy, and each place is a little different. Online sellers will sell Bitcoin directly to you for cash [or bank wire or credit card].
On the exchange, you can buy and sell bitcoin from other people – similar to the stock market. There are also local exchanges that connect you to sellers in your area.
You can also use the ATM to buy cash and ship coins to your wallet in a matter of minutes.
Every Bitcoin seller has its advantages and disadvantages. For example, ATM machines are great for privacy, but it's ridiculous to charge you up to 20% of the current price. [At the $2,000 bitcoin price, that's $400! So you have to pay $2,400 instead of $2,000].
Regardless of where you decide to buy, be sure to research and stay with trusted sellers with good reputation and customer service capabilities. Buyers who purchase for the first time are especially in doubt and may need additional support to help them make their first transaction.
Before deciding, please take a moment to study the different places of purchase. Factors to consider include coin prices, additional fees, payment methods and customer service.
#3Buy Bitcoin and move it to the wallet
Once you have found the place to buy, please have your funds ready [ie you can send a wire transfer or use Visa to fund your account]. Then wait for a good price. [The price of Bitcoin is always 7 days a week, 24 hours a day]. Then place the order when you are ready.
Once your order is executed and you have coins, you will want to send them to your wallet. Just enter your Bitcoin address and have the seller send you your bitcoin. You should see them appear in your wallet within a few minutes to an hour [depending on how quickly the seller issues them].
Hey, you are now the owner of Bitcoin. You can now send coins to pay for other goods and services, or hang on them for future use.
One last thing to remember: Bitcoin is still in its infancy. Prices fluctuate widely and currencies can be risky. Never buy more Bitcoin than you can afford.