Looking for a Bitcoin Buying Guide? Wondering how to start? People have a lot of misconceptions about bitcoin – the very first widely known and accepted cryptocurrency worldwide.
Lots of people think for example that only hackers and shady people use it. However bitcoin is really 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 lot of benefits over other currencies. Like, you are able to send bitcoins to someone as payment without having to have the bank middleman Tipping Token (and get hit with extra fees). It is also much faster than sending money via a bank wire or transfer. You can send bitcoins to someone and ask them to receiving the coins in seconds.
With all of this, it’s not surprising that lots of people are now actually trying to buy bitcoin for the very first time. However it’s not as easy as planning to your bank and withdrawing bitcoins – or planning to a store and plunking down some hard-earned cash for bitcoin.
The device works a bit differently than that. This Bitcoin Buying Guide will go over a few things you need to find out before you decide – so you should buy safely and securely.
To start with, while the price could be over $2000 us per coin, you do not have to buy a whole bitcoin. Most places will let you buy portions of a bitcoin for as little as $20. So you can start off small and go from there as you obtain more comfortable with the way things work.
Secondly, this article is for general purposes only and never to be studied as financial advice. Bitcoin can be risky and before making any purchase you should consult with your financial advisor to see if it’s right for you.
So listed below are 3 easy steps to buying Bitcoins:
#1 Get yourself a Bitcoin Wallet
The first thing to complete before you decide your coins is to obtain a virtual wallet to store your coins. This wallet is a sequence of text that people can use to send you bitcoins.
You can find several various kinds of wallets including ones you download to your phone or computer, online wallets and even offline, cold storage wallets.
Many people prefer to obtain 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 you should Buy
There are several forms of places to buy and each one is just a bit different. You can find online sellers that’ll sell you bitcoins directly for money (or bank wire or credit card).
You can find exchanges where you are able to buy and sell bitcoins from others – just like a share market. There’s also local exchanges that link you up with sellers in your area looking to sell.
There’s also ATMs where you go to buy with cash and get your coins delivered to your wallet in minutes.
Each bitcoin seller has their benefits and drawbacks. Like ATMs are great for privacy, but they’ll charge you as much as 20% on top of the current price, that will be ridiculous. (On a BTC price of $2000, that $400! So you’re paying $2400 in place of $2000).
Wherever you choose to buy, remember to complete your research and go with a trusted seller with an excellent reputation and strong customer service. First time buyers will especially have questions and may need the excess support to simply help them using their first transaction.
Spend some time and research the different places to buy before you decide. Factors to take into account include coin prices, extra fees, method of payment and customer service.
#3 Buy Bitcoin and Move It To Your Wallet
Once you’ve found a place to buy, get your funds ready (i.e. you could send a cable transfer or use your Visa to fund your account). Then await an excellent price. (Bitcoin prices are usually fluctuating 24 hours, 7 days a week). Then place your order when you’re ready.
Once your order is filled and you’ve your coins, it is additionally vital to send them to your wallet. Simply enter your bitcoin address and get owner to send you your bitcoins. You must see them show up in your wallet within minutes to an hour or so (depending on what fast owner sends them out).
Voila, you’re now a bitcoin owner. It’s simple to send coins to pay for other goods and services, or hang on in their mind for a rainy day.
One very last thing to consider: bitcoin continues to be in its infancy. You can find huge price swings and the currency can be risky. Never buy more bitcoins than you can afford to lose.