Looking for a Bitcoin Buying Guide? Wondering the place to start? People have a great deal of misconceptions about bitcoin – the very first well known and accepted cryptocurrency worldwide.
A lot of people think for example that only hackers and shady people utilize it. However bitcoin is really going mainstream with everyone from TigerDirect to Expedia.com to Dell and also Subway accepting payments in bitcoin now.
Why so popular?
Well, bitcoin includes a large amount of benefits over other currencies. For example, you can send bitcoins to someone as payment without having to feel the bank middleman (and obtain hit with extra fees). Wasabi Wallet is also considerably faster than sending money with a bank wire or transfer. It is possible to 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 first time. However it’s not as easy as likely to your bank and withdrawing bitcoins – or going to a store and plunking down some hard-earned cash for bitcoin.
The system works a bit differently than that. This Bitcoin Buying Guide will review a few things you have to know before you get – so that you can buy safely and securely.
First of all, while the price might 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 less than $20. So you can start off small and go from there as you obtain more comfortable with the way things work.
Secondly, this short article is for general purposes only rather than to be studied as financial advice. Bitcoin can be risky and prior to making any purchase you need to consult with your financial advisor to see if it’s right for you.
So here are 3 easy steps to purchasing Bitcoins:
#1 Get yourself a Bitcoin Wallet
The first thing to do before you get your coins would be to get a virtual wallet to store your coins. This wallet is really 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 even offline, cold storage wallets.
Most people would rather get a wallet on the phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium and Xapo.
Usually it’s as simple as downloading the wallet to your phone as an app or downloading the software to your computer from the wallet’s main website.
#2 Decide Where you can Buy
There are several types of places to buy and each one is a bit different. You can find online sellers that will sell you bitcoins directly for cash (or bank wire or charge card).
There are exchanges where one can trade bitcoins from others – much like a stock market. Additionally, there are local exchanges that link you up with sellers in your town 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 charge you 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 instead of $2000).
No matter where you decide to buy, remember to research your facts and go with a reliable seller with an excellent reputation and strong customer service. First time buyers will especially have questions and may need the extra support to help them with their first transaction.
Invest some time and research the different places to get before you decide. Factors to consider include coin prices, extra fees, method of payment and customer support.
#3 Buy Bitcoin and Move It To Your Wallet
Once you’ve found a place to get, get your funds ready (i.e. you might send a wire transfer or use your Visa to invest in your account). Then await a good price. (Bitcoin prices are always fluctuating a day, 7 days weekly). Then place your order when you’re ready.
Once your order is filled and you have your coins, you will want to send them to your wallet. Simply enter your bitcoin address and get owner to send you your bitcoins. You should see them show up in your wallet within minutes to an hour (based on how fast owner sends them out).
Voila, you’re now a bitcoin owner. You can now send coins to pay for other goods and services, or hold on to them for a rainy day.
One last thing to keep in mind: bitcoin continues to be in its infancy. There are huge price swings and the currency could be risky. Never buy more bitcoins than you can afford to lose.