Looking for a Bitcoin Buying Guide? Wondering where to start? Individuals have lots of misconceptions about bitcoin – the 1st widely known and accepted cryptocurrency worldwide.
Plenty of people think for instance that only hackers and shady people use it. However bitcoin is obviously 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 lots of benefits over other currencies. For example, you can send bitcoins to someone as payment without having to go through the bank middleman Bitcoin Cash Token (and get hit with extra fees). It’s also much faster than sending money via a bank wire or transfer. You are able to send bitcoins to someone and keep these things receiving the coins in seconds.
With this, it’s no real surprise that many people are actually trying to get bitcoin for the initial time. However it’s not as easy as planning to your bank and withdrawing bitcoins – or planning to a shop and plunking down some hard-earned cash for bitcoin.
The machine works a little differently than that. This Bitcoin Buying Guide should go over two things you need to find out before you buy – so you can purchase safely and securely.
To begin with, while the purchase price could be over $2000 us per coin, you don’t have to get a complete bitcoin. Most places enables you to buy portions of a bitcoin for as little as $20. So you can begin off small and go from there as you receive more comfortable with the way things work.
Secondly, this short article is for general purposes only and not to be used as financial advice. Bitcoin may be risky and before making any purchase you must consult along with your financial advisor to see if it’s right for you.
So here are 3 easy steps to purchasing Bitcoins:
#1 Obtain a Bitcoin Wallet
The very first thing to accomplish before you buy your coins is to get a virtual wallet to store your coins. This wallet is a chain of text that folks may use to send you bitcoins.
There are a number of different types of wallets including ones you download to your phone or computer, online wallets and even offline, cold storage wallets.
A lot of 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 application to your computer from the wallet’s main website.
#2 Decide Where you can Buy
There are many kinds of places to get and every one is just a bit different. There are online sellers that may sell you bitcoins directly for money (or bank wire or credit card).
There are exchanges where you are able to buy and sell bitcoins from others – just like a stock market. There are also local exchanges that link you up with sellers in your town looking to sell.
There are also ATMs where you go to buy with cash and get your coins sent to your wallet in minutes.
Each bitcoin seller has their benefits and drawbacks. For example ATMs are great for privacy, but they’ll charge you around 20% on the top of current price, which can be ridiculous. (On a BTC price of $2000, that $400! So you’re paying $2400 instead of $2000).
Wherever you determine to buy, remember to accomplish your research and go with a respected seller with a great reputation and strong customer service. Very first time buyers will especially have questions and may need the excess support to help them with their first transaction.
Take your time and research the various places to get when you decide. Factors to take into account 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 spot to get, get your funds ready (i.e. you might send a cable transfer or use your Visa to fund your account). Then wait for a great 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, you’ll want to send them to your wallet. Simply enter your bitcoin address and get the seller to send you your bitcoins. You should see them arrive in your wallet within seconds to an hour or so (depending on what fast the seller sends them out).
Voila, you’re now a bitcoin owner. Now you can send coins to fund other goods and services, or hold on in their mind for a wet day.
One very last thing to remember: bitcoin remains in its infancy. There are huge price swings and the currency may be risky. Never buy more bitcoins than you are able to lose.