Bitcoin Buying Guide
Are you looking for a Bitcoin Buying Guide? Are you wondering where to start? People have a lot of misinterpretation about Bitcoin. Bitcoin is globally and largely accepted. A lot of people think that only the hackers use this system. However, this system is accepted broadly, hence making it popular.
Why so popular?
Well, this system has got lots of benefits compared to other currencies. For example, you can send bitcoins to someone as payment from the comfort of your home without going to the bank. It is simply fast compared to bank or wire transfer; it only takes seconds unlike wire transfer or bank which will take days.
With all this, many people are now turning to Bitcoin. This article will help you learn about a few things that you need to know before you buy Bitcoin. After this, you can be able to buy safely and securely since not all sellers are trustworthy.
Here are 3 easy steps to buying Bitcoins:
Find a Bitcoin Wallet
The first thing you need to do before buying your coins is to get an e-wallet so that you can store your coins here. This wallet is basically where coins can be bought, stored or traded. There are different types of wallets; you can download them on your smartphones, laptops or desktops.
Most people prefer getting wallets on their smartphones or computer. The most popular wallets include Blockchain, Armory, and Xapo. Usually, it is so simple to download the wallet on your phone as an app, or you can even download the software to your computer from the wallet’s main website.
Decide Where to Buy
There are several places you can buy bitcoins, but again each one is a bit different. There are online sellers of Bitcoins that will sell them to you directly for cash or credit card or even bank wire.
You can also purchase your Bitcoins from an ATM with cash and get your coins delivered in your wallet just in minutes. ATMs provide privacy.
Still, you can also buy and sell Bitcoins from others, and this is similar to a stock market. Some sellers may be in your area, but you have no idea. Therefore local exchanges will link you up to them.If you have to buy, then do your research carefully and go with a trusted seller and with a good reputation.
As a first time buyer, you may have many questions and so choose a buyer that will answer your questions as desired till you get you points clear. Also before you decide where to buy, do some research first. You should consider the following factors: price, fees mode of payment and customer service.
Buy Bitcoin and Move it to Your Wallet
Once you have a place to buy the Bitcoins now get your money ready. You can decide to use a bank wire or credit card to fund your Bitcoin account. Note, Bitcoin prices always fluctuate 24/7.Just try and wait for the best price instead of buying it at a very high price then now you can place your order.
Once you have received your coins, you will have to send them to your wallet account. You can now enter your Bitcoin address, and you will get a seller who will send you your Bitcoins. You will see the coins showing up in your wallet just within minutes to an hour, but these will also depend on how fast the seller sends the out to your wallet.
Once all this is done, you now become a Bitcoin owner. You will be now free to use your coins; you can either decide to pay for other goods and services or just let them stay in your account.
Always remember the golden rule; never buy more than you can afford to lose. Don’t risk buying more coins.