Looking for a Bitcoin Buying Guide? Wondering where to begin? People have a lot of misconceptions about bitcoin – the very first widely known and approved cryptocurrency worldwide.
A lot of people think such as that only hackers and shady people use it. However bitcoin is in fact going mainstream with everyone through TigerDirect to Expedia. com in order to Dell and even Subway accepting payments in bitcoin now.
Why a favourite?
Well, bitcoin has a lot of advantages over other currencies. For example , you are able to send bitcoins to someone since payment without having to go through the bank middleman (and get hit with additional fees). It’s also much faster than delivering money via a bank wire or transfer. You can send bitcoins in order to someone and have them receiving the particular coins in seconds.
With all of this, it’s no surprise that many people are right now trying to buy bitcoin for the first time. However it’s not as easy as going to your bank plus withdrawing bitcoins – or going to a store and plunking down some hard-earned cash for bitcoin.
The machine works a bit differently than that will. This Bitcoin Buying Guide goes over a few things you need to know before you buy – so you can buy safely and securely.
To begin with, while the price might be over $2000 us per coin, you don’t have to purchase an entire bitcoin. Most places will let you buy portions of a bitcoin to get as little as $20. So you can start off small and go from there as you have more comfortable with the way things work.
Second, this article is for general purposes only and not to be taken as financial advice. Bitcoin can be risky and before making any purchase you should consult with your own financial advisor to see if it’s right for you.
So here are 3 easy steps to purchasing Bitcoins:
#1 Get a Bitcoin Budget
The first thing to do before you buy your cash is to get a virtual wallet in order to store your coins. This finances is a string of text that people can use to send you bitcoins.
There are numerous of different types of wallets including types you download to your phone or computer, online wallets and even off-line, cold storage wallets.
Most people prefer to get a wallet on their phone or even computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium and Xapo.
Usually it’s as simple as installing the wallet to your phone being an app or downloading the software for your computer from the wallet’s main internet site.
#2 Decide Where to Buy
There are many types of places to buy and each one is a bit different. There are online retailers that will sell you bitcoins straight for cash (or bank wire or credit card).
There are exchanges where you can buy and sell bitcoins from others – similar to a stock market. Additionally, there are local exchanges that link you up with sellers in your area looking to sell.
There are also ATMs where you go to buy with cash and get your coins delivered to your wallet in mins.
Each bitcoin seller has their own benefits and drawbacks. For example ATMs are great for personal privacy, but they’ll charge you up to 20% on top of the current price, which is ridiculous. (On a BTC price of $2000, that $400! So you’re spending $2400 instead of $2000).
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No matter where you choose to buy, remember to do your research and go with a trusted seller with a good reputation plus strong customer service. First time buyers will especially have questions and may need the extra support to help them with their particular first transaction.
Take your time and analysis the different places to buy before you decide. Factors to consider include coin prices, extra fees, method of payment and customer support.
#3 Buy Bitcoin and Proceed It To Your Wallet
Once you’ve found a place to buy, get your funds ready (i. e. you may send the wire transfer or use your Visa to fund your account). Then await a good price. (Bitcoin prices are always fluctuating 24 hours, 7 days a week). Then place your order when you’re ready.
Once your own order is filled and you have your own coins, you’ll want to send them to your wallet. Simply enter your bitcoin address and get the seller to send a person your bitcoins. You should see all of them show up in your wallet within moments to an hour (depending on how fast the seller sends them out).