Need a Bitcoin Purchase Guide? Thinking of where to start? People have many misconceptions about bitcoin – the first widely known and accepted encryption in the world.
Many people think that they are only used by hackers and shadow people. But Bitcoin is actually going from TigerDirect to Expedia.com to Dell and now it is leading the way in accepting payments in bitcoin.
Why is it so popular?
Well, Bitcoin has many advantages over other currencies. For example, you can send bitcoins to someone without having to go through the bank’s middle person (and hit for more payments). It is also much faster than sending money via bank wire or transfer. You can send bitcoin to someone and get the coins in seconds.
Not surprisingly, many people are now trying to buy bitcoin for the first time. But it is not so easy to go to your bank and withdraw bitcoin – or go to a store and make some money for bitcoin.
The system works a little differently. This Bitcoin Shopping Guide goes through a few things you need to know before you buy – so you can buy it safely and securely.
First of all, although it can cost us more than $ 2,000 per penny, you do not need to buy one full bitcoin. Many sites allow you to purchase Bitcoin units for as little as $ 20. So you feel more comfortable with the way things are done, so you can start small and then move on.
Second, this article is for general purposes only and should not be construed as financial advice. You may want to consult your financial advisor before making any purchase, as bitcoin can be dangerous.
So here are 3 easy steps to buy Bitcoins:
Get the # 1 Bitcoin Wallet
Before you buy your coins, the first thing you need to do is find a virtual wallet to store your coins. This wallet is a text cable that people can use to send you Bitcoin.
There are many different types of wallets that you can download to your phone or computer, online wallets and even offline storage wallets.
Most people prefer to have a wallet on their phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium and Xapo.
It is usually easy to download the wallet as your phone or download the software from the college’s main website.
# 2 Decide where to buy
There are many types of places to buy and each one is a little different. There are online sellers who sell bitcoin directly for cash (or bank wire or credit card).
There are exchanges that buy and sell bitcoin with others – similar to the stock market. There are also local exchanges that link you to local sellers who want to sell.
There are also ATMs where you can buy in cash and have your coins delivered to your wallet in minutes.
Every bitcoin seller has its advantages and disadvantages. ATMs, for example, are great for privacy, but they charge you up to 20% on current prices, which is ridiculous. (At BTC $ 2,000, that’s $ 400! So you pay $ 2,400 instead of $ 2,000).
No matter where you decide to buy, remember to do your research and go with a reputable seller with a good reputation and strong customer service. First-time buyers will have particular questions and may need additional support to help with their initial transaction.
Take your time before you decide and explore different places to buy. Factors to consider include coin prices, additional fees, payment methods, and customer service.
# 3 Buy Bitcoin and take it to your wallet
Once you have a place to buy, set up your money (i.e. you can send wire transfer or use your visa to support your account). Then expect a good price. (Bitcoin prices fluctuate 7 days a week, 24 hours a day). Then submit your order when you are ready.
Once your order is complete and you have your coins, you will want to send them to your wallet. Simply enter your bitcoin address and let the seller send you your bitcoins. You should see it in your bag for up to an hour in minutes (depending on how fast the seller sends it).
Villa, you now own bitcoin. You can now send coins or hang them on a rainy day to pay for other goods and services.
One last thing to remember is that Bitcoin is still in its infancy. There is high volatility and currency can be dangerous. Never buy more bitcoins than you can afford to lose.