Looking for a Bitcoin Buying Guide? Wondering where to begin? People have a lot of misconceptions about bitcoin – the very first widely known and recognized cryptocurrency worldwide.
A lot of people think for example that only hackers and shady people use it. However bitcoin is actually going mainstream with everyone from TigerDirect to Expedia. com in order to Dell and even Subway accepting obligations in bitcoin now.
Why so popular?
Well, bitcoin has a lot of benefits over other currencies. For example , you can send bitcoins to someone since payment without having to go through the bank middleman (and get hit with extra fees). It’s also much faster than delivering money via a bank wire or even transfer. You can send bitcoins in order to someone and have them receiving the particular coins in seconds.
With all of the, it’s no surprise that many people are now trying to buy bitcoin for the first time.
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However it’s not as easy as going to your bank and withdrawing bitcoins – or likely 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 go over a few things you need to know purchase – 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 buy an entire bitcoin. Most places enables you to buy portions of a bitcoin regarding as little as $20. So you can start off small and go from there as you get more comfortable with the way things work.
Second of all, this article is for general purposes just and not to be taken as financial suggestions. Bitcoin can be risky and before you make any purchase you should consult with your financial advisor to see if it’s best for you.
So here are 3 easy steps to purchasing Bitcoins:
#1 Get a Bitcoin Finances
The first thing to do before you buy your cash is to get a virtual wallet in order to store your coins. This budget is a string of text that people can use to send you bitcoins.
There are a variety of different types of wallets including ones you download to your phone or computer, online wallets and even off-line, cold storage wallets.
Most people would rather get a wallet on their phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium and Xapo.
Usually it’s as simple as downloading it the wallet to your phone being an app or downloading the software for your computer from the wallet’s main site.
#2 Decide Where to Buy
There are several types of places to buy and each the first is a bit different. There are online sellers that will sell you bitcoins directly for cash (or bank wire or credit card).
There are exchanges where you can buy and sell bitcoins from other people – similar to a stock market. Additionally, there are local exchanges that link a person up with sellers in your area looking to market.
There are also ATMs where you go to purchase with cash and get your coins delivered to your wallet in minutes.
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 paying out $2400 instead of $2000).
No matter where you decide to buy, remember to do your research and choose a trusted seller with a good reputation plus strong customer service. First time buyers will especially have questions and may require the extra support to help them with their particular first transaction.
Take your time and research the different places to buy before you determine. Factors to consider include coin prices, additional fees, method of payment and customer support.
#3 Buy Bitcoin and Shift 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 Australian visa to fund your account). Then wait for 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 coins, you’ll want to send them to your own wallet. Simply enter your bitcoin address and get the seller to send you your bitcoins. You should see all of them show up in your wallet within minutes to an hour (depending on how quick the seller sends them out).