Searching for a Bitcoin Buying Guide? Wondering where to begin? People have a lot of misconceptions about bitcoin – the very first widely known and accepted cryptocurrency worldwide.
A lot of people think one example is 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 a popular choice?
Well, bitcoin has a lot of advantages over other currencies. For example , you are able to send bitcoins to someone because 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 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 right now trying to buy bitcoin for the first time. Nevertheless it’s not as easy as going to your bank and withdrawing bitcoins – or likely to a store and plunking down a few hard-earned cash for bitcoin.
The machine works a bit differently than that. 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 buy an entire bitcoin. Most places allow you to buy portions of a bitcoin for as little as $20. So you can start off small and go from there as you get more comfortable with the way things work.
Secondly, this article is for general purposes just and not to be taken as financial guidance. Bitcoin can be risky and before you make any purchase you should consult with your own financial advisor to see if it’s best for you.
So here are 3 easy steps to buying Bitcoins:
#1 Get a Bitcoin Finances
The first thing to do before you buy your cash is to get a virtual wallet to store your coins. This wallet is a string of text that people can use to send you bitcoins.
There are numerous of different types of wallets including ones you download to your phone or computer, online wallets and even offline, cold storage wallets.
Most 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 getting the wallet to your phone as an app or downloading the software to 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 retailers that will sell you bitcoins straight for cash (or bank wire or credit card).
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There are trades where you can buy and sell bitcoins from other people – similar to a stock market. There are also 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 cash delivered to your wallet in a few 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 absurd. (On a BTC price of $2000, that $400! So you’re having to pay $2400 instead of $2000).
No matter where you decide to buy, remember to do your research and go with a trusted seller with a good reputation and strong customer service. First time buyers may especially have questions and may require the extra support to help them with their first transaction.
Take your time and research the different places to buy before you decide. Factors to consider include coin prices, additional fees, method of payment and customer care.
#3 Buy Bitcoin and Shift It To Your Wallet
Once you’ve found a place to buy, get your funds prepared (i. e. you may send the wire transfer or use your Visa for australia to fund your account). Then await a good price. (Bitcoin prices are 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 wallet. Simply enter your bitcoin address and get the seller to send you your bitcoins. You should see them show up in your wallet within mins to an hour (depending on how quick the seller sends them out).