Bitcoin Buying Guide – Easy Guide to Buying Your First Bitcoin

Advertisement

Are you searching for a Bitcoin Buying Guide? Looking for where to start? Several people have a lot of misunderstandings about bitcoin – the first accepted cryptocurrency worldwide.

At first, so many people think that shady people and hackers make use of bitcoin. However, Bitcoin is actually very popular with everyone from Expedia.com to TigerDirect to Dell and even Subway now accepting payments in bitcoin.

Why is Bitcoin So Popular?

Actually, bitcoin has a lot of advantages over other cryptocurrencies. For instance, you can send bitcoins as payment to family and friends without having to go through the bank where you’ll get charged extra fees. Making payments via Bitcoin is also much faster than sending through a bank. Your clients can receive your payment in seconds when you send through bitcoin.

Looking at all of these advantages, it’s no surprise that a lot of people are now trying to buy bitcoin and also run their businesses using bitcoin. However, using bitcoin is not as easy as going to your bank and withdrawing bitcoins.

The crypto-system works a bit differently than that. Here, we’ll talk about a few things you should know about bitcoin before buying them.

While the price might be over $15,000 per coin, you don’t have to buy a whole bitcoin. Some websites will let you purchase portions of a bitcoin for as little as $10. So you can begin little and go from there as you get familiar with the system and how thing work

Getting involved in bitcoin business can be risky, so before making any purchase, you should know what is right for you by consulting your financial advisor.

Here Are Three Easy Steps To Buying Bitcoins:

  1. Create a Bitcoin Wallet

Before you buy your coins, the first thing to do is to get a virtual wallet to store your coins. Your coin wallet is a string of text that you can use to send and receive your bitcoins.

There are different types of wallets; you can have them on your PC or smartphone. Your wallets could also be offline.

A lot of people prefer to have their wallet on their PC or phone. The popular wallets for storing your coins include Armory Blockchain, Bitgo Xapo and MyCelium.

Usually, it’s as simple as downloading the wallet as an app to your phone or simply download the software to your computer from the wallet’s main website.

  1. Look For Where to Buy Bitcoins

There are different places to buy your bitcoin and each one is a bit different. You’ll find some people online who will sell you bitcoins for cash or bank transfer.

There are some exchange websites where you can sell and buy bitcoins from other people – similar to a stock market. You can also get exchanges that can link you up with sellers in your area looking to sell their bitcoins.

Every bitcoin seller has their advantages and disadvantages. For instance, ATMs are very good for privacy, but they’ll charge you up to 15% on top of the present price, which is absurd.

Before purchasing any bitcoin from anyone, remember to make your research and choose a trusted seller with a good customer service and reputation. Every first-time buyer will especially have questions and may also need extra support to help them with their first bitcoin transaction.

Before you make a decision, take your time and research the different places to buy. The major factors to consider include extra fees, coin prices, customer service and method of payment.

  1. Purchase Bitcoin and Move It To Your Wallet

Once you find a place to buy your bitcoin, make sure your funds are ready. Then wait for the best price because bitcoin prices are not stable, they change every second.

Once your 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 minutes to an hour (depending on how fast the seller sends them out).

Voila, you are now a bitcoin owner. You can now send coins to pay for other goods and services or hang on to them for a rainy day.

One last thing to remember: bitcoin is still in its infancy. There are huge price swings and the currency can be risky. Never buy more bitcoins than you can afford to lose.

Where to Buy Bitcoins

Localbitcoins

This is the primary site for arranging face-to-face transactions and prices negotiated. Their escrow service has made the site very popular because it provides a great level of protection for the seller and buyer and you can also pay for bitcoins via cash, bank transfers or PayPal.

Coinbase

Coinbase is another popular bitcoin wallet with one of the easiest ways of purchasing bitcoin. After you sign up for this website, you’ll get a $5 bonus. You can use your card to purchase bitcoin.

Wesellcrypto

This is another website where you can sell and buy bitcoins. The site ranks high, and it is beginner friendly. You can use your PayPal to purchase bitcoin on this site also.

Bitquick

Bitquick is beginner friendly. As a user on this platform, you can accept payments for bitcoins via bank transfers or hard currencies

Cryptocurrency has made the online business easier. With bitcoins, you can now make cheaper international payments or anonymously buy merchandise, since Bitcoins are not subject to regulation from any country.

Advertisement