Looking for a Bitcoin Buying Guide? Wondering where to start? People have lots of misconceptions about bitcoin – the very first widely known and accepted cryptocurrency worldwide.
Many people think for example that only hackers and shady people use it. However bitcoin is really going mainstream with everyone from TigerDirect to Expedia.com to Dell and also Subway accepting payments in bitcoin now.
Why so popular?
Well, bitcoin includes a lot of benefits over other currencies. For example, you can send bitcoins to someone as payment without needing to feel the bank middleman (and get hit with extra fees). It’s also much faster than sending money with a bank wire or transfer. You can send bitcoins to someone and have them receiving the coins in seconds.
With all this, it’s no surprise that lots of people are now trying to buy bitcoin for the first time. However it’s not as easy as likely 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. Wasabi Wallet Buying Guide will go over a couple of things you need to know before you buy – to help you buy safely and securely.
First of all, while the price might be over $2000 us per coin, you don’t need to buy a whole bitcoin. Most places enables you to buy portions of a bitcoin for less than $20. To help you start small and go from there as you get more comfortable with just how things work.
Secondly, this short article is for general purposes only and not to be taken as financial advice. Bitcoin can be risky and prior to making any purchase you need to consult with your financial advisor to see whether it’s right for you.
So listed below are 3 easy steps to purchasing Bitcoins:
#1 Get yourself a Bitcoin Wallet
The first thing to accomplish before you buy your coins is to get yourself a virtual wallet to store your coins. This wallet is really a string of text that folks can use to send you bitcoins.
There are numerous of various kinds of wallets including ones you download to your phone or computer, online wallets and even offline, 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 the wallet to your phone as an app or downloading the program to your personal computer from the wallet’s main website.
#2 Decide Where to Buy
There are several types of places to buy and each one is a bit different. You can find online sellers that may sell you bitcoins directly for cash (or bank wire or charge card).
There are exchanges where you could trade bitcoins from others – much like a stock market. There are also local exchanges that link you up with sellers in your town looking to sell.
There are also ATMs where you go to purchase with cash and obtain your coins sent to your wallet in minutes.
Each bitcoin seller has their benefits and drawbacks. For example ATMs are great for privacy, but they’ll ask you for up to 20% along with the current price, which is ridiculous. (On a BTC price of $2000, that $400! So you’re paying $2400 rather than $2000).
No matter where you choose to buy, remember to do your research and go with a trusted seller with an excellent reputation and strong customer service. First time buyers will especially have questions and may need the extra support to greatly help them with their first transaction.
Take your time and research the various places to get before you decide. Factors to consider include coin prices, extra fees, approach to payment and customer service.
#3 Buy Bitcoin and Move It To Your Wallet
Once you’ve found a place to buy, get your funds ready (i.e. you might send a wire transfer or use your Visa to invest in your account). Then await a good price. (Bitcoin prices are always fluctuating a day, 7 days a week). Then place your order as you prepare.
Once your order is filled and you have your coins, you will want to send them to your wallet. Simply enter your bitcoin address and get owner to send you your bitcoins. You need to see them arrive in your wallet within a few minutes to an hour (depending on how fast owner sends them out).
Voila, you are now a bitcoin owner. You can now send coins to cover other goods and services, or hold on to them for a rainy day.
One last thing to keep in mind: bitcoin continues to be in its infancy. There are huge price swings and the currency can be risky. Never buy more bitcoins than you can afford to lose.