Are you in search of a Bitcoin Purchase Guide? Are you unsure where to begin? There are a lot of misconceptions about bitcoin, the most well-known and accepted cryptocurrency in the world.
A lot of people believe for instance it is only for hackers or scam individuals who use bitcoin. But bitcoin is becoming mainstream, with everything starting from TigerDirect up to Expedia.com up to Dell in addition to Subway accepting bitcoin-based payments today.
What makes this is it so popular?
Bitcoin is a great alternative when compared to other currencies. For instance, you can transfer bitcoins to someone else for payment, without having to deal with a middleman in the bank (and pay additional charges). It’s also a lot more efficient than sending money through an electronic transfer or bank wire. You can transfer bitcoins to someone and then receive the bitcoins in a matter of minutes.
In light of all this happening, it’s no surprise that lots of people are looking to purchase bitcoins at first. But it’s not as simple as visiting your bank and withdrawing bitcoins or even going to a retail store and spending hard-earned cash in exchange for bitcoin.
The system operates a little differently. This Bitcoin buying guide will provide aspects you need to be aware of prior to purchasing to ensure that you buy with confidence and in a secure manner.
While the cost may be higher than $2000 USD for each coin you do not have to purchase a whole bitcoin. Many sites let you purchase a small amount of bitcoin for just $20. You can begin with a small amount and then increase it as you become more comfortable with the system.
Furthermore, the article is written meant for general use only and should not be considered for financial guidance. Bitcoin is risky, and prior to making any purchase, consult your financial advisor to determine if bitcoin is suitable for you.
So, here are 3 simple steps to purchase Bitcoins:
1 Create a Bitcoin Wallet
The first step to take before buying the coins you want to acquire a virtual wallet for your money. The wallet is a line of text which you can use to transfer bitcoins.
There are many kinds of wallets, including ones that you can download to your mobile or computer as well as online wallets. There are also cold storage wallets that are offline.
A majority of people choose to have a wallet for their phone or laptop. The most popular wallets are Blockchain, Armory, Bitgo MyCelium, and Xapo.
It’s usually as easy to download the wallet onto your smartphone as an app or download the program onto your computer from the wallet’s main site.
2 Choose where to buy
There are a variety of shops to buy from and each differs in its own way. There are online sellers who offer bitcoins in exchange for money (or the bank’s wire, and credit cards).
There are exchanges where you can purchase and sell bitcoins to other users similar to the stock market. There are local exchanges that hook you to sellers in your region seeking to sell.
ATMs are also available where you can purchase with cash and have your cash delivered to your account in a matter of seconds.
Every Bitcoin seller has its advantages and drawbacks. ATMs, for instance, are fantastic for privacy, however, they’ll charge up to 20% over the current price, which is absurd. (On a BTC cost of $1000 that’s $400! This means you’re getting $2400 for $2000 instead).
Whichever way you decide to purchase, make sure to research thoroughly and select a reliable seller with a great reputation and excellent customer service. New buyers are likely to be unsure and require extra assistance to help those who are making their first purchase.
Spend some time researching the various stores to purchase from before you choose. Things to take into consideration are the cost of coins, additional fees as well as payment methods as well as customer support.
3 Purchase Bitcoin and move it to Your Account
If you’ve located a store to purchase, make sure you have your money ready (i.e. you can pay by wire transfer or make use of your Visa to transfer funds to an account). Wait for a reasonable price. (Bitcoin price fluctuations are constant 24/7, 7 every day of the week). Make your purchase when you are at your ease.
After your purchase is complete and you’ve got your cash You’ll need to transfer the money to your account. Enter your bitcoin address and request the seller deliver your bitcoins. They should arrive in your bank account in a matter of minutes or one hour (depending on the speed at which the seller is in sending the bitcoins out).
Voila, you’re now an owner of bitcoin. Now you can send bitcoin to pay for other items and services or hold on to them in case of rainy days.
Last thing to be remembered Bitcoin is in its early days. There are massive price swings, and the currency is dangerous. Do not purchase more bitcoins than you’re able to risk losing.
