Bitcoin Buying Guide – Easy 3-Step Guide to purchasing Your First Bitcoin

Looking for a Bitcoin Buying Guide? Wondering the place to start? People have a great deal of misconceptions about bitcoin – the very first well known and accepted cryptocurrency worldwide.

A lot of people think for example that only hackers and shady people utilize it. However bitcoin is really going mainstream with everyone from TigerDirect to Expedia.com to Dell and even Subway accepting payments in bitcoin now.

Why so popular?

Well, bitcoin has 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 considerably faster than sending money with a bank wire or transfer. It is possible to send bitcoins to someone and also have them receiving the coins in seconds.

With all of this, it’s no surprise that lots of people are now attempting to buy bitcoin for the very first time. However it’s not as easy as going to your bank and withdrawing bitcoins – or going 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 couple of things you have to know before you buy – to help you buy safely and securely.

First of all, as the price might be over $2000 us per coin, you don’t have to buy an entire bitcoin. Most places will let you buy portions of a bitcoin for as little as $20. So you can start small and go from there as you obtain more comfortable with just how things work.

Secondly, this short article is for general purposes only rather than to be taken as financial advice. Bitcoin can be risky and prior to making any purchase you need to check with your financial advisor to see if it’s right for you.

So here 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 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 different types 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 being an app or downloading the program to your personal computer from the wallet’s main website.

#2 Decide Where you can Buy

There are several forms of places to buy and each is a bit different. There are online sellers which will sell you bitcoins directly for cash (or bank wire or charge card).

There are exchanges where you could trade bitcoins from others – 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 purchase with cash and get your coins sent to your wallet in minutes.

Each bitcoin seller has their positives and negatives. For example ATMs are excellent for privacy, but they’ll ask you for up to 20% on top of the current price, that is ridiculous. (On a BTC price of $2000, that $400! So you’re paying $2400 rather than $2000).

No matter where you decide to buy, remember to research your facts and go with a reliable seller with a good reputation and strong customer support. First time buyers will especially have questions and may need the extra support to greatly help them with their first transaction.

Invest some time and research the different places to get before you decide. Factors to consider include coin prices, extra fees, method of 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 wait for Wasabi Wallet . (Bitcoin prices are always fluctuating a day, 7 days weekly). Then place your order when you’re ready.

Once your order is filled and you have your coins, you need to send them to your wallet. Simply enter your bitcoin address and get the seller to send you your bitcoins. You need to see them show up in your wallet within minutes to one hour (depending on how fast owner sends them out).

Voila, you’re now a bitcoin owner. Now you can send coins to pay for other goods and services, or hold on in their mind for a rainy day.

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