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Are you looking for a Bitcoin buying guide? You’re in the right place.
Lots of people have different misconceptions about Bitcoin. Some think it is used by only hackers. However, Bitcoin has lots of benefits over other types of currencies and it has been embraced by big brands such as Expedia.com, TigerDirect, Subway, and Dell.
You can send bitcoins to someone to make payment without going through a third party. It is also easier and faster to send than sending money through a bank transfer. As a result of its advantages over the traditional form of money, lots of people are trying to buy it for the first time.
However, it is not that easy. In this Bitcoin buying guide, we will consider some things that will guide you when buying Bitcoin so that you can do buy your first Bitcoin securely and safely.
Get A Bitcoin Wallet
The first step you need to take to buy Bitcoin is to get a virtual wallet where you will store your Bitcoin. You will find different types of wallets online. Some of the popular ones include Blockchain, Bitgo, Armory, MyCelium, and Xapo.
You can easily download these wallets to your phone or computer.
<< Read: Why is Bitcoin So Volatile? >>
Decide Where To Buy Bitcoin
You can buy Bitcoin from different places. We have online sellers that can sell Bitcoin to you directly through bank wire or credit card.
We also have exchanges where people can buy and sell Bitcoins (just like the stock market). Local exchanges are also another option.
Also, there are ATMs where you can go to buy Bitcoin with cash and get your cryptocurrency transferred to your wallet in minutes.
Each of these methods has its advantages and disadvantages. So, do your research and choose an option that aligns with your skill level and expectations.
Irrespective of the option you choose, ensure you go with a reliable seller with a good image. Also, consider the price of the coin, additional fees, payment method, as well as customer service before choosing an option through which you want to buy Bitcoin.
Transfer The Bitcoin To Your Wallet
After you found a place to buy your Bitcoin, the next step is to get your money ready. You can either send a wire transfer or use a Visa card to fund your account. Wait for a good price (Bitcoin is volatile; its price changes every time). Once you find a good price, place your order.
After your order has been placed and you have received your Bitcoin, ensure you send it to your wallet. To do so, enter your Bitcoin address and ask the seller to transfer your Bitcoin to you. The Bitcoin should reflect in your wallet within a few minutes to one hour (depending on how quickly the seller transfers it out).
And that’s how easy it is to become a Bitcoin owner. Now that you’ve bought your first Bitcoin, you can either send it to pay for goods and services or keep it as an investment.