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 1st widely known and accepted cryptocurrency worldwide.

Lots of people think for instance that only hackers and shady people use it. However bitcoin is actually going mainstream with everyone from TigerDirect to Expedia.com to Dell and also 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 having 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. You can send bitcoins to someone and also have them receiving the coins in seconds.

With all this, it’s no surprise that many people are now trying 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 little differently than that. This Bitcoin Buying Guide will review a couple of things you have to know before you get – to help you buy safely and securely.

First of all, as the price may be over $2000 us per coin, you don’t have to buy a whole bitcoin. Most places enables you to buy portions of a bitcoin for as little as $20. In order to start small and go from there as you get more comfortable with the way things work.

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

So here are 3 easy steps to buying Bitcoins:

#1 Get yourself a Bitcoin Wallet

The first thing to do before you buy your coins would be to get yourself a virtual wallet to store your coins. This wallet is a string of text that people can use to send you bitcoins.

There are a variety 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 the 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 software 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 that may sell you bitcoins directly for cash (or bank wire or credit card).

There are exchanges where you can buy and sell bitcoins from others – similar to a stock market. There are also local exchanges that link you up with sellers in your town looking to sell.

Additionally, there are ATMs where you head to purchase with cash and obtain your coins delivered to your wallet in minutes.

Each bitcoin seller has their benefits and drawbacks. For example ATMs are excellent for privacy, but they’ll ask you for up to 20% on top of 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 reliable seller with a good reputation and strong customer service. First-time buyers will especially have questions and could need the excess support to greatly help them making use of their first transaction.

Take your time and research the different places to get before you decide. Things 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 location to buy, get your funds ready (i.e. you might send a wire transfer or use your Visa to fund your account). Then wait for a good price. (Bitcoin prices are always fluctuating a day, 7 days a week). Then place your order when you’re ready.

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

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

One last thing to remember: bitcoin continues to be in its infancy. There are Wasabi Wallet and the currency can be risky. Never buy more bitcoins than you can afford to lose.

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