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

Looking for a Bitcoin Buying Guide? Wondering where to begin? People have a lot of misconceptions about bitcoin – the very first widely known and recognized cryptocurrency worldwide.

A lot of people think by way of example that only hackers and questionable people use it. However bitcoin is actually going mainstream with everyone from TigerDirect to Expedia. com to Dell and even Subway accepting payments in bitcoin now.

Why a favourite?

Well, bitcoin has a lot of advantages over other currencies. For example , you can send bitcoins to someone since payment without having to go through the bank middleman (and get hit with extra fees). It’s also much faster than delivering money via a bank wire or even transfer. You can send bitcoins to someone and have them receiving the coins in seconds.

With all of this, it’s no surprise that many people are right now trying to buy bitcoin for the 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 device works a bit differently than that will. This Bitcoin Buying Guide should go over a few things you need to know any kind of – so you can buy safely and securely.

To begin with, while the price might be over $2000 us per coin, you don’t have to purchase an entire bitcoin. Most places will let you buy portions of a bitcoin to get as little as $20. So you can start off small and go from there as you get more comfortable with the way things work.

Second of all, this article is for general purposes just and not to be taken as financial suggestions. Bitcoin can be risky and before making any purchase you should consult with your own financial advisor to see if it’s best for you.

So here are 3 easy steps to purchasing Bitcoins:

#1 Get a Bitcoin Finances

The first thing to do before you buy your cash is to get a virtual wallet in order to store your coins. This pocket is a string of text that individuals can use to send you bitcoins.

There are numerous of different types of wallets including types you download to your phone or even computer, online wallets and even offline, cold storage wallets.

Most people choose to 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 software for your computer from the wallet’s main internet site.

#2 Decide Where to Buy

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

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

There are also ATMs where you go to buy with cash and get your coins delivered to your wallet in minutes.

Each bitcoin seller has their benefits and drawbacks. For example ATMs are great for privacy, but they’ll charge you up to 20% on top of the current price, which is ridiculous. (On a BTC price of $2000, that $400!
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So you’re paying out $2400 instead of $2000).

No matter where you choose to buy, remember to do your research and opt for a trusted seller with a good reputation and strong customer service. First time buyers may especially have questions and may need the extra support to help them with their particular first transaction.

Take your time and research the different places to buy before you determine. Factors to consider include coin prices, extra fees, method of payment and customer support.

#3 Buy Bitcoin and Move It To Your Wallet

Once you’ve discovered a place to buy, get your funds prepared (i. e. you may send a wire transfer or use your Australian visa to fund your account). Then await a good price. (Bitcoin prices are always fluctuating 24 hours, 7 days a week). Then place your order when you’re ready.

Once your order is filled and you have your own coins, you’ll want to send them to your own wallet. Simply enter your bitcoin address and get the seller to send a person your bitcoins. You should see them show up in your wallet within a few minutes to an hour (depending on how fast the seller sends them out).

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