Bitcoin Buying Guide: Simple 3-Step Guide to Buying Your First Bitcoin

Looking for a Bitcoin buying guide? Wondering where to start? People have a lot of misconceptions about bitcoin, the first widely known and accepted cryptocurrency around the world.

Many people think, for example, that only hackers and suspicious people use it. However, bitcoin is going mainstream with everyone from TigerDirect to Expedia.com, Dell, and even Subway, which now accepts payments in bitcoin.

Why so popular?

Well, bitcoin has many benefits over other currencies. For example, you can send bitcoins to someone as payment without going through the bank intermediary (and receiving additional fees). It is also much faster than sending money via wire transfer or wire transfer. You can send bitcoins to someone and have them receive the coins in seconds.

With all this, it is no wonder that many people try to buy bitcoins for the first time. However, it’s not as easy as going to your bank and withdrawing bitcoins, or going to a store and spending some hard-earned money on bitcoins.

The system works a little differently than that. This Bitcoin Buying Guide will go over a few things you need to know before buying, so that you can shop safely.

First of all, while the price can exceed $ 2000 US dollars per coin, you don’t need to buy a full bitcoin. Most places will allow you to buy parts of a bitcoin for as little as $ 20. So you can start small and go from there as you become more comfortable with the way things work.

Second, this article is for general purposes only and should not be taken as financial advice. Bitcoin can be risky and before making any purchase you should check with your financial advisor to see if it is right for you.

So here are 3 easy steps to buy Bitcoins:

# 1 Get a Bitcoin wallet

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

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

Most people prefer to have a wallet on their phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium, and Xapo.

It’s usually as simple as downloading the wallet to your phone as an app, or downloading the software to your computer from the main wallet website.

# 2 Decide where to buy

There are several types of places to shop and each one is a little different. There are online sellers who will sell you bitcoins directly for cash (or bank transfer 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 to sellers in your area looking to sell.

There are also ATMs where you can shop with cash and receive your coins in your wallet in minutes.

Each seller of bitcoins has its advantages and disadvantages. For example, ATMs are great for privacy, but they will charge you up to 20% on top of the current price, which is ridiculous. (We have a BTC price of $ 2000, that’s $ 400! So you’re paying $ 2400 instead of $ 2000).

No matter where you decide to shop, remember to do your research and go with a trusted seller with a good reputation and strong customer service. First-time buyers will have special questions and may need additional support to help them with their first transaction.

Take your time and research the different places to shop before deciding. Factors to consider include coin prices, additional fees, payment method, and customer service.

# 3 Buy Bitcoin and move it to your wallet

Once you’ve found a place to shop, prepare your funds (that is, you can send a wire transfer or use your Visa to fund your account). Then expect a good price. (Bitcoin prices always fluctuate 24/7.) Then place your order when you’re ready.

Once your order is complete and you have your coins, you will want to send them to your wallet. Just enter your bitcoin address and have the seller send you your bitcoins. You should see them appear in your wallet in a matter of minutes to an hour (depending on how fast the seller sends them).

Voila, now you own bitcoins. Now you can send coins to pay for other goods and services, or keep them for a rainy day.

One last thing to remember: bitcoin is still in its infancy. There are big price swings and the currency can be risky. Never buy more bitcoins than you can afford to lose.