Bitcoin Buying Guide – An easy 3 step guide to buying your first bitcoin


Looking for Bitcoin Buying Guide? Wondering where to start? People have a lot of misconceptions about Bitcoin – the first known and accepted cryptocurrency worldwide.

Many people, for example, think that only hackers and shadowy people use it. But Bitcoin is actually going mainstream with everyone from TigerDirect to to Dell and even Subway is now accepting payments in Bitcoin.

Why so popular?

Well, Bitcoin has many advantages over other currencies. For example, you can send Bitcoin to someone as a payment without a bank intermediary (and getting hurt with extra fees). This is much faster than sending or transferring money via bank cable. You can send Bitcoin to someone and receive coins in seconds.

With all of this, it’s no surprise that many are now trying to buy Bitcoin for the first time. However, it’s not as easy as going to your bank and withdrawing bitcoin – or going to a store and sinking some hard-earned cash for bitcoin.

The system works a little differently than that. This bitcoin buying guide will rely on some of the things you know before you buy – so you can buy safely and securely.

First, when the price can be more than $ 2000 USD per coin, you don’t have to buy a whole bitcoin. Most places will let you buy some bitcoin for as little as 20. So you can start small and go from there because you feel more comfortable with the way you work.

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

Here are 3 easy steps to buy Bitcoin:

# 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 bitcoin.

Your phone or computer has a variety of wallets, including downloaded wallets, online wallets and even offline, cold storage wallets.

Most people like to get a wallet on their phone or computer. Popular wallets include Blockchain, Armory, Bitgo Mycelium and Zapo.

Usually it is as easy as downloading a wallet on your phone or downloading software to your computer from the original website of the wallet.

# 2 Decide where to buy

There are different types of places to buy and each is different. There are online sellers who will sell you Bitcoin directly for cash (or bank wire or credit card).

There are exchanges where you can buy and sell bitcoin from others – like the stock market. There are also local exchanges that want to sell you with vendors in your area.

There are also ATMs where you go to buy with cash and deliver your coins to your wallet in a matter of minutes.

Every bitcoin seller has their advantages and disadvantages. ATMs, for example, are great for privacy, but they will charge you up to 20% above the current price, which is ridiculous. (At the BTC price of $ 2000, $ 400! So you’re paying $ 2400 instead of $ 2000).

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

Take your time and research different places to buy before you make your decision. Things to consider are currency prices, additional fees, payment methods and customer service.

# 3 Buy Bitcoin and move it to your wallet

Once you have a place to buy, prepare your funds (meaning you can send a wire transfer or use your visa to fund your account). Then wait for a better price. (Bitcoin prices always fluctuate 24 hours a day, 7 days a week). Then place an order when ready.

Once your order is fulfilled and you have the coins, you want to send them to your wallet. Just enter your bitcoin address and let the seller send your bitcoin. You need to show them in your wallet within minutes (depending on how fast the seller sends them).

Voila, you now own Bitcoin. You can now send coins to pay for other products and services, or hang on to them for rainy days.

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