Bitcoin is receiving more attention today than ever. Due to skyrocketing prices and roller coaster events, everyone and their dogs are interested in learning how to buy and sell Bitcoin. As the most popular currency encrypted form ( as well as its drive blockchain technology), Bitcoin has now been widely accepted around the world and has a growing number of applications.
However, if you want to take advantage of it, you must first know how to buy bitcoins and what to do when you own them.
Do you want to mine Bitcoin?
This is not recommended, but it is still feasible. This is how to do it.
Step 1: Find a reliable Bitcoin wallet:
Digital “wallets” store bitcoins until you are ready to spend them or exchange them for another currency. The functionality of wallets, the platforms that accept them, and the level of security vary, so choosing a wallet that suits you are very important-although you should probably avoid using the wallet advertised by John McAfee.
For those who are just starting, the best way is to use the wallet that is automatically provided to you in our recommended exchange Coinbase. However, it is also a good idea to set up a wallet that is not linked to a cryptocurrency exchange to ensure that Bitcoin can be accessed even when the traffic is heavy or the site is closed.
These are our recommended option:
Exodus is an all-in-one offline application that supports multiple cryptocurrencies (including Bitcoin). It is free to use, has a built-in conversion function, and includes some simple charting tools to help you visualize cryptocurrencies combination.
This is a popular mobile wallet that is known to be compatible with more advanced technologies such as Trezor hardware wallet (for maximum security) and Tor.
As a free and open-source choice for Bitcoin nodes, Bitcoin Core does an excellent job of verifying payments and only accepts payments from valid blockchains.
To check out some of our other favorite wallets here is a more in-depth guide on the best Bitcoin wallets.
Note that although online wallets are great for your first bitcoin purchase, if you find yourself in possession of a large amount of valuable cryptocurrency due to transactions or value increases, please make sure to store it in an offline “cold storage” wallet to maximize Improve its value. protection.
Step 2: Choose the right bitcoin trader
The best place to buy Bitcoin for the first time is at an exchange. There are many performance exchanges. Some are not as reliable as others, while others are quite limited, so it is important to choose the right alternative first. We recommend that you use Coinbase, but there is no harm in using the Bitcoin exchange comparison site to check out the game.
Signing up for a Coinbase account is easy, but you need to provide some form of identification. It can send a copy of your photo ID, or it can send a real-time photo of your face through a webcam. These rules are important because they allow the website to follow the knowledge of your customers’ regulations.
Although only Coinbase allows you to buy and sell bitcoin, it is also worth registering for its linked exchange platform Coinbase Pro, which allows you to better control your purchases.
If you prefer a more direct route when buying Bitcoin, you can choose to use a peer-to-peer service such as Local Bitcoin or Bitquick. They offer a wider range of payment methods. And allow you to buy Bitcoin directly from the seller without the need for an exchange broker. If you choose to use these items and plan to shop in person, be sure to gather in a safe place.
Step 3: Choose a payment method :
The exchange accepts multiple payment methods but beware of fraud. Coinbase allows bank accounts and credit or debit card transfers for payment. But the payment solution must be linked to your account before making a purchase. Despite some warnings, Coinbase recently added PayPal as an option to transfer Bitcoin.
Bitcoin ATM allows you to exchange Bitcoins in compatible wallets for cash. These ATMs are available in a few cities and are an alternative to using exchanges to withdraw money. Similarly, most exchanges and online wallets do not directly use cash for transactions.
Step 4: Buy some bitcoins and save them in the wallet :
The exchange will provide you with information about a specific amount (or how much) of Bitcoin you can buy. However, due to its volatile nature, the price of Bitcoin may change dramatically from time to time through exchanges. This means that even if you have a lot of money to burn, you might buy a small portion of Bitcoin. There is nothing wrong with this. For most people, this is how they fail, because few people except the rich have the ability to buy multiple bitcoins at once.
To make the first transaction, please enter the number of bitcoins you want to buy in the box provided and click the “Buy” button. On Coinbase or Coinbase Pro, this will be a standard purchase order for bitcoins on the market at the best market rate.
Also, you can place a limit order that allows you to set the price you are willing to pay for a specific price, and only trade when the amount is displayed at that price.
After purchase, the new bitcoins will be transferred to your Coinbase wallet for storage. Then, you should look for options to transfer these funds to a Bitcoin wallet address created by a non-exchange. You have to pay a small fee for this, but this is part of the Bitcoin transfer. Fortunately, the cost of this business is far from reaching its peak.
Bitcoin transfers may be sporadic. Unlike other currency transactions, when you buy Bitcoin funds, the transaction must be registered and confirmed in the blockchain. The transfer process may take time, especially during busy trading hours. It is not uncommon to spend an hour or two to complete a transaction, so you may not want to jump to your account and start transferring funds.
Step 5: Prepare to use it :
Whether you plan to eventually sell your Bitcoin. (hoping to make a profit) or use it to buy something, be prepared. The price of Bitcoin fluctuates a lot, so it is vital to plan the playoffs. Set up a seller account now to prepare, or learn, how to buy the goods you need before you start buying. In this way, when the time comes, you will not rush to complete the transaction.
To understand where you can use Bitcoin, here is a list of compatible online stores. Be sure to read the reviews and fine print before buying or exchanging with your Bitcoin.
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