3 STEPS TO BUY BITCOIN
Do you want to buy Bitcoin and need a guide? Are you confused of where to start? Well, Bitcoin is the most famous and globally accepted cryptocurrency, but many people are having misconception about it, some want to buy into it but don’t know how. If you find yourself in this category, then this is the exact guide you need, read on.
Why is Bitcoin so prominent?
Primarily, when compared with other currencies, Bitcoin stands to give us a number of benefits. Taking for example, Bitcoins can be easily sent to anyone without having to go to bank as a middleman which imposes charges on you.
In this guide, we will be discussing a few important things or steps that are necessary you need to take before you venture into buying Bitcoins. This will help you to do it securely and safely.
1. Get your Bitcoin Wallet ready
The first and the most important step to take before buying Bitcoin is to secure a virtual wallet for storing your Bitcoins. This wallet is made up of string of text which you can use to send and receive Bitcoins from anyone.
Having known that, there are several types of wallets which you can use to store your coins; (offline and online wallets) and also cold storage wallets. Famous wallets include Blockchain, Armory, Xapo, MyCelium and Bitgo. These wallets can be accessed on either PC or mobile phones.
2. Determine Where to Purchase
There are several places where you can buy Bitcoins both online and offline, and each of it is a bit different. There are many online sellers as well as those that can sell Bitcoin directly to you in exchange for cash, bank wire or credit card.
Where you choose to purchase does not really matter, just keep in mind to do some research first and settle with a trusted and reliable seller that maintains great customer service and good reputation as well.
3. Buy and Transfer Bitcoin to Your Bitcoin Wallet
After you have made up your mind to purchase, then have your money ready. For example, you can send a bank transfer or use a credit card to fund your own with account desired amount.
Secondly, the price of Bitcoin usually fluctuates 24/7, so it is a wise decision to wait and buy when the price is low. After you have settled with the lowest possible price, then the next step is to place your order.
After you have filled your order and ready to receive your coins, you will want to move it to your desired wallet. What you do here is simple, just copy your bitcoin wallet address and send it to the seller to transfer your Bitcoins into your account. Depending on how fast the seller sent it, your coins should appear in your wallet in a span of minutes to one hour.
So, there you go, you now own bitcoin which you can readily use as payment method for goods and services or just let them be in your wallet and watch it grow as the price increases.