Want to buy some Bitcoin but never done it before? Read this guide that will quickly take you through the steps in acquiring some Bitcoin.
It is difficult to escape the buzz that has been around Bitcoin and other cryptocurrencies in recent years. They are always in the news for one reason or another and there is a good chance that at least one person you know has invested in them. Bitcoin, in particular, is being increasingly used as a form of payment in a number of different industries.
If you have come to the decision to finally get involved in cryptocurrencies and specifically Bitcoin, you are going to need to know how to get your hands on some. We have put together this guide to make that process easier for you.
Before we go into detail, here is a short summary of the steps that you will need to take.
· Find and install a reputable Bitcoin wallet and ensure you are protecting it with a strong password.
· Create an account on a cryptocurrency exchange such as Coinbase.
· Select a payment method that is convenient for you.
· Purchase your first Bitcoin cryptocurrency.
Much like a physical wallet keeps hold of your money, a Bitcoin wallet is where you can store your Bitcoin. While it is possible to keep your Bitcoin in the wallet at the exchange you buy them from, it is not recommended. It is much better to use a Bitcoin wallet that is not linked with an exchange. The main reason being that nothing will happen to your Bitcoin should anything happen to that exchange.
There are a number of Bitcoin wallets that you can choose from but our recommendations would be to use either Exodus or Mycelium. These are reputable wallets that can store other cryptocurrencies as well as Bitcoin.
The only way somebody will be able to steal your Bitcoin is if they gain access to your wallet. For that reason, make sure that you have set a strong password on the wallet. Never write that password down and keep it different from other passwords that you may use.
With your Bitcoin wallet standing at the ready, it is now time to find a cryptocurrency exchange that you can use to buy your Bitcoin. Again, there are plenty of them to choose from but it is always a good idea to go with the most reputable. In our opinion that is Coinbase as they have been in operation for many years now and still going strong. Signing up will require some ID and once your registration has been processed, you are good to go.
You can buy Bitcoin using a variety of different payment methods and currencies. You can even trade other cryptocurrencies for them – if you have any of course. Credit and debit cards would seem like an obvious payment method to use while e-wallets are accepted at many cryptocurrency exchanges as well.
All cryptocurrency exchanges will show you how much Bitcoin is currently valued. As mentioned previously, that price can change rapidly in either direction. You usually have two options at an exchange, you can either buy instantly at the best market rate or set a limit order. The latter is where you set a price at which you are willing to pay for a certain amount of Bitcoin. If somebody places Bitcoin at that price, your order will automatically complete.
The purchased Bitcoin is sent to your wallet on the cryptocurrency exchange that you are using. You now have to transfer that Bitcoin to the wallet that you previously installed and set up. There will be an option to do this at the cryptocurrency exchange but the process will differ depending on which one you are using.
You will have to input the address of your wallet and select how much if not all of the Bitcoin to transfer. You should also expect to lose a small amount in fees for the transfer. This is normal and much smaller than you would experience if using fiat currencies.
Also, while most transactions are completed quickly, Bitcoin transactions can sometimes be a little random. During trading hours, the Blockchain is a busy place. Your transaction needs to be recorded in the blockchain before it completes. This can sometimes take a few hours.
Everybody will have a reason for buying Bitcoin otherwise they wouldn’t bother. You either want some Bitcoin so that you can make purchases easier and quicker or you plan to hold onto it in the hope that its value increases. Whatever your reason, you will want to have a plan in place for when you might need to sell it off quickly.
Bitcoin and other cryptocurrencies can be quite volatile. This means that they can gain or lose value quite quickly. When that happens, you may want to be in a position to sell your Bitcoin quickly. We suggest setting up a selling account at an exchange in preparation. This way you will not have to do it in a moment of panic when that time comes.
So, now you know what you need to do to start buying some Bitcoin. It is not as difficult as might have thought, right? The great thing is, that the process is pretty much the same for all other cryptocurrencies. You can start buying up cryptos of projects you believe in or those that you feel are going to prove to be a good investment down the line.
As for your Bitcoin, you can now use it to start buying products, services or even to play at our online casino!
For one of the safest wallets with an excellent reputation check out Bitcoin Trezor. There are always promotions for joining up and promo codes so make sure you check out their Twitter account first.
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