Bitcoin is the news today, and popular topic than ever as many peoples are interested in learning how to buy and sell Bitcoin. Bitcoin is the most influential blockchain technology, and it is widely accepted around the world and the number is applications is growing day by day, but before you dig into that, you have to know where to go for purchase and store it.
There are a couple of steps you need to consider to make your first purchase. Here are some of the steps that you can use clear your main query that how to buy bitcoin.
Step 1: Find a functional Bitcoin Wallet
Digital Wallets are used to store Bitcoin until you go for an exchange to other currencies or spend them. Wallets range comes in different features depending on platforms they can be used on and security. So it is essential to choose the best wallet that works for you.
To move forward, the best wallet is one that automatically provided you with recommended exchange; such wallet is Coinbase. There are many other wallets that you can consider using, a couple of recommended wallets include “Exodus” and “Mycelium”. So before considering any wallet, take some time to get details about a particular wallet.
Step 2: Choose the Right Bitcoin Trader
The best place to consider purchasing your Bitcoin is on an exchange. There are several exchanges out there, with varying performances. Some exchanges are less trustworthy than others, and some can be quite limited, so it is essential to choose the right exchange to start with. The recommended trader is Coinbase, though you can have a look checking out the competition using a Bitcoin exchange comparison site.
Although signing up for a Coinbase account is easy, you need to provide some form of identification. They may involve providing a copy of your photo along with the image of a face by using a webcam.
Step 3: Choose your Payment Method
The exchange accepts different payment options based on what they are willing to use as we discussed above about Coinbase as it allows both bank account or debit or credit card transfers for payments. Also, the payment solution needs to be linked to your account before you can make the trade. There are few ATMs available in a limited number of cities, but alternative ways to withdraw money is by using an exchange way. Again, most exchanges and online wallets will not deal with cash directly.
Step 4: Buy Bitcoins and store them in your Wallet
If you want to buy Bitcoin, so exchanges provide you with information on how many Bitcoin you can buy for a specific amount that you prefer to go with. However, due to high volatile nature, bitcoin prices can change dramatically by exchanges, and you could see a big difference from moment to moment.
Once you made your first purchase, your bitcoin will be stored in your wallet that you have chosen. You also have an option to transfer these funds to the bitcoin wallet address that you have created. For this, you also require a small fee to transfer, but this is the part of the transfer. Also, the transaction of transfer could take some time to appear, because it first recorded in the blockchain.
Step 5: Get ready to use it
After having the bitcoin, the next you can plan to sell your bitcoin or probably use it to purchase something. So it is vital to have your end game planned out early. Be prepared to set a seller account, or figure out how to buy something with it. There are compatible online stores that you can have a look to spend your Bitcoin. Also, read reviews and check details properly before making any exchange or purchase with your Bitcoin.