Easy 3-Step Guide to Buying Your First Bitcoin

Looking for a Guide to Buy Bitcoin? Where to get started? People have a lot of misunderstandings about bitcoin-the world’s very first widely known and accepted crypto-currency. Reasons Why Investing in Bitcoin is Still a Good Idea ¬†offers excellent info on this.

For example, a lot of people think it is only used by hackers and bad people. Yet Bitcoin also goes mainstream with everyone now taking payments in bitcoin from TigerDirect to Expedia.com to Dell, and even Subway.

Why are they so popular?

Well, Bitcoin has many advantages over other currencies. You can give bitcoins to someone as payment, for example, without having to go through the middleman of the bank (and get hit with extra charges). It is also much easier than sending money through a wire or transfer to a bank. You can give someone bitcoins and have them obtain the coins in seconds.

With all that, it’s no wonder that for the first time, many people are now trying to buy bitcoin. It’s not as simple however as going to your bank and withdrawing bitcoins-or going to a shop and plunking some hard-earned cash for bitcoin.

The system behaves a little differently from that. This Bitcoin Buying Guide is going to go through a few things you need to know before you buy-so you can buy safely.

First of all, while the price may be more than $2000 to us per coin, you don’t have to buy a whole bitcoin. Many locations will allow you to buy portions of a bitcoin for as little as $20. So as you get more familiar with how things work, you can start small and go from there.

Secondly, this article is only intended for general purposes and should not be taken as financial advice. Bitcoin can be risky and you should check with your financial advisor before making any investment to see if it’s right for you.

So here are 3 easy steps to purchase Bitcoins: #1 Get a Bitcoin Wallet The first thing you need to do before buying your coins is to get a virtual wallet to store your coins. This wallet is a text string that may be used by people to send you bitcoins.

There are a range of different wallet forms including ones that you add to your phone or computer, online wallets and even offline, cold storage wallets.

Normally it’s as easy as installing the wallet as an update to your tablet, or downloading the program from the main website of the wallet to your device.

#2 Decide where to buy Several types of places to buy are available, and each is a little different. Online sellers are there who will directly sell you bitcoins for cash (or bank wire or credit card).

There are exchanges where other people can buy and sell bitcoins-similar to a stock market. There are also local exchanges in your area that connect you up with sellers looking to sell.

There are also ATMs where you go to shop with cash and have your coins shipped in minutes to your pocket.

Every Bitcoin seller has its advantages and disadvantages. For example, ATMs are nice for privacy, but on top of the current price, which is insane, they would charge you up to 20 per cent.

Wherever you choose to buy, remember to do your homework and go with a reputable vendor with a strong reputation and customer service. First time buyers will have concerns in particular, and may need the extra support to assist them with their first purchase.