Bitcoin is a word that appears constantly in various media, but what do we know about this cryptocurrency? The truth is that more and more people are interested in learning how to buy Bitcoin after becoming a widely accepted payment method around the world and with a growing number of applications.
So let’s tell you everything you need to know about how and where to buy Bitcoin, as well as the steps you must follow to buy bitcoin.
Are you ready?
STEP 1: FIND A GOOD BITCOIN WALLET
The wallets or digital wallets are used to store the Bitcoin until you are ready to spend what you have or change the Bitcoin for another currency.
There are several platforms that can be used and that guarantee security. Therefore, it is important to choose a portfolio that meets your needs and requirements.
STEP 2: CHOOSE THE CORRECT EXCHANGE
If you want to know how to buy Bitcoin without a stock broker or broker, you will need to make an exchange first.
Some services are unreliable and others are very limited, so it is important to choose the correct exchange to start. When comparing different services, remember to look at the charges that apply and what payment methods are offered. Few will offer you cash directly.
Coinbase is the most obvious suggestion for people who buy their first Bitcoin. It is very simple to use, has a great interface and tries to take care of its customers – without too high rates. It is also available on mobile devices and in desktop version. So we suggest you start with this service if you’re not sure where you’re going to want to go.
STEP 3: SELECT A PAYMENT METHOD
Exchanges accept a variety of payment options based on what they are willing to use. It should be noted that some payment methods have been used to cheat in the past.
Bank and credit card transfers are usually accepted by most services, with some limitations. Bank transfers are a little more unpredictable, and PayPal transfers may not be allowed.
Coinbase, however, allows all these payment methods, so it assumes, once again, an easy recommendation for beginners.
It should also be borne in mind that Bitcoin ATMs allow you to exchange Bitcoin in compatible wallets for cash. These ATMs are available in a limited number of cities, but offer an alternative to withdrawing money through an exchange.
STEP 4: BUY SOME BITCOIN AND SAVE THEM IN YOUR WALLET
You will notice that the exchanges give you information about how many Bitcoin you can buy for specific amounts of money. However, due to its volatile nature, prices and value can vary dramatically by exchange.
That means that even if you have a lot of money to spend, you probably think about buying a fraction of Bitcoin. There is nothing wrong with that and for most people it is the right route, but the rich can afford more than that.
To perform your first transaction, enter the amount of Bitcoin you want to buy in the field provided and click on the Buy button.
In Coinbase or GDAX, this will be a basic “market” purchase order, which will buy Bitcoin at the best rate.
STEP 5: GET READY TO USE YOUR BITCOIN
Whether you plan to sell your Bitcoin (hopefully with a profit) or use it to buy something, be prepared to do so at any time.
Depending on how the Bitcoin value fluctuates it is important to have your final game planned from the beginning.
Get ready by setting up a seller account now or discover how to buy what you want before actually doing it. That way, when the time comes, you will not be in a hurry to panic while everyone else tries to do the same.