Looking to buy Bitcoin? Wondering how to start? The last few years have seen the popularity of bitcoin, skyrocket due to huge price swings, and mainstream adoption. Bitcoin is going mainstream with everyone from Starbucks, Whole Foods and even Microsoft, is accepting payments in bitcoin. Why the increase in popularity? Well, bitcoin has a lot of benefits over other currencies.
For example, you can send bitcoins to someone as payment without having to go to the bank. The best part about this, is that it is instant. As for merchants, there is no fear of fraud, like credit card payments. In addition, it has been a huge form of speculative investment because of its limited supply, and has appreciated the most over stocks and precious metals, in the last 5 years. With all of this, it’s no surprise that many people are now trying to buy bitcoin for investments.
However, it’s not as easy as going to your bank . So here are the 3 easy steps to buying bitcoin.
#1. Get a Bitcoin Wallet. The first thing to do before you buy your coins is to get a virtual wallet to store your coins. This wallet is a string of text that people can use to send you bitcoins. There are a number of different types of wallets, such as online or offline wallets. Most people prefer to get one on their phone or computer. You can download the wallet to your phone, or use one provided by a blockchain wallet provider.
#2. Decide Where to Buy?. There are several types of places to buy and each one is a bit different. There are centralized exchanges where you can buy and sell bitcoins from others similar to a stock market. There are also peer to peer exchanges that lets you buy from sellers directly, and pay with different options like cash, & bank deposits.
There is also Bitcoin ATMs, where you can go to purchase with cash and get your coins delivered to your wallet in minutes. Each type has their benefits and drawbacks. For example, ATMs are great for privacy, but they will charge you high service fees. Take your time and research the different places to buy, before you decide. Factors to consider include fees & method of payment .
#3. Buy Bitcoin and Move It To Your Wallet. Once you’ve found a place to buy, get your funds ready and place your order. Once you have completed your payment, you’ll want to send them your wallet.
Simply enter your bitcoin address and get the seller to send your bitcoin, or use a secure escrow system for safety. Your are all done. You are now a bitcoin owner. You can now send bitcoin to pay for goods and services, or just hold them for the price to increase.