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Aug
07

How To Buy Bitcoin

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There’s no doubt that you would have heard about bitcoin, but you may not know exactly what you are meant to do with it. Bitcoin is just one of many new cryptocurrencies that will, most likely, take over from the currency we use today. The difference between bitcoin and standard money is that it is all digital. There are no notes and coins, and everything is done online through encryption, and this makes it an extremely safe way to purchase items.

Since not everywhere is set up to receive bitcoin just yet, many people are buying it as an investment for the future, rather than as a means of paying for goods and services. Bitcoin’s value has risen so much over the last few years that some people who spent relatively little are now millionaires thanks to their investment. If you like the idea of buying bitcoin for yourself, here is how to do it.

 

Find A Good Wallet

When you want to buy BTC, you will need somewhere to store your purchases until you are ready to either spend your bitcoin or exchange it for a different currency. There are many different wallets which you can find online, and they will all offer a variety of different features and benefits that will suit some people and not others. Take your time to pick the wallet that is going to suit your needs rather than rushing into signing up for the first one you see because you’re not sure of the differences.

 

Choose A Trader

Once you have your wallet, the next thing you’ll need to do is find a trader. Although it is possible to buy bitcoin yourself, if you use a trader you will have access to a lot of expertise and advice along with your purchases. The best place for a trader (or you) to buy bitcoin is on an exchange, and, again, there are many out there to choose from. This is another reason to use a trader as they will understand the exchanges and know which one to use.

 

Choose A Payment Method

When you are ready to buy your first bitcoin, you will need to choose a payment method. It’s ideal if you can pay by either debit or credit card and link the purchase to your bank account for added security. Using methods such as PayPal isn’t recommended because it is too easy to be used in a fraudulent way, and you might lose what you have bought due to scams and other issues.

 

Buy Bitcoin

Now that you have everything set up and ready to go, you can buy your bitcoin! Bitcoin is a volatile currency, and the price can change dramatically minute by minute, so once you see an amount you want to buy for a price that you can afford, you will need to act. If you wait too long, the price may well increase, and you can easily lose out. This is great news once you have bought your bitcoin, but not so great before the transaction can be completed.

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