Have you heard stories about bitcoin and you suddenly got excited and thus feel the need to get yourself some? You are on the right path. There’s no need to be left behind. However, invest in what you can afford to lose as with cryptocurrencies, one is never sure.
Bitcoins are bought directly from people from bitcoin marketplaces or on exchanges. One can pay for cash, wire transfers, credit and debit cards or by use of other cryptocurrencies like Ethereum. All this depends on the seller and your geographical location.
1. Get a wallet
Bitcoins storage is in wallets. The wallet can be online, desktop or offline. Ensure that you do prior research on the services offered by any of the wallets before choosing the suitable one. Most importantly, don’t lose your keys(password) as this will deny you access to the stored bitcoins.
2. Buy online by opening an exchange account
Just like when you are choosing a wallet, it is vital to research on the best exchange account to use. Sometimes, using an exchange, just because of your location, might be impossible. Bitfinex is currently the world’s largest bitcoin exchange, followed by Coinbase and Bitstamp.
For your account to be set up, a copy of your photo plus your original ID will be required. Sometimes, even a proof of address. You are required to use either a credit card, bank transfer or pay pal to pay for the exchange.
After receiving the payment, the exchange will purchase bitcoin on your behalf. The bitcoins get deposited in an automatic wallet in the exchange. From there, you can now transfer the bitcoin to your wallet.
3. Buy with cash
A lot of people are using this method because it is easier and faster. With the help of LocalBitcoins.com, it is easier to find people near your location looking for cash in exchange for bitcoin.
You are fortunate if you reside in a place where bitcoin ATMs are already operating. This ATM works in the same way as the bank ATM and therefore you won’t face challenges while purchasing from the machine. The ATM sends bitcoin to your wallet in exchange for cash.
