Today, not a single financial news feed is complete without mentioning bitcoin. The peculiarity of bitcoin is its high volatility. This cryptocurrency can both rise sharply in price and make an equally rapid fall.
If a few years ago, few people knew about bitcoin, today this cryptocurrency is used by millions of people around the world. This was made possible largely thanks to the blockchain technology that is behind this cryptocurrency.
It remains to receive an answer to only one question – how to buy bitcoin?
Here we are faced with a huge number of nuances, because you will not only have to find out where you can quickly and profitably buy bitcoins, but also where they can be stored.
In order to make your first purchase of bitcoins, follow the recommendations that we will list in this article.
Tips & Tricks
It is important to understand that although the purchase of bitcoins seems quite simple, in reality you should solve a huge number of issues. Be inattentive to at least one of them – and you will lose your money.
Always choose a reliable wallet for storing bitcoins, while not forgetting that only you should know the password.
Create an account on one of the popular cryptocurrency exchanges such as Coinbase.
Evaluate which way of buying bitcoins will be the most profitable for you, and only after that make the final decision.
So, the first step for a successful purchase of bitcoins is to choose a reliable wallet for their storage. It is no secret that it is very unsafe to keep your money on the accounts of the cryptocurrency exchange, therefore it is so important to choose a functional wallet that is characterized by a high degree of security.
Pay special attention to this process so that you don’t regret the lost money. It is possible that creating online wallets on various services is simple and convenient, but this is definitely not the safest option.
Pay attention to wallets for storing bitcoins, as well as other cryptocurrencies, because you can never know for sure which cryptocurrency you will need to use next time. Pay attention to the Exodus wallet. Despite the fact that it is free, it includes a huge number of useful features. In particular, we are talking about understandable and functional graphical tools that will allow you to visualize a portfolio of cryptocurrencies.
Another good option is Mycelium. This mobile wallet for bitcoins is gaining popularity every day, while it is perfectly combined with other wallets devices in order to increase security.
If you are looking for an open source wallet that is great for storing bitcoins, opt for Bitcoin Core. This wallet only accepts payments from existing blockchains.
The second step towards the successful purchase of bitcoins is to choose the right cryptocurrency exchange. Of course, you can also choose other ways of acquiring bitcoins in particular through one of the exchangers or directly from a private person, which, however, is not safe.
First of all, when choosing a cryptocurrency exchange for buying bitcoins, pay attention to the conditions that this exchange offers.
Pay attention to the reputation of the cryptocurrency exchange. Be prepared for the fact that in addition to passing the compulsory registration, you will also need to undergo verification, not only sending copies of documents for verification, but even going to the camcorder for communication.
However, choosing a cryptocurrency exchange for yourself, you will get the opportunity to purchase bitcoins at the most favorable rate. If you want to buy bitcoins through a peer-to-peer service, select Local Bitcoins. acquiring bitcoins through an exchange service is often easier, but here you have to pay a large commission.
The third step in successfully buying bitcoins is choosing a payment method.
Almost every cryptocurrency exchange provides its customers with a wide selection of payment methods. You can buy bitcoins using the funds on your bank card, or make a payment from a bank account, or through electronic money. At the same time, making a payment on the card, you will need to link it to your account.
If you decide to use the reliable Coinbase exchange, you can also choose PayPal as the payment method.
Perhaps you decide to exchange bitcoins directly for cash, in which case Bitcoin ATMs will help you. But it is worth considering the fact that such devices are not installed in every city.
The 4th step is the purchase of bitcoins and the further storage of cryptocurrency in your wallet.
Think of such a characteristic of bitcoins as volatility. Of course, the exchange will provide you with all the information on how much you will have to pay for the purchase of bitcoins, but keep in mind that the bitcoin exchange rate is constantly changing and you may be able to buy less cryptocurrency than you expect.
In order to purchase bitcoins for the first time, you just need to indicate in a special form how many bitcoins you are going to buy, after which it remains to press only one key. Thus, you put a basic market order for the purchase of bitcoins, which will allow you to purchase bitcoin at the best price on the market.
On the exchange you will have the opportunity to place a limit order, thanks to which you set the price for which you are ready to purchase cryptocurrency. The transaction will be completed only if someone sells cryptocurrency at the price you are interested in.
After you purchase bitcoins on a cryptocurrency exchange, they will be credited to the account of this exchange. Keeping all money in this account is unsafe, therefore it is better to use one of the wallets outside the exchange.
It is important to understand one nuance – today many people want to buy bitcoins, so you should not expect your transaction to be carried out as soon as possible. You may need to wait an hour or two, so be prepared for this in advance.
Step 5. Use your bitcoins. Agree, to purchase the most popular cryptocurrency just so that it is stored in your wallet – this is not too reasonable. Therefore, try to understand in advance for what purpose you are acquiring bitcoins. The cost of bitcoin at a certain point in time can vary greatly, while this cryptocurrency, as recent experience shows, does not always increase in value.
It’s best to set up a seller’s account in advance, so that when you decide to sell your bitcoins, you don’t have to spend a lot of time and effort worrying that the best time to sell will be missed.
However, it is not necessary to buy or sell bitcoins. Today, a huge number of outlets are open in the world, which will gladly accept cryptocurrency as payment for goods and services. And you can also take this opportunity to get what you need.
We hope you now know for sure the most affordable and profitable way to acquire bitcoins. Buying the first cryptocurrency through exchanges has its drawbacks, in particular, the need to register and verify, however, this is the most secure and profitable way to buy bitcoins today. But we do not recommend storing cryptocurrency on the accounts of cryptocurrency exchanges, as this is unsafe.
Choose one of the external wallets for storing bitcoins, for example, the Trezor hardware wallet. And in no case do not tell anyone about the secret phrase. Follow simple safety rules – and your money will be safe.