If you're thinking of buying Bitcoins, this is a guide on how to start doing that. But first things first, what are bitcoins? Bitcoin is the most popular cryptocurrency and it is accepted worldwide.
There are plenty of misconceptions about Bitcoins. Many people think that the currency is illegal or used by shady people such as hackers. This cryptocurrency, however, has evolved and gone mainstream that companies such as Dell, TigerDirect and Expedia.com accepting payments in the form of Bitcoins.
The popularity of Bitcoins
Bitcoins has become popular for many reasons. It has some benefits or advantages over other kinds of currencies. Bitcoins can be sent to another person as payment without the need for any middleman (such as banks) and extra fees. The receiver can get the Bitcoins in a matter of seconds, making it more convenient and cheaper to use than sending regular money through wire.
That is why it is no surprise many people are trying to get their hands on Bitcoins. But the process is not that simple as going to the bank and withdrawing the currency - the process of buying Bitcoins is different. This guide will explain the most important things you need to know about buying Bitcoins. Learn how to buy bitcoins here!
Getting a Bitcoin wallet
If you're going to buy Bitcoins, you first need a virtual wallet that you will use to store coins. This wallet is to be used to send and receive Bitcoins. Popular virtual wallets include Xapo, Bitgo MyCelium, Blockchain and Armory. Virtual wallets can be downloaded on your computer or phone. To learn more about Bitcoins, go to https://www.youtube.com/watch?v=s4g1XFU8Gto.
Choose where you will buy Bitcoins
There are several options in buying Bitcoins - you can buy Bitcoins from online sellers and you can also buy similar to buying stocks from the stock market. You can also purchase at an ATM with cash and your Bitcoins will be delivered in no time. Prices vary from every seller but remember to do proper research before handing over your money to anyone, virtually or offline.
Purchase Bitcoins and transfer to your wallet
After deciding where to buy, place your Bitcoins order. Once you have the coins, you will have to move it to your wallet. You will send the seller your Bitcoin address and that is where you will receive them. Once you have moved the coins to your wallet, you are now able to send Bitcoins to pay online. You may also opt to keep them as your investment. Know where to buy bitcoins online here!