How to Buy Your First Bitcoin
Most news today is quite full of information about cryptocurrency. As you may know, its most famous form is Bitcoin.
Bitcoin appears almost in every news about crypto coins and tokens. More and more people are becoming interested in it and, what is more, many of them already own some cryptocurrencies, especially Bitcoin.
You might be excited about obtaining several Bitcoins but maybe you don’t know how to do it. Following these steps will make it easy and possible for you to understand where to start from, become more confident in your actions.
Before reading the steps, take a look at these quick tips.
- Set up a Bitcoin wallet that is offline and choose a valid password for it to store and keep your coins safe.
- Create an exchange account.
- Choose your preferred method of payment.
- Purchase Bitcoins.
1: Find a proper wallet.
Wallets are used to store the bitcoins (or other cryptocurrencies such as Bytom) whether you are going to hodle or trade them. These tools rank according to their features, safety and platforms they can be used with, so it’s of great importance to find a proper wallet that will work for you.
On exchange platforms, a wallet is automatically offered to you when you sign up. However, it’s also convenient to own a wallet that is independent from any exchange so if something happens to the exchange your wallet is secure.
2: Deal with a good trader.
The best way to buy a bitcoin is via exchanges. There are different exchanges, some of which are not very reliable and some of them can be restrictive, so the choice of exchange is also very important for beginners.
If you like to use a more straightforward way for your bitcoin purchases, you can choose a peer to peer function that reduces fees and allows you to buy directly from a trader.
3: Choose the payment system.
Exchanges accept different ways of payments. Yet, some payment methods aren’t always advantageous for investors because they have been applied for cheating and for obtaining fast cash. Popular exchanges enable payments with credit cards, bank transfers and other options. The payment method must be connected to your account and then you are able to make a trade.
4: Buy Bitcoins and store them.
When participating in your first trade, put the amount of money you are going to spend on the trade, then just click the button “buy”.
Once you bought your first Bitcoin, it will appear in your wallet. After this, it’s recommended to store your Bitcoins in an offline wallets.
5: Start to use bitcoin.
There are different ways to use bitcoin. If your intention is to invest, you should use offline wallet, for trading or purchasing online goods online wallet is needed.
We know that the value of bitcoin changes quite often, that’s why it’s important to monitor your Bitcoin investments. If it becomes complicated, you can always use a coin tracker to manage your coins. To use this tool more efficiently, check out this cryptocurrency tracker guide.