After the sweeping success it had Bitcoin 2017, most if not all have heard of it digital currency And the cryptocurrencies. And while some understand how bitcoin works, not everyone knows how to buy it. Here are the 5 steps to help you buy Bitcoin:
- Decide where to buy Bitcoin
The first thing to do is to decide where to buy bitcoin. There are several ways you can buy bitcoin:
Most people who buy bitcoin for the first time choose a centralized exchange with Binance to be one of the most popular. This platform supports a wide variety of digital currencies, such as Bitcoin, Ethereum and his own Binance Coin (BNB).
They are safer than centralized ones, but they are less easy to use for beginners. The most popular Dicedralized Exchanges include BitShares, Sparkdex and IDEX.
In a peer-to-peer network (P2P), buyers and sellers communicate directly with each other to make bitcoin transactions. One of the oldest and most reliable P2P bitcoin networks is Localbitcoins.
The option to buy bitcoin with cash still exists. The two ways are through ATMs Bitcoin found in most major cities and through the Cash Point network available through the Bitspark mobile app.
- Make a shot
After deciding how to buy, you need to create a plan. The plan depends on your goal, but if you want to hold bitcoin to sell it higher price later, you need a strategy.
The value of Bitcoin is constantly changing. You can use it differently tools, such as Bitcoin Wisdom or Cryptowatch, to analyze bitcoin price trends and keep up to date with news to understand the market. If you would like to shop with affiliates internationally, try a service such as The Word Point to communicate with them more effectively.
- Choose a storage method for your Bitcoin
There are many safe ways you can store bitcoin:
Desktop Wallet: Unlike online Wallets, desktop wallets are less vulnerable to attacks, but they are not accessible from anywhere in the world, as they are only accessible from your personal computer, using special security keys stored only on this machine. Unfortunately, if your computer is infected by malware that specifically targets security keys, your desktop wallet could be compromised.
Mobile Wallet: A Mobile Wallet is essentially the same as a desktop wallet, but with the added benefit of always having it with you, so you can store some of your bitcoin in it.
Hardware Wallet: It's the safest of the previous two. You can have them with you as they look like real ones hardware devices such as USB sticks. In addition, you have complete anonymity for your transactions. No personal information is attached to the hardware which means that nothing can leak.
Paper Wallet: A Paper Wallet can be a relatively safe way of storing bitcoin. You can either create one online using one of the dedicated sites, such as Wallet Generator, or create it offline.
Natural coins: Last but not least, you can buy natural bitcoins that have a sticker that protects them from infringement and covers a predetermined amount of bitcoin. However, you will have to pay an amount to build and ship your natural bitcoins.
- How to buy bitcoin
You can use a debit or credit card, bank transfer or cash to buy bitcoin.
- Key things to focus on
- Always be up to date. Always know what you are doing and how bitcoin works.
- Proceed with caution. Buying bitcoin is always risky, just like any other type of transaction or investment.
- Expand Effectively: By expanding your portfolio, you will reduce your chances of losing money when the value of an asset falls. Fixed quantities tied to local currencies are a good choice.
- Keep coins in wallets: Do not store your bitcoin in transactions as it is not the best or safest place.
- Be Prepared for Changes: Always be prepared for any kind of changes. Stay firm on your plan and keep your digital coins.