Looking for Wasabi Wallet Buying Guide? Wondering where to start? People have lots of misconceptions about bitcoin – the 1st well known and accepted cryptocurrency worldwide.
Lots of people think for instance that only hackers and shady people use it. However bitcoin is actually going mainstream with everyone from TigerDirect to Expedia.com to Dell and also Subway accepting payments in bitcoin now.
Why so popular?
Well, bitcoin includes a large amount of benefits over other currencies. For example, it is possible to send bitcoins to someone as payment without needing to go through the bank middleman (and get hit with extra fees). It’s also much faster than sending money via a bank wire or transfer. You can send bitcoins to someone and also have them receiving the coins in seconds.
With all this, it’s no surprise that lots of people are now trying to buy bitcoin for the first time. However it’s not as easy as likely to your bank and withdrawing bitcoins – or likely to a store and plunking down some hard-earned cash for bitcoin.
The system works a little differently than that. This Bitcoin Buying Guide will go over a couple of things you have to know before you buy – in order to buy safely and securely.
First of all, while the price may be over $2000 us per coin, you don’t need to buy a whole bitcoin. Most places enables you to buy portions of a bitcoin for less than $20. In order to start off small and go from there as you get more comfortable with just how things work.
Secondly, this article is for general purposes only and not to be taken as financial advice. Bitcoin could be risky and prior to making any purchase you need to check with your financial advisor to see if it’s right for you.
So listed below are 3 easy steps to purchasing Bitcoins:
#1 Get a Bitcoin Wallet
The first thing to accomplish before you get your coins would be to get a virtual wallet to store your coins. This wallet is a string of text that folks can use to send you bitcoins.
There are a variety of various kinds of wallets including ones you download to your phone or computer, online wallets and even offline, cold storage wallets.
Most people prefer to get a wallet on the phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium and Xapo.
Usually it’s as simple as downloading the wallet to your phone being an app or downloading the software to your personal computer from the wallet’s main website.
#2 Decide Where to Buy
There are several types of places to get and each is a bit different. You can find online sellers that will sell you bitcoins directly for cash (or bank wire or credit card).
There are exchanges where one can buy and sell bitcoins from others – much like a stock market. Additionally, there are local exchanges that link you up with sellers in your town looking to sell.
There are also ATMs where you go to purchase with cash and obtain your coins sent to your wallet in minutes.
Each bitcoin seller has their positives and negatives. For example ATMs are excellent for privacy, but they’ll ask you for up to 20% on top of the current price, which is ridiculous. (On a BTC price of $2000, that $400! So you’re paying $2400 instead of $2000).
No matter where you decide to buy, remember to research your facts and go with a trusted seller with a good reputation and strong customer service. First-time buyers will especially have questions and may need the extra support to greatly help them making use of their first transaction.
Invest some time and research the different places to buy before you decide. Things to consider include coin prices, extra fees, method of payment and customer service.
#3 Buy Bitcoin and Move It To Your Wallet
Once you’ve found a place to get, get your funds ready (i.e. you may send a wire transfer or use your Visa to fund your account). Then await a good price. (Bitcoin prices are always fluctuating 24 hours, 7 days a week). Then place your order when you’re ready.
Once your order is filled and you have your coins, you’ll want to send them to your wallet. Simply enter your bitcoin address and obtain owner to send you your bitcoins. You should see them show up in your wallet within a few minutes to one hour (based on how fast owner sends them out).
Voila, you’re now a bitcoin owner. Now you can send coins to pay for other goods and services, or hold on in their mind for a rainy day.
One last thing to remember: bitcoin continues to be in its infancy. You can find huge price swings and the currency can be risky. Never buy more bitcoins than you can afford to lose.