June 12, 2018
Bitcoin, a cryptocurrency, is taking the world by storm, and is being sold everywhere. Where can you go to buy it, and store it? Let’s find out what steps to take. The following article does not provide any form of financial advice and should not be used to base financial decisions off of.
Bitcoins are stored in digital wallets until you use them to purchase another currency. Wallets differ from each other regarding specific options, the type of platform they can be operated on, and lastly, but most importantly, security. You have to choose a wallet that suits you the best.After locating the wallet you want, you can usually download it for free to the correct platform. If you are starting off for the first time with bitcoins, rather choose a straightforward wallet for easy transfers. Money transfers from one account to another will be charged.1,2
This particular wallet is geared for making direct exchanges, which is why it has become the most sought-after wallet in the US. After signing up, you are covered with some insurance for storage of the Bitcoin. Any computer device can be used to examine investments, or change them. 1
This wallet is also well-liked but is more advanced, for optimal security. 1
This wallet is designed to be used on desktop computers, and for security purposes, you are provided with an encryption key. Extra security is required seeing the wallet is used for storing large amounts of Bitcoin online.1
It seems better to go through a broker, to avoid selecting an exchange yourself. Because there are so many exchanges to choose from, most likely you won’t know which are be trusted or not. In addition, it is important that have chosen the correct exchange right from the outset. Note that only a few exchanges are likely to convert Bitcoin into cash upon request. 1
This exchange, which is for those buying Bitcoin for the first time, is simple and of high quality, and has an excellent interface. Fees are said to be reasonable (you will need to decide on this yourself after looking at them), and the exchange can be used on a desktop or cell phone. 1
Those operating exchanges are somewhat wary when it comes to the various payment options out there, as many have experienced scams in the past. Using funds from your banking account, or credit card to make transfers are acceptable to most exchanges. The quickest way to buy a Bitcoin is with a credit card.3 Wire transfers and PayPal transfers are a no-go with many exchanges. However, the Coinbase exchange does allow for all these methods of transfer, and is thus the best exchange to use when starting off. 1,2
Exchanges will inform you how many bitcoins you can purchase for so many e.g. US dollars. You can even buy 0.2 of a bitcoin, if that is all you can afford. The wallet in which your bitcoin is stored is an account that has been created on your exchange. These funds must be transferred to the address of the Bitcoin wallet you have selected. 1
Begin to use your wallet and spend Bitcoin on, for instance, suitable online stores, or exchange with other currencies. 1
Cybercriminals are continually on the lookout on how they can steal from naïve victims. You have to be alert to some of their scams. One example is that cybercriminals will entice you to purchase Bitcoin at a hugely discounted price, hoping you will use their fake exchange. Ensure that all exchange sites are secure sites, which either show a padlock icon, or the address starts with https. Non-secured websites are too risky to use. Be aware of Ponzi scams in websites that inform you that you will make huge Bitcoin profit in a flash. 4
It is recommended you exercise extra caution with regard to any business to do with Bitcoin, because of its uncertain and volatile nature. The above information is not to be taken as financial advice and must not be used to make financial decisions based upon.
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