‘The spirit is willing, but the flesh is weak.’ This quote best describes those who have interest in delving into the cryptocurrency world but have no idea about how to go about buying bitcoin, the workings and technicalities of creating, managing, receiving and sending from a wallet. In this post, you’ll learn the basic ways of buying your first bitcoin (BTC).
For those who feel that the price of one Bitcoin is too high (currently at about $3,300), there’s good news for you! You don’t need to buy a bitcoin; you can practically buy one hundred millionth of a Bitcoin (1⁄100000000 Bitcoin). Although, since a Satoshi is way less than a dollar, I doubt anyone would be willing to sell it, to you. You can buy any amount of Bitcoin based on your budget. So now that your fears are cleared, I guess we can proceed on how to buy your first bitcoin.
Buying your First Bitcoin
Choose a Trusted Bitcoin Wallet
Due to the number of scams that plague the crypto space, it is advisable to choose a wallet that is trusted and in use by several people. You also need a wallet with high security as lots of Bitcoins have been stolen from different wallets and exchanges in a series of hacks. Note that the tutorial given here on how to buy bitcoin will be for online wallets and not hardware, software or paper wallets. We consider the fact that as a starter looking to get into the crypto space, you’ll be looking for the fastest and cheapest possible way to buy, store and probably trade bitcoins and other wallets apart from bitcoin could consume time and money. Examples of trusted, secure online wallets include Blockchain.info and Coinbase.
Register a New Wallet
Registration is totally free. You’ll need to sign up with your mail, and after registration, you’ll receive a code consisting of seemingly random letters and numbers. That code will be needed for you to receive BTC as it is your bitcoin address.
Buy Your Bitcoin
You could buy bitcoin in any of two ways. Wallets like Coinbase offer services that allow the conversion of fiat into Bitcoin. All you’d need to do is deposit money using wire transfer or using your credit/debit card. Blockchain also offers a service with which you can purchase Bitcoin from its integrated exchange partners. If, however, you decide to buy Bitcoin from a friend who wants to sell, you would need your Bitcoin address to complete the transaction. After the transfer of the cash to your friend, you could send your bitcoin address to him/her to get the transaction done.
Note that Bitcoin transactions are irreversible and missing a single number or letter would result in the loss of funds. Ensure that you adequately copy and send the exact bitcoin address before sending to your friend.
So that’s all folks! Buying bitcoin inducts you into the cryptocurrency world, and the subsequent rise in the value of your bitcoin will be sure to further interest you to delve deeper in the crypto space. Later, you can make decisions to store your bitcoin in a tangible or hardware wallet. Note that some hardware wallets cost as much as $100. Hardware wallets are, however, rated as the most secure form of storing your bitcoins.