Bitcoin and other crypto-currencies are slowly but surely becoming a part of the financial world. They are accepted as viable currency for purchasing many products and services all over the planet. However, a lot of people know very little about how to buy bitcoin. Even though it seems complicated, the process of purchasing bitcoin is quite simple. This article will answer any questions you have on the matter.
There are several steps that have to be taken in order to buy bitcoin. We have already covered the first and most important step – getting a bitcoin wallet. You can read about that in our How to get a bitcoin wallet article. It will help you understand everything you need to know about digital wallets. Once that’s done, how to buy bitcoin won’t be such a complicated question. Additionaly, more information can be found on the bitcoin blockchain.
What Do I Need to Buy Bitcoin?
As we already mentioned, the first step involves getting a Bitcoin wallet. In order to conduct transactions on the bitcoin network, participants need to run a program called a “wallet.” Bitcoin is not technically “coins,” so it only seems right that a bitcoin wallet would not actually be a wallet. Bitcoin balances are maintained using public and private “keys,” which are long strings of numbers and letters. Getting a wallet is a must before you buy bitcoin. You can learn more about digital wallets in our Bitcoin Dictionary section.
There are several different types of wallets. Which one to get depends on your crypto needs. If you are planing on trading with large numbers, make sure you get an “offline” wallet. It can be either a paper or a hardware wallet. These 2 types allow you to keep your public key in an offline location. That means your bitcoins will be safe from cyber attacks. Before you buy bitcoin, you must have a secure wallet. If someone knows your private key, your funds can be stolen.
The next step about how to buy bitcoin is joining an exchange. There are a whole lot of exchanges out there, with varying performance. Some are less trustworthy than others and some can be quite limited, so it’s important to pick the right exchange to start with. As the name suggests, an exchange is a place where you can “exchange” other currency for bitcoin. Make sure you do enough research on which exchange would suit you best. Coinbase is one of the oldest and most trustworthy exchanges out there: however, there are many great ones out there.
To make it easier, choose the exchange that supports your preferred currency. For instance, if you plan on buying bitcoin through a debit card which holds US dollars you would create the type of wallet that supports that payment method and currency. So, you will be looking for an exchange that does the same and maybe even offers some kind of bonus for using that particular currency. Keep in mind that through these exchanges bitcoins can be bought through various methods. You can use credit cards, debit cards, bank transfers, e-wallets, etc.
Even though exchanges do most of the work for buying/selling bitcoin. However, they are not the only way to acquire this popular cryptocurrency. In recent years, Bitcoin ATM’s started appearing around the world. Bitcoin ATMs act a bit like in-person bitcoin exchanges. Individuals can insert cash into the machine and use it to purchase bitcoin which is then transferred to a secure digital wallet. While this is a very popular method, these ATM’s are still scarce. There are many countries that don’t have a single Bitcoin ATM; however, that will change in the future.
Last but not least, we have to mention what was the 1st way of buying bitcoin. Before exchanges appeared, people could only transfer bitcoin from one wallet to another. The person who wants to send you bitcoin just needs to know your wallet address to be able to send them to you. For that reason, P2P exchanges came into existence. Unlike decentralized exchanges, which match up buyers and sellers anonymously and facilitate all aspects of the transaction, there are some peer-to-peer (P2P) exchange services which provide a more direct connection between users.
After creating an account, users can post requests to buy or sell bitcoin, including information about payment methods and price. Users then browse through listings of buy and sell offers, choosing those trade partners with whom they wish to transact. Local Bitcoins facilitates some of the aspects of the trade. While P2P exchanges do not offer the same anonymity as decentralized exchanges, they allow users the opportunity to shop around for the best deal. Many of these exchanges also provide ratings systems so that users have a way to evaluate potential trade partners before transacting.
Buy & Use Bitcoin!
Now that you know how simple it is to buy bitcoin, it’s time to create a wallet and purchase some. As we already mentioned, bitcoin can now be used for a lot of things. One of the most popular uses is sports betting. The Coinbet24 bitcoin betting & online casino gives players the opportunity to place their favorite bets through bitcoin and additional alt-coins. To help you out, the Coinbet24 blog holds a lot of information on cryptocurrency and bitcoin betting.
more experienced bitcoin users, should visit the Cryptocurrency News section where weekly news about bitcoin and other crypto-currencies can be found. As for beginners, we suggest they start with the most basic information on the matter and go from there. The Bitcoin Dictionary section hold everything you need to know about bitcoin, crypto, and how they can be utilized in sports betting and bitcoin casinos.