If you decided to purchase some digital coins, you wouldn’t have to study many instructions to buy the first cryptocurrency of the world.
First of all, you should decide, why you want to buy Bitcoin. Whether you want to keep it while waiting for ups and downs of digital money volatility to pass, or you are eager to sell BTC at the first price growth, or you will use Bitcoin for making payments. So, in a nutshell, you should decide upon your investment strategy. Bitcoin is an innovative digital asset, it is perspective, expensive and risk-bound. Before buying sensational coins one should carefully think how they plan to use them.
This is only a preparation. If you already made a decision, your first step would be to create a cryptocurrency wallet. The Coin Shark has already had an article about cryptocurrency wallets and now we will just remind you that you can open a convenient wallet on the stock exchange (Mt.Gox, Kraken, Bittrex, EXMO, Coinone, Bitfinex, etc.) or you can use any other internet service. The other way is to use local wallet that downloads the whole Bitcoin blockchain on your device. That is the reason why it needs a lot of available memory. If you decide to create a wallet on the exchange then you will bear the risk of loss or withdrawal in case of an exchange bankruptcy, closing or its accounts seizure. With a local wallet your capital will be better protected though running such a wallet is more difficult.
Now, when you have a cryptocurrency wallet you can finally buy, sell and store your digital coins. But how to do that? There is a number of options. If you have a friend, ready to send you some Bitcoins, you should provide him or her with the address of your wallet. For that you can transfer money or another cryptocurrency back, or buy your friend beer for the next fifty years, or do whatever you agreed to do.
There are also other options – online exchange services and cryptocurrency exchanges. There are different exchange services hosting different salesmen. Some of them accept payments from wallets Qiwi, Webmoney or PayPal. Some agree to accept transactions made from bank accounts in particular jurisdictions. Terms are set individually. Online services can also show ratings of successfully completed transactions of each salesman. So, you’d better check if your party has 100% before making a deal. When you finally bought your BTC, they will be transferred to your account on the exchange service. It is better to withdraw them to your cryptocurrency wallet for security reasons.
Thousands of users currently trade cryptocurrency on exchanges. Some leading digital currency exchanges, like Poloniex and Binance, do not work with fiat money (dollars, euros, yuans, etc.). So, if you register there, you’ll be able to purchase BTC only with other cryptocurrencies. There are also exchanges that support fiat currencies for a certain commision fee.
If you manage to make enough money to buy at least a couple of BTC, you shouldn’t have any problems to go through all these procedures. Today Bitcoin rate does not demonstrate the best dynamics, however, these digital coins are still worth buying, especially if you can afford it. Anyway – never put all your eggs to one basket.