Looking for a Bitcoin Buying Guide? Wondering the place to start? People have plenty of misconceptions about bitcoin – the very first well known and accepted cryptocurrency worldwide.

Lots of people think for example that only hackers and shady people use it. However bitcoin is in fact going mainstream with everyone from TigerDirect to Expedia.com to Dell and also Subway accepting payments in bitcoin now.

Why so popular?

Well, bitcoin has a large amount of benefits over other currencies. For instance, it is possible to send bitcoins to someone as payment and never have to feel the bank middleman (and get hit with extra fees). It is also considerably faster than sending money with a bank wire or transfer. It is possible to send bitcoins to someone and also have them receiving the coins in seconds.

With all of this, it’s no surprise that lots of people are now attempting to buy bitcoin for the first time. However it’s not as easy as likely to your bank and withdrawing bitcoins – or going 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 few things you have to know before you buy – so that you can buy safely and securely.

First of all, while the price might be over $2000 us per coin, you don’t need to buy an entire bitcoin. Most places enables you to buy portions of a bitcoin for as little as $20. To help you start small and go from there as you obtain more comfortable with the way things work.

Secondly, this article is for general purposes only and not to be taken as financial advice. Bitcoin could be risky and before making any purchase you need to consult with your financial advisor to see if it’s right for you.

So here are 3 easy steps to buying Bitcoins:

#1 Get a Bitcoin Wallet

The first thing to accomplish before you get your coins is to get a virtual wallet to store your coins. This wallet is a string of text that people may 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 also offline, cold storage wallets.

Most people would rather get a wallet on the phone or computer. Popular wallets include Blockchain, Armory, Bitgo MyCelium and Xapo.

Usually Wasabi Wallet ‘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 buy and each one is a bit different. You can find online sellers which will sell you bitcoins directly for cash (or bank wire or charge card).

There are exchanges where you could 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.

Additionally, there are 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% along with 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 choose to buy, remember to do your research and go with a trusted seller with an excellent reputation and strong customer support. First time buyers will especially have questions and could need the excess support to help them making use of their first transaction.

Take your time and research the different places to get before you decide. Things to consider include coin prices, extra fees, approach to payment and customer support.

#3 Buy Bitcoin and Move It To Your Wallet

Once you’ve found a place to buy, get your funds ready (i.e. you may send a wire transfer or use your Visa to fund your account). Then wait for an excellent price. (Bitcoin prices are always fluctuating a day, 7 days weekly). Then place your order as you prepare.

Once your order is filled and you also 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 need to 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. There are huge price swings and the currency could be risky. Never buy more bitcoins than it is possible to afford to lose.