If you are here it is because you heard something about Bitcoin, you got interested, you learned about it and now you want to be part of the cryptocurrency world. If you do not know what Bitcoin is, please check our explanatory guide clicking here.
The next step is to buy Bitcoin! But… how?
In this article we will explain you how to purchase Bitcoins and other cryptocurrencies available in the market. It is not difficult, so don’t worry!
Create a Bitcoin Wallet
If you are already decided to buy Bitcoins, then, the first step in this guide is to create a bitcoin wallet. There are many cryptocurrency wallets in the market. You can download a bitcoin wallet on your smartphone or buy a hardware wallet. If you do not know which wallet to choose, read our cryptocurrency / bitcoin wallet guide here.
The easiest way to create a cryptocurrency wallet is directly in the platform where you will buy the cryptocurrencies. These platforms are known as cryptocurrency exchanges, and there you will be able to buy, sell, send and receive cryptocurrencies.
The most known cryptocurrency exchanges or platforms are Coinbase, Bitfinex, Poloniex or Kraken. Depending on your needs you would choose one or another. If you are searching to buy several cryptocurrencies, then you would choose Poloniex. If you are searching for a friendly and easy-to-use interface, then Coinbase is a better option.
If you want to know more about which cryptocurrency exchange to choose, please check this article.
Let’s Buy Bitcoin!
Now that you have your cryptocurrency wallet ready, you only need to purchase the coins. Of course, depending on the platform you are, there will be different payment options to buy cryptocurrencies. For example, if you use Coinbase, you have the possibility to link your card to the platform. Other crypto exchanges would allow you to make a wire transfer or a cash deposit.
Before buying, you always need to know that you should not buy what you are not able to lose. Cryptocurrencies are very volatile assets. Their price changes on a daily basis and it may experience 20% corrections in just some hours.
If you have already selected your preferred payment option, you just need to click on the “purchase” button and your cryptocurrencies will be ready in your cryptocurrency wallet at the exchange.
Do I Own my Bitcoins?
Well, if you have bought Bitcoins on a cryptocurrency exchange then, you do not own your bitcoins until you don’t have the private key of your wallet. That’s why it is important to send your Bitcoins to another wallet that gives you the private key.
If I have the Bitcoins / Cryptocurrencies on an exchange I can’t use them? You can use them. You can send or receive more cryptocurrencies. But if the cryptocurrency platform experiences an attack, as cryptocurrency exchanges do not provide a private key to your funds, for sure you will lose your funds.
The safest way to store your Bitcoins is by using a hardware wallet. Read this article about hardware wallets here.
It is not difficult to buy Bitcoin nowadays. It is very easy. You just need to enter to the platform you choose depending on your needs and follow the steps to purchase your first cryptocurrencies.
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www.CryptStorm.com and its writers do not make any guarantees or other promises as to any results that may be obtained from using their content. No one should make any investment decision without first consulting his or her own financial adviser and conducting his or her own research and due diligence.
Please always only invest within your means and do so responsibly.