How To Buy Bitcoin - Beginners Guide
Last year saw bitcoin go from being worth a thousand dollars a coin to twenty thousand. People that had invested tens of thousands of dollars were now millionaires, and this made everyone sit up and pay attention to what is now the hottest cryptocurrency in the world. If you want to invest in bitcoin, you are obviously going to have to figure out a way to buy it. This process is quite easy because there are bitcoin exchanges that you can look into which would offer you coins at the current market price which you can sell later on for profit.
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Getting Started
If you want to buy bitcoin, the first thing you are going to need is a place to put them. Bitcoin is virtual currency, and banks don’t allow you to store your money in this particular form. Hence, what you are going to have to do is make yourself a bitcoin wallet. This process is not very difficult, it just involves going to pretty much any bitcoin client and following the instructions you are given. All you need to do is make sure that you note down your wallet keys in a place that is completely secure and easy for you to access.
Now that you have a bitcoin wallet, the next thing you will have to do is visit either a bitcoin exchange, or use a Bitcoin ATM (FindBitcoinATM). It was not long ago that the only way to purchase bitcoin was via bank transfer, but now things have become a lot easier than they used to be. This is because of the fact that you can now use credit cards and debit cards to buy bitcoin, something that makes the process a lot more efficient because credit card purchases are processed immediately whereas bank transfers take quite a bit of time to go through.
Another technique that people use is that they buy cheaper cryptocurrencies and then use those to purchase bitcoin from a different exchange. This is a great way for people that are new to cryptocurrencies to make the most of the investment they are trying to make, because buying into bitcoin can be expensive when you use a card thanks to all the service charges and transaction charges that you are going to pay. Lower profile cryptocurrencies are generally known for being easier to get into, so you would do well to get in on them as quickly as possible before they become out of your reach as well.
Some More Tips
Thanks to the fact that cryptocurrencies are starting to enjoy increasingly wide acceptance in society, there are now hundreds of Bitcoin ATMs across the world where you would be able to buy bitcoins directly from an exchange. This works a lot like a credit card purchase on an online exchange except for the fact that transaction charges tend to be lower, not to mention the fact that you can withdraw cash directly from your bitcoin wallet at a rate slightly lower than that of the market value of your money.
One thing to keep in mind about using credit cards is that it can limit how much money you are able to invest in bitcoin. If you truly want to get rich you will have to invest hundreds, perhaps even thousands of dollars into the bitcoin market, but unfortunately when it comes to card purchases exchanges usually limit you to fifty to hundred dollars per day. This can seriously restrict how much profit you are able to make on a day to day basis which can be really frustrating for someone that has a lot of money to invest.
Each method of investing in bitcoin has its pros and cons, and it is highly recommended that you test the waters before you fully commit. Remember, bitcoin can help you get rich but you need to be willing to put a lot of time into it, particularly if you are buying bitcoin to sell for a profit later on. Hence, trying out a variety of different methods may be time consuming but it can be a huge boon to your efforts later on.
An Alternative Method of Earning
If you want to invest in bitcoin and earn some money without actually having to be at the mercy of its notoriously capricious markets, you should look into mining the currency. Bitcoin mining involves purchasing a server and connecting it to the blockchain network, recording bitcoin transactions in exchange for a small percentage of a bitcoin. If your server records enough transactions, you could start earning some serious money in no time. Essentially, you are being paid for your server space, and since the blockchain is decentralized every single server is important and can provide some serious profits in the long run.
The only problem with this is that a server heavy enough to become part of the blockchain is going to cost a fair amount of money, a lot more than some people would be able to afford. However, it is a much safer investment because you earn money regardless of whether the market is up or down, it’s just the amount that could vary based on the value of bitcoin. Hence, this is a safe investment with enormous returns, so if you have the means to save up for a computer this expensive you should seriously consider it because it could be a fantastic investment in your future.
If you want to mine bitcoin without buying a server, you could invest in contractors that pool money from various sources to do the mining. This is a lot like a mutual fund, and it is perfect for people that want to mine bitcoin and earn from this process without having to invest an enormous amount of money into it. Bitcoin may be profitable, but anyone would feel a little anxious about putting their money into something when the amount being invested is so significant!
