Where to Buy Your First Bitcoin?

(Last Updated On: December 15, 2017)

Bitcoin is the new buzz in town. Everybody wants to invest in this cryptocurrency. An article published by Money in September 2017 gave a list of eight players who have made really serious money with Bitcoin and are still in the game, among whom the Winklewoss Twins, Barry Silbert and Charlie Shrem are prominent names.

The primary step towards owning Bitcoins is to mine them or create them. However, with time, the algorithms are becoming so tough that mining Bitcoins is not everyone’s cup of tea. But, don’t be disappointed, you can still buy them.

If you too are interested in acquiring Bitcoin but do not know where to begin, here is a quick guide that can help you.

Establish a Bitcoin Wallet

The first step is to open a good Bitcoin wallet. Bitcoin wallets can range in terms of platform and features that assure seamless use and security. The wallet can then be downloaded from the chosen platform. Beginners can start with a simple wallet that allows easy transfer. Although these wallets are free for download, you might have to pay some charges for their use.

The most common choice of bitcoin wallet is the Coinbase wallet, which is gaining popularity in America. This is because on signing up, the platform offers insurance against the cryptocurrency stored with them.

Buy from a Bitcoin Exchange

Buying Bitcoins from someone who is willing to sell them is a major step towards owning Bitcoins. However, if you are unable to find a seller on your own, choose an exchange that trades the cryptocurrency to buy your first Bitcoin.

You should know that there are numerous exchanges to choose from. So, you will need to do some due diligence hard to find a trustworthy one. Start by comparing exchanges on the basis of the fees they charge for buying Bitcoins, along with the payment methods.

Again, Coinbase, with its reasonable fees, could be a good choice. Another popular choice is CEX, which gives you live exchange rates, along with buy and sell options.

Choose a Suitable Payment Option

On the basis of what the exchange is willing to accept, the buyer is offered a variety of payment options to choose from. The payment options could be credit card transfers, internet banking or wire transfers. Coinbase allows payment through all of these methods, which makes it highly recommended for beginners.

When you buy Bitcoins, they get stored in your Bitcoin wallet. However, Bitcoin exchange can request for identifiable information, such as an email address, government ID or utility bills. This way, they can know and track the movements of your Bitcoins.

If you’re looking to buy Bitcoins anonymously, then the easiest way would be to buy Bitcoins in cash and in person. Afterwards, you can opt for the Bitcoin ATM option, the BitQuick option, the prepaid card option or the wall of coins option.

And if you are looking to get yourself some free Bitcoins, you can play blockchain games, downloadable from Google’s Play Store.