Introduction to buying your first bitcoin
Buying bitcoin is becoming more of a reality today more than ever. Anyone can buy, sell, or invest in bitcoin without going through a centralized intermediary like banks. Bitcoin operates an entirely global and open-source system, hence, allowing anyone to own, invest, and earn it. While bitcoin is gaining traction, one significant constraint holding back would-be bitcoin enthusiasts is how to buy bitcoin. This article will guide you on how to buy your first bitcoin.
Steps to buying your first bitcoin
There are a few things you should know before learning how to buy your first bitcoin:
- Owning a Bitcoin wallet
- An exchange to purchase the Bitcoin
- How to secure your Bitcoin
A bitcoin wallet is similar to a digital version of your traditional wallet/portfolio. You can use your wallet for physical goods, while a bitcoin wallet is a software designed to hold your bitcoin only. Bitcoin wallets can be hardware or software.
Next you need to know about a Bitcoin exchange. A Bitcoin exchange is a platform where you can buy or sell Bitcoin. There are various Bitcoin exchanges used to buy Bitcoin such as Coinbase or Binance.
Securing your bitcoin could either deter you or inspire you to buy Bitcoin, but note that security is a function of your bitcoin wallet and exchange medium. The security of the funds is generally dependent on the wallet and exchange medium you chose to buy bitcoin. Consequently, you have to consider how to secure your bitcoin wallet and exchange medium before you proceed to buy bitcoin.
Guide to buying your first Bitcoin
Buying Bitcoin is not as difficult as you may have imagined. It only requires a few steps which you are about to learn. Here is a step by step guide on how to buy your first Bitcoin.
Own a bitcoin wallet: There are hundreds of bitcoin wallets you may consider, for instance, Blockchain, Paxful, Trust, Xapo, etc. It is, therefore, your choice to know the features of which wallet to use. All you need to do is to click download and follow the steps in creating a bitcoin wallet. Meanwhile, remember to take note of your private keys, monomeric keys, and public keys when required. Once you have a wallet, you need the wallet address to receive bitcoin through an exchange medium.
Locate a bitcoin exchange: There are, depending on the choice of device, mobile exchanges, web exchanges, and others. It is now expected of you to locate the exchange medium that appeals best to you. The bitcoin exchange is the next thing you consider the moment you get a bitcoin wallet. If you want to buy your first bitcoin, locate the right bitcoin exchange medium.
Attach a payment method: You probably have dollars, Yen, Pound, or perhaps another cryptocurrency. It is time to choose the payment method you prefer. Your payment method makes bitcoin transactions easier. It converts and deducts the equivalent amount of the bitcoin which you bought in your purchasing currency.
Buy your first bitcoin: Now that you are ready and know how to buy your first bitcoin, you are to make use of your wallet address from your bitcoin wallet to receive bitcoin through an exchange medium.
Buying and selling bitcoin is more comfortable than your traditional currency transactions. It only demands knowledge of what bitcoin is and how to buy it. You do not need to start learning the technology behind bitcoin before obtaining it, but you may decide to learn more for interest’s sake.
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