Are you looking forward to getting bitcoin? If yes, then you need to pay rapt attention to this amazing guide where we will show you the 4 steps you can take to buy bitcoin today.
Each day, bitcoin grows in popularity. So, we thought we would look at some of the ways you could get bitcoins to help you on your way to investing.
How to Buy Bitcoins
You may want to start by buying bitcoins directly from other people via online marketplaces. It’s the same way you’d buy a product or service online. Or, you can use a digital currency exchange or broker. If you happen to be in Australia, you can safely buy bitcoin at the Melbourne office of Bitcoin Dealers.
Your Bitcoin Wallet
You are going to need a wallet in which to store your digital currency, regardless of which exchange you choose to use. The wallet stores a private key, which is a secret 256-bit string number. The key provides access to your cryptocurrency. It also lets you move across the different marketplaces.
Just because you decide to get bitcoin on a certain cryptocurrency exchange does not mean you have to stick with it. The private key ensures you always have access to your wallet, no matter which marketplace you use.
There are several different kinds of wallets, including hardware and software wallets. The software wallets are really apps that connect with your regular bank account, and there are a number to choose from online.
Hardware wallets, however, store your private key on a safe and secure physical device that looks very similar to a memory stick. Many people consider hardware wallets to be more secure as you can literally disconnect from the internet.
Now It’s Time to Get Bitcoins
Once you’ve chosen your wallet and marketplace, you are ready to start getting your bitcoins.
- Get your wallet
The first step is to create your wallet. The quickest and simplest way to do this is online. Go to the wallet provider’s site and enter your name, email address and a password.
- Download the app
Once you’ve picked a software wallet, you will need to download the app. You can do this either through Google Play Store or the iStore, depending on whether your system is Android or iOS. There are also some wallets that are designed for desktops.
- Head over to the exchange
Now, visit the exchange of your choice and register with it. You will once again need to enter your password, name and email address. Many exchanges need you to connect with your bank account in order to pay for your bitcoins.
Some exchanges offer an app that actually acts like an exchange and a wallet in one. Via the app, you both trade and buy bitcoins and securely store them. But, do remember that you don’t have to use an exchange’s digital wallet if you prefer not to. There are plenty of options out there.
- Buy your bitcoin
Finally, head over to the “buy” section on the exchange and select the amount of cryptocurrency you want to buy. Since the price of bitcoin is rather exorbitant, most exchanges allow you to buy less than one bitcoin. In fact, the crypto can de divided into no less than 8 decimal points, so you can buy enough to suit your budget.
That’s all there is to it!