The increasing popularity of Bitcoin has made more people interested in investing in the cryptocurrency. This has made more people ask how Bitcoin can be bought. This article will list and explain the various steps to take to ensure the successful purchase of Bitcoin.
Choose a Good Wallet
First of all, this is the first thing every potential Bitcoin buyer must do. Selecting a good wallet is important, because if your wallet is not secure, you could end up losing all your funds. When choosing a wallet, you have to look for a wallet that is secure and reliable. Some of the recommended wallets to choose from includes:
The Coinbase wallet: this wallet is one of the most popular Bitcoin wallets in the world. This wallet is recommended because it comes with an easy to use interface. Also, it secures your coin.
Another recommended wallet is Exodus. This wallet is secure, easy to use and also supports multiple cryptocurrencies. It comes with the Shapeshift technology that allows you to not only store coins but also to trade them without leaving the wallet.
Choose a Good Cryptocurrency Exchange
There are different exchanges, each performing different functions, also each more secure, reliable and trustworthy than the other. The recent hack of exchanges is one reason why you must carry out an intensive study before an exchange is selected. Also, you have to select an exchange that charges less for transactions. Some of the recommended exchanges include:
CoinBase: this exchange has been the first choice for all first-timers. It is easy to use, secure, and charges less for all trading and transactions carried out.
CEX is recommended for users who generally have an understanding of how Bitcoins are bought. This exchange is easy to use, and its options are designed in such a way that you can make transactions as quickly as possible.
Select a Payment Method
While you have selected a wallet and an exchange, the next thing to do is to select the method in which you want to purchase your Bitcoin. Most exchanges support the use of either bank transfers or credit card transfers. The recommended exchange, CoinBase supports the two payment methods.
Buy Bitcoin from an Exchange and Transfer to your Wallet
Once you have selected a payment method, it is now the time to purchase Bitcoin. Each exchange has a specific amount of Bitcoin that can be purchased, also the volatility of Bitcoin means that prices may differ based on exchange. Most times the price of Bitcoin can change from time to time.
It is advised that you first buy a small amount of Bitcoin as a first timer. It is important that you immediately transfer your bought coins to the wallet address you selected. This is to ensure that you do not end up losing your coins in the event of a hack or permanent shut down of exchange.
Whether you seek to buy Bitcoin for investment or payment purposes, it is important that you carry out an intensive research before buying.