These days due to significant attention in the investment world, many people are looking for ways to find out how to buy bitcoin or other cryptocurrencies, but you should know it is as simple as signing up a new an email. Let’s Take a lookt at our three step procedure of how to buy bitcoin :
First step to buy bitcoin is finding a wallet
Before buying bitcoin, you should find a website such as Blockchain.com or coinbase.com, you can even download an App for your phone. It is free bitcoin wallet and easy to sign up. You should know that these bitcoin wallets are not used for long-term storage it is much safer to buy a physical bitcoin wallet and put a safe password on it.
Secondly Find a secure exchange platform
When you have a Bitcoin wallet, you can now use any payment methods such as debit card, credit card or bank transfer to buy bitcoins mostly on exchanges like Coinbase.com. After you buy, bitcoins transfer to your wallet. The exchanges are platform that offer wallet capabilities. It is not their main business and often they don’t have secure wallet so try not to store large amount of bitcoin for long time. Security must be your first priority when choosing a wallet. Exchanges mostly use for exchanging for example, Bitcoin for U.S. or Bitcoin for litecoin.
You do not store your bitcoin in wallet, you secure your private key in it
The common assumption that Bitcoins are stored in wallet is wrong. Bitcoins are not stored anywhere. Bitcoin balances are maintained by long string contain numbers and letter which are your public and private keys. You can compare your public key with your bank address and your private key compare to your pin code. You must guard your private key and just use it for transactions. There are some cold storage that use offline.
Although bitcoin is homogeneous and its price is the same everywhere in the world, but in some exchanges and countries, there is aberration in price because of the demand and the supply situation. The bitcoin payment is becoming a valid method since there number of places such as large retailers like Walmart or even Amazon website is accepted Bitcoin. As the bitcoin is growing among the world the demand is increasing so the price will rise up.
Thirdly: order from their platform
It is important to know that if you want to buy bitcoin you should pay around $10,000 now in 2019, but bitcoin can be divided up to 8 decimal points. It means you can buy 1 bitcoin for $10,000 or 0.01 Bitcoin for $100. It these exchanges they give your wallet address in order to transfer your bitcoin after your payment. So be careful to send your wallet address or public key not your wallet id or private key.
Let’s have a sample of them here:
- Sample of public key: 16pkQ6yDJzP2h6rVpzerxcw4QXMCAucDzB
- Sample of private key: L2XHyKMK7fE3VJhhzXP2TmsWfs5MmJi1gAFT9tYVcjVwhuUrdei7
- Your wallet address: 1MYn8336NsSusy759AWADWFWs2hkwgn8oj
- Your wallet Id: 6ab89da1-3fc1-4297-995b-b04mdo8ccae7
Alerts on exchanges, wallets and currency exchanges
Despite the need for identity, remember that online exchanges and wallets do not provide the same protections that banks do. For example, if a hacker steals your bank account and you have not neglected its security. The central bank is obliged to give your money. However, if your account is hacked on wallet sites and your bets are stolen, the site will not be held liable.
Bitcoin, like other currencies in the world, does not have the rules of guaranteeing money. Money exchangers and wallets in the world of hacking (in the event of a server hack) return your money, but there is no legal obligation to do so. If aft of your personal wallet has occurred due to your unsafe security or password, there is no way to guarantee your money back.
A few words about mining
Yes, you just realized that you can mine bitcoin yourself. You’ve probably heard that you can mine bitcoin from your personal computer. But it’s about a few years ago that Bitcoin did not have much financial transactions and it was much easier to calculate its transactions. Now if you connect your computer to the network, you might be able to mine one bitcoin in 200 years! Bitcoin mining requires highly robust hardware that can quickly calculate transactions.
As time passes and transactions increase, bitcoin mining becomes harder and harder, and this makes the bitcoin more valuable. Naturally over time, more powerful hardwares will be released.
Anyone who claims to be able to provide bitcoins with a regular computer or even a graphics card is Probably using the software that intends to hack your computer.
Buying bitcoins is always as easy as new entrants expect. Soon a lot of new ways to buy Bitcoin will be introduced.