Three Easy Ways to Purchase Bitcoin
By now, you’ve likely heard about the digital currency phenomenon that is Bitcoin. Started by a secretive computer scientist in 2008, the currency is now used all over the world.
The value of Bitcoin has increased to well over $600 US per coin, a figure that is likely to go up in the future. If you are looking to get started with Bitcoin, there are a few different ways you can make your first purchase. Buying Bitcoin is actually very easy and can be done in quickly online, or via in-person transactions.
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Get A Bitcoin Wallet
Before you can purchase any Bitcoins, you will need to set up your Bitcoin wallet. This is a digital space for you to store your Bitcoins. There are many different types of wallets available. You can store your coins on your mobile device, such as a phone or tablet, or on your computer’s hard drive.
Many Bitcoin enthusiasts also choose to store theirs on a flash drive. If you aren’t planning on amassing too many Bitcoins, you can also go with a lightweight wallet, which only stores part of the block chain, or a web wallet, which works in a web browser. However, these options are less secure. It is best to research different options before making a decision.
Now that you know how to store them, you can decide how to purchase your Bitcoins. There are three options that work well and can be done anywhere.
- The most common way to purchase Bitcoins is through an online exchange. These exchanges allow you to buy Bitcoins in your currency from another user who is looking to sell them. Some exchanges are direct peer-to-peer sites that only match users together. Others actually make and accept payments themselves, essentially acting as a sort of Bitcoin bank. There are many different online exchanges that are geared towards different areas of the world. For U.S. users, Coinbase, Circle, and Kraken are good options. Asian users enjoy Bitfinex, while Australians use Coinjar. These are just a few of the many popular exchange sites. It is important to find an exchange site for your currency, otherwise there may be high conversion fees.
- If you would prefer to sell your Bitcoins in person, you can do so at a local exchange. There are websites that facilitate local exchanges, or you can look for Bitcoin events in your area. The biggest local exchange website is localbitcoins.com. When exchanging Bitcoin in person, always make sure to be
safe. Meet in a public place and take a friend with you.
- Another way to buy Bitcoins is by using a Bitcoin ATM. These are located in
many major cities around the world. They function similarly to traditional ATMs. To buy Bitcoins, just link your wallet to the transaction, and then insert cash. Your Bitcoins will then be sent directly to your wallet. However, there are fees for using Bitcoin ATMs, so be sure to review those before making a purchase.
Buying Bitcoins is easy and can be done anywhere in the world. Once you have your Bitcoins, you can spend them at many online retailers, or keep them as an investment.
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