Since 2008 when Bitcoin came around, people have been looking to cash in on this lucrative digital venture. While the history of Bitcoin is muddled, the present and future look promising!
Are you looking to jump on the Bitcoin train and make fast cash? You’re in luck.
This article will be your complete guide and will answer the question, how do I buy Bitcoin? Read on for tips, tricks, and how to get started with Bitcoin today in order to be successful tomorrow.
What Is Bitcoin Exactly?
Did you know that the supply of Bitcoin is limited to 21 million? Before we dive into Bitcoin ATMs and the like, you’ll want to know what Bitcoin is and how it works. Bitcoin was created by Satoshi Nakomoto (to make matters confusing, it’s a pseudonym for a person or people).
Bitcoin falls under cryptocurrency. To better understand Bitcoin, it’s digital money, which means it’s not physical (unless you turn it into cash).
Keep in mind that it’s decentralized, meaning it’s not backed by any government or bank. Even though that’s the case, it’s still quite popular around the world. Also, you can shorten Bitcoin by calling it BTC.
Keep It Simple
In simple non-techy terms, the Bitcoin system is actually a set of computers that run and store its blockchain. A blockchain is a collection of blocks.
Within the blocks, there are multiple transactions. Due to the computers having the same transactions and blocks, that means that people can’t cheat the system (sorry Florida man).
Now mining isn’t a bunch of people going into a mine and trading Bitcoin (even though that’d be fun). Bitcoin mining is where Bitcoin is released into circulation.
All of these complex puzzles are solved in order to create a new block. Once this occurs, then the block is added to the blockchain.
When miners are done with their hard work, they receive some Bitcoin. There are different types of hardware that tech-savvy people can use for mining. Mining processors are also known as mining rigs.
Understanding Bitcoin Benefits
If you’re still asking yourself, why Bitcoin, then there are various benefits. First, Bitcoin transactions aren’t linked to you (unlike bank transfers and credit cards).
Second, it’s easily accessible. Whether you use a BTC atm, your smartphone, or an internet connection, you have options. Whether you use it to buy and sell goods, or as an investment is entirely up to you.
When you’re ready to buy and sell Bitcoin, you may be on the lookout for a crypto exchange. This is where you can exchange your money for coins.
The best tip for beginners is to choose an exchange with high security and low fees. Find out if it has a Bitcoin wallet. If not, you’ll have to find one of your own.
There are platforms that’ll allow you to buy crypto through them. The downside is that you can’t withdraw your coins and move them to another platform. This means that you’ll have to sell your holdings and then buy them again on a different exchange (that’s why Bitcoin ATMs are great and easy to use).
Another benefit to using your local BTC ATM is that the transaction fees tend to be lower than traditional payment methods online. There’s no authority either since it’s decentralized.
Once you have your exchange in mind, it’s time to fund your account. As far as funding options, it depends on who you choose.
Some platforms give you options as far as wire transfers, savings or checking accounts, PayPal, or your cryptocurrency wallet. You can use debit and credit cards as well.
Depending on the source of funding, you might have some pretty steep transaction fees. If you choose to go through your bank account, there tend to be little to no charges compared to PayPal, credit, or debit cards.
When Should I Buy Bitcoin?
If you’re asking yourself when you should buy Bitcoin, the answer is now! Get out there, seriously, so that you don’t miss out.
Determine why you want to get started on Bitcoin which can help you answer this question further. If you’re looking to trade Bitcoin and don’t see yourself doing it for the long term, you’ll still need to understand Bitcoin. Along with this, you’ll need to understand the different techniques for Bitcoin.
Buying Bitcoin Further
There are a couple of tips that others will give you in regards to buying and selling Bitcoin. Some will argue that you should just get out there now and start buying. You might find this crazy, but it’s sound logic since the price is destined to keep going up.
If you’re more interested in having some control over Bitcoin (somewhat), then you can buy a fixed amount on a certain date. This means that you’ll average out any fluctuations in the exchange rate.
While Bitcoin is a risky asset (like the stock market), the best advice is to stick with what you can afford to lose. This goes for all risky behavior whether it’s the stock market, gambling, or buying Bitcoin. Determine a healthy percentage of your income in order to come up with the right amount.
Buying Small Amounts
Something that’s unique and special to Bitcoin is that you can buy less than 1 Bitcoin. That’s because one Bitcoin can be divided up multiple times.
You can buy one-hundredth of a Bitcoin, half, one-quarter, the options are endless. Paying respect to the mysterious creator of Bitcoin, you have a Satoshi which is the smallest amount of Bitcoin.
Buying Large Amounts
If you’re interested in cashing in and striking it big in Bitcoin, it’s known as Over The Counter. This is when you buy large amounts (think over $10,000 worth, yes please). There are certain brokers and exchanges that work with rich folk such as yourself.
Choose Bitcoin ATMs
When you’re looking to turn your cash into Bitcoin then you’ll want to find Bitcoin ATMs in your area.
Many choose Bitcoin ATMs because you can remain anonymous while purchasing Bitcoin. You also don’t have to worry about a long identity verification process. You input your money and then receive your coins immediately (yes, it’s that easy)!
There might be some fees associated with it, but it’s worth it because of the ease of use. Plus, plenty of other methods of buying Bitcoin involves fees as well.
What To Look For When You Go To Buy Bitcoin
First, when you’re taking a look at the different places where you can buy Bitcoin, look at their investment selection options. See what cryptocurrency options they have (including Bitcoin of course).
Take a look at fees as well. Some platforms will have bonuses that you can earn.
They might have low spending requirements in the beginning as well. Keep in mind that no matter how flashy a bonus is, it shouldn’t be the ultimate deciding factor.
Lastly, how user-friendly is it? You don’t want to be wasting your time waiting for your money to come through and stressing about whether or not it went through. That’s why many turn to Bitcoin ATMs since it’s convenient and easy (who doesn’t love that).
Listen, you’ll want to take some precautions when it comes to Bitcoin (as with other investments). As Bitcoin profit continues to expand, so does fraud. It’s just the way the cookie crumbles.
First, do your research before you buy Bitcoin. Some safe options are peer-to-peer exchanges, Bitcoin ATMs, and cryptocurrency exchanges.
The great part about Bitcoin ATMs is that you can insert your cash in order to buy Bitcoin. Once this occurs, then it’s sent to a secure digital wallet.
A digital wallet, like our ByteWallet is vital in order to stay safe and have your Bitcoin in a secure location. In some exchanges, they allow you to store your Bitcoin, but that’s risky business, my friend! No worries if you’re not super techy, the wallet can be accessed right from your computer, smartphone, or tablet.
How Do I Buy Bitcoin? Your Questions Answered
After taking a look at this informative guide, you should be able to answer, how do I buy Bitcoin? If not, are you awake, are you sure?
Now’s the fun part. You get to grab a piece of the Bitcoin pie. Get started today and host a Bitcoin ATM right in your location.
Have questions? We can help. We’re here to answer your burning Bitcoin questions.