With the current increase of Bitcoin market, the interest in the cryptocurrency is growing everywhere, so it is very common to find people of all kinds that are interested in getting access to it but are not really informed about the way Bitcoin works. It may be a little bit confusing because most people are used to the way banks manage money and the idea of a decentralized and actually owned currency, besides the fact that it is an online system, may scare some users. That’s why we have a small guide to buy Bitcoin easily in 2 simple steps.
Get a Bitcoin Wallet
Bitcoin wallets are the Bitcoin storage system, where you keep all the bitcoins you purchase and where the bitcoins you use will be debited from. Basically, works like a bank account with the primordial difference that it is actually yours, and there are no intermediaries between you and your money; you realize your transactions directly with the other party. In conclusion, Bitcoinwallet is exactly the same as a normal wallet, if your FIAT money would go directly to it instead to the bank account first. There’re three ways of having a Bitcoin Wallet:
- Blockchain: the regular way to acquire aBitcoin Wallets
- Multibit: downloadable app for having a Bitcoin wallet on your pc.
- Bitcoin wallet app: downloadable app for having a Bitcoin wallet on your Android.
Start buying Bitcoin
Buying Bitcoin online is the most common and easy way to do it. But it is also a risky activity so it is quite important to be really informed about the user and site we’re buying it from. The general recommendation, when you’re starting to buy Bitcoin, is to search for an exchange house, just like regular houses but with cryptocurrencies. There are two kinds of exchange houses that work with Bitcoin:
- Bitcoin for regular money: are the ideal ones to start buying Bitcoin since they work with regular currency. To assure safety in the transactions, this exchange house requires the user to identify themselves with a series of documents for legal formalities. This system is called “Know your customer”
- Cryptocurrencies with Bitcoin as the reference: for trading in this kind of exchange houses, you need to actually have any kind of cryptocurrency so you can trade.
Some of the most popular sites to exchange Bitcoin are Bitstamp, Coinbase, Mt.Gox, and Bittinstan.com. Subscribing to any of these sites is similar to opening a regular bank account and it is even some kind of bureaucratic too, but always profitable.
It is also important to remember that Bitcoin can be acquired by mining, which is a system that works directly with the Bitcoin market and is for the most enthusiastic and experts. No matter how you choose to buyBitcoin, always remember that as any kind of money storage services it has some risks of losing money since this exchange houses, as well as the transactions, can be hacked or cheated even though the security of the blockchain system.