As the price of Bitcoin breaks records, more and more people are interested in buying this exciting cryptocurrency. If you are one of them, you should know that purchasing this digital currency is not difficult. All you need is a good plan.
Create a Bitcoin wallet
First and foremost, you have to create a bitcoin wallet before you start buying (or selling) bitcoins. It’s easy to recognize a virtual wallet like this because it consists of lines of text. It can be used for sending and receiving bitcoins. Keep in mind that there are a few different kinds of wallets. Some of them can be used offline while others are used online. In addition, there are wallets that can be used on mobile devices too.
The vast majority of bitcoin holders are using wallets that are managed via computer or phone. Some of the most used wallets today are Xapo, Blockchain, and Armory. You don’t need any special knowledge or expertise to create and operate a wallet like this. Literally, anyone can do this.
Choose the right place for buying bitcoins
Once you set up your bitcoin wallet it is time to select a good place where you can purchase this cryptocurrency. The good news is that there are a few places where you can buy and sell bitcoins. For instance, there are sellers found on the Internet willing to sell bitcoins for cash. Some of them accept credit cards and direct bank wire transfer.
It is possible to use specialized Bitcoin exchanged to buy this cryptocurrency. They work in a similar way as stock markets. Additionally, there are local exchange sites like LocalBitcoins that pair local sellers and buyers.
The increased popularity of bitcoins has contributed to the emergence of special ATMs where you can buy bitcoins with cash. Canada is just one of the countries where you can buy bitcoins in this way. Remember that buying in this way usually comes with high fees.
Purchase bitcoins and send them to the wallet
When you buy bitcoins, you should send them directly to your digital wallet. Just type the bitcoin address you have and the seller will send them there. These transactions are usually finished in a few minutes, but sometimes it takes around one hour before you see them in your wallet.
Bitcoin value is growing rapidly, which means that this is an investment that is worth considering.
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