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The most popular cryptocurrency is now accepted around the world and has a growing number of applications, but you need to know where to go to purchase and store it.
Let’s have look on how to set up a bitcoin account and make your first purchase? Follow the Steps to get Bitcoin Account.
Step 1: Get a Good Bitcoin Wallet:
Specific digital wallets are used to store Bitcoin until you are ready to spend them or exchange them for another currency. Wallets range in terms of features, platforms they can be used on, and security, so it’s important to choose one that works for you.
When you find a wallet that checks off all your important features, download it to the appropriate platform. These wallets can be downloaded for free, but fees may apply to currency exchanges when moving money to other accounts.
Coinbase wallet comes with a friendly wallet that ties directly into its exchange services and is simple to use, making it one of the most popular American Bitcoin wallets. When you sign up, you get a certain amount of insurance for the Bitcoin you store, and you can go online from any device to check up on your amounts or make a change.
Electrum is primarily to be used on desktop computers and provides you with your own encryption key for security. If you plan on storing a large amount of Bitcoin online and want one of the safer options, it’s worth a look.
Step 2: Choose the right Bitcoin Exchange:
There are a whole lot of exchanges out there, with varying performance. Some are untrustworthy and others are very limited, so it’s important to pick the right exchange to start with. When comparing exchanges, remember to look at the fees charged for buying Bitcoin and what payment methods are offered. Few exchanges will offer to turn Bitcoin directly into cash for you.
Coinbase is the most obvious suggestion for people buying their first Bitcoin. It’s very simple to use, has a great interface, and shows consistently high quality when it comes to taking care of customers — without pushing fees too high. It’s also available on both desktop and mobile devices. We highly suggest you start here if you’re not sure where to go.
Bitcoin exchange search is Bitcoin.com own exchange search. Put in your country, and you can take a look at available exchanges, as well as check out the current “featured exchange.” It’s a good option to investigate more choices, but remember to check reviews and history before choosing any particular exchange.
Step 3: Select Your Payment Method:
Exchanges accept a variety of payment options based on what they are willing to use. This is sort of a sore point for many exchanges since some payment methods have been used to scam sellers for a quick buck in the past. Bank account and credit card transfers are typically accepted by most exchanges, with some limitations. Wire transfers are a bit more hit or miss, and PayPal transfers may not be allowed.
Bitcoin ATMs allow you to exchange Bitcoin incompatible wallets for cash. These ATMs are available in a limited number of cities but do provide an alternative to withdrawing money using an exchange. Again, most exchanges and online wallets will not deal directly with cash.
Step 4: Buy Some Bitcoin and Store them in the Wallet:
You will notice that exchanges provide you with information on how many Bitcoin you can buy for specific sums of money. Start small and make your first trade. This will typically store your Bitcoin into an automatically generated account on your exchange. You should then seek out the option to transfer these funds to the address of the Bitcoin wallet you have created. The exchange may charge for this transfer.
Step 5: Start using your Bitcoins:
If you don’t start spending Bitcoin or exchanging them with other currency, it can be easy to forget about them. So start using your wallet. Find a local shop around town that accepts digital bitcoin payments, or look into compatible online stores. Always read reviews and fine print before making any purchase or exchange with your Bitcoin.
Conclusions:
Buying bitcoins is not always as easy as newcomers expect. The good news is the number of options is increasing, and it is getting easier all the time.
Some may not even necessarily require a wallet or Internet access. Other ideas have included bitcoin debit cards, physical bitcoin ‘coins’ with a wallet value pre-loaded, and stored-value cards.
