How To Buy Your First Bitcoins?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. As it’s only been 8 years since the first bitcoin is mined, not many people know how to buy your first bitcoins . We will try to break it down for the newbies who would like to know how to buy your first bitcoins online.
Obviously, the best way for anyone to buy bitcoins is by making use of their bank account. For online money makers like many of us, bitcoins are the real future and can save some money which PayPal/Payeer take as fees. Fees for sending bitcoins are minimal as the fees can be as low as 7 cents even for sending over $500 worth of BTC.
Methods To Acquire Your First Bitcoin
- Through Mining. This is done by sophisticated mining machines. (Important – This is not really profitable these days unless you get cheap electricity and good GPU at the best price). Forget about it if you are completely new to bitcoins!
- From your friends who hold bitcoins already. Localbitcoins is such a marketplace where you can find many sellers from your country who currently hold bitcoins.
- Through bitcoin exchangers or bitcoin wallet websites (Coinbase, Xapo, Unocoin, CoinPayments e.t.c). The payment methods are usually bank transfer, bank wire and credit/debit cards.
Trusted BitCoin Wallets
You can only sell or buy bitcoins and send or receive bitcoins if you have a bitcoin address. Each bitcoin wallet comes with a personal address which starts with either 1 or 3 and looks somewhat like this ‘1HW46HZrSQ6Z26JrbFxfvpNnzh6WyEB4H2‘
CoinBase is the most popular bitcoin wallet and has over 5.3 million members. Started on June 12, 2012, in California USA, it has grown to about 33 countries including US, Canada, Australia, Singapore and the majority of European countries. Citizens of any country in the world can register in Coinbase and make use of their ‘send/receive bitcoins’ services, you can’t directly buy and sell bitcoins in exchange to your national currency. Only members from the coinbase approved countries can load bitcoins from banks or withdraw bitcoins to banks. If you are from any Europe or any of the above said country, join CoinBase to get your bitcoin address instantly. Not just that, if you buy $100 worth of BTC by either bank transfer, credit card or bank wire, you will get $10 credited to your account for FREE!
Is it safe to buy your first Bitcoins?
Bitcoins fluctuate a lot even on a daily basis. Bitcoins can fluctuate up to 20% at some days. If you have left some bitcoins in your wallet, your bitcoin value could get diminished or could even multiply with the passage of time.
That’s why the Bitcoin value is highly volatile comparing to physical currencies like USD or EUR. Any positive/negative news regarding to bitcoin can affect the price a lot.
The point I am making is that the bitcoins can be risky if your aim is solely investment for short term. It can go both ways. Bitcoins are destined to go up with its push from Chinese investors and usual traders from all around the world. The catch is that vast majority of the world’s population don’t know about Bitcoins, although Bitcoins are going more and more viral.