How To Buy Bitcoins In 2017
Bitcoin is the most modern cryptography, and with the serious money it is attracting provoke the record highs this year, more people are looking to own the virtual currency. There are several methods by which you can acquire Bitcoins, including creating a PC to mine yourself, paying for professional mining contract, or trading another cryptocurrency for it. Or you can just buy Bitcoins for cold and hard cash.
In the latter case, the question becomes the best way to change the legal tender in Bitcoins. As Bitcoin is a fully digital virtual currency, the novice buyer might be a bit confused about where to start. Bitcoin is not a physical currency, it needs to be kept in a digital wallet.
A modern digital wallet is Blockchain, and an account can be created there in which you can keep your digital money; which offers a web interface as well as smartphone applications. While some Bitcoin exchanges also provide a digital portfolio feature, we do not recommend this route because of security concerns – exchanges focus more on currency trading, and less on keeping Bitcoins from the user safe. Online digital portfolios come free of charge to the user.
Bitcoining It In
To buy a Bitcoin (or more), the user needs to go to a Bitcoin exchange that deals with their fiat offer (physical currency). A popular one is Coinbase which has a good record, having traded more than $ 20 billion (£ 15 billion) of cash in Bitcoins, with support in 32 countries.
To purchase in the Coinbase exchange, you must first set up an account. This requires that you provide basic information: a name, email, password, and location (to make sure your particular area is supported). You must be 18 years of age or older.
Once the account is created, the next step is to link it to a bank account. By selling Bitcoin at Coinbase, your income can go to this bank account or PayPal account. Purchases can be made from the connected bank account, or with Visa Cards or Mastercards.
The value of Bitcoin is shown in US dollars. Once a purchase has been agreed upon, the user will transfer Bitcoin to his digital wallet to keep funds secure in what is called a “cold storage” portfolio. This is a significant step as if it is not taken, and the exchange goes out of business or has financial difficulties, the user will lose their funds.
While buying Bitcoin through a credit card is the most convenient method for the newbie, it also has an increased risk of transaction fraud as well as higher processing fees. The use of a credit card also limits the amount that can be purchased, for example, Spectrocoin limits users to $ 50 (£ 37) Bitcoin for the first four days, which then increases to $ 200 (£ 150) per day, and then $ 500 370) after seven days.
Users should be cautious, however, and only deal with a regulated Exchange Bitcoin (which fully displays their credentials on the site). Otherwise, there is little stopping a rogue Bitcoin trade of taking your money and hanging out with it.You can also learn how to earn free bitcoins.