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How To Buy Bitcoin
By at November 16, 2017( 4 months ago )

How To Buy Bitcoin, Bitcoin has become something of a media darling
lately. The rapid growth in knowledge and value of
the digital cryptocurrency is certainly a story that
grabs the headlines, but underneath is a potential to
change how money could be used in the future.

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So, how can you actually get hold of Bitcoin? After
all, your local bank branch won’t be handing out the
digital currency any time soon. We show you where
you can exchange your cash for the money of the
brave new, online, world.

If you’re not familiar with cryptocurrencies, then you
might find our What is Bitcoin? and What is Ethereum? features a helpful introduction.

Set up a Bitcoin wallet

Before you can buy any Bitcoins, you’ll need
somewhere to keep them. This is done by creating
an online wallet. These are offered by a number of
online sites, often with apps for Windows, macOS,
Linux, Android, and iOS.

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Many Times With The Same Blog

The site lists several wallets from
different creators, but you can also try popular apps
like Mycellium, Coinbase, or Blockchain, which
claims to be the world’s most popular digital wallet.

The most important things to look for when
selecting a wallet is security and ease of use. The
more secure the better, as Bitcoin theft has been a
problem in the past. This was proven in spectacular
fashion in 2014 when the most popular exchange in
the world was brought to its knees after 850,000
Bitcoin were stolen.

Be sure to find a wallet provider that allows two-
step authentication, always use a strong password
(don’t forget it!), and if possible look for the ability
to backup your wallet offline.

Most modern providers offer high-levels of security,
but in your mind you need to think of a Bitcoin
wallet as an actual wallet. If you lose your cash,
you’re not getting it back. The same is true of
Bitcoin. So protect it judiciously.

Take your time, do some research on any potential
wallet providers you prefer, and things should go
For more details on how to secure your wallet, and
the potential risks involved, read this helpful guide on the site.

Do I have to buy Bitcoin from an exchange?

The easiest way to buy, and sell, Bitcoin is on one
of the many exchanges now in operation around the
world. These function in the same way as popping
down to the Post Office to buy foreign currencies
when going on holiday, except everything takes place online.

You’ll need to create an account on the exchange,
and enter your bank details so payments can be made to and from your account. Many also support
PayPal if you’d prefer to keep everything digital.
Some of the most trusted exchanges include the
aforementioned Coinbase, eToro, and Coinify, but
you can search around for others too.

As the value of a single Bitcoin at the time of
writing this article is around the £5000 mark, you
probably won’t be buying a whole one to start with.
Instead you’ll purchase a percentage based on value.

Therefore, if you want to invest £100, then the
exchanges will sell you £100 worth of Bitcoin, no
matter what percentage that amounts to. These can
then be spent online at supporting outlets, or you
can trade them on the exchange.

Buying Bitcoin from a cash machine

Believe it or not you can actually buy or redeem
Bitcoins at cash machines around the UK, US,
Canada, and other countries worldwide.

These kiosks are connected to online exchanges
and allow users to make purchases by depositing
cash into the machine itself. They can also
dispense the local currency in exchange for Bitcoin
already bought online.

You can see the locations of Bitcoin ATM on the
very handy Coin ATM Radar site.
One thing to bear in mind though, is that there have
been several reports of quite high transaction
charges when using the machines. So, if you do
want to get your Bitcoin from a hole in the wall, be
sure to check what it will cost before you begin.
Now you just have to decide whether to head out
into the marketplace to spend your Bitcoins, or
hang onto them for a while. Those who opted for
the latter a few years ago are very happy they did so now.




Am Usman Moses Ojochegbe popularly called "Sir legendy" a typical Igala man from Kogi State. A man who's addicted to the internet, a self made guru, a phone Lord. The above listed led to the development of this great blog. Stay with us and devour our great contents.


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