Did you know, right now so many people are buying and using Bitcoin that the network is actually experiencing unexpected delays? That’s right – bitcoin is so popular with people flocking from all areas of life, because digital currency brings an enormously wide spectrum of advantages compared to all other payment solutions.
With mass adoption comes a surge in demand for a comprehensive wiki on how to buy Bitcoin and store it safely.
You are in luck – the following guide does exactly that: it explains the A to Z of all you need to know before getting those first Bitcoins. Be it with a credit card, bank transfer, PayPal, or cash – I have the best tricks and tips to get you purchasing like a pro. Read on…
Here are the steps to buy bitcoin:
click & read each stage
- Know the pros and cons of each payment method. Credit cards allow for speedy purchases, while bank transfers offer the cheapest rates.
- Choose from the best sites to buy bitcoin. I’ve selected the top 10 most popular & secure exchanges – reviewed and sorted by payment method.
- Understand the identity verification process. Exchanges are legally obliged to check your ID and location. Having the required documents ready will speed up the time needed to validate your account.
- Investigate whether your exchange meets standards. I’ll show you how to diligently assess any crytpocurrency trading site. Carrying-out background research is essential & beneficial.
- Select a wallet to safely store your cryptocurrency. Online and offline wallets offer their respective conveniences but differ vastly in terms of safety.
As you have seen, it is relatively easy to learn by testing a couple of different places and then deciding the most appropriate service for your needs. Once you have tried and tested your favorite site, then the process becomes more straightforward. The learning curve is not that steep anymore.
For those interested in alternative cryptocurrencies to bitcoin: these can be very promising, but there are some elements to consider. Firstly, be sure to research the historical changes in market capitalization – the list of highest-ranking digital assets varies rapidly over time. Secondly, remember that many coins’ total valuation have come to challenge bitcoin’s dominance (ethereum, ripple, auroracoin, quarkcoin) – but have subsequently dropped off. Finally, bitcoin has never been surpassed since its creation. Such an unrivaled dominance has cemented its reputation as the reference currency for the crypto economy. In the long run, history has shown that it is a safer bet to hold BTC.
Should you have some extra time, I highly advise taking a moment to read the history of bitcoin which is actually quite interesting indeed. You may also like to take a look at the price history charts to have an idea of the important exchange rate evolution since Satoshi Nakamoto created it in late 2008.
As a final note, I really recommend taking an active interest in the technology behind cryptocurrency, being the single most important innovation since the internet was invented. There is some great discussion on the /r/btc subreddit and on the EpiCenter Podcast for enthusiasts.