Tips for Simplifying the Bitcoin Buying Process

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Tips for Simplifying the Bitcoin Buying Process

5 May 2021
 Categories: Finance & Money, Blog

One of the barriers that some consumers have to purchase Bitcoin is that they don't know how to do so. This is often because consumers think that the process of purchasing Bitcoin is difficult. However, several services make it very easy to purchase Bitcoin.

Understanding Why You Are Buying Bitcoin

The value of Bitcoin has gone up considerably in the past and some investors have chosen to purchase Bitcoin as a way to make money. However, others don't like the volatility of Bitcoin and would rather use it as a way to send money to another individual who has a Bitcoin wallet. One option is to simply purchase Bitcoin and immediately send it to someone. That individual can then immediately convert the Bitcoin into cash.

Choosing a Bitcoin Wallet

One of the first steps to take is to choose a Bitcoin wallet. Your wallet contains your private and public keys. Therefore, you will want to choose your wallet carefully or you may lose all of your Bitcoin. You will need a wallet where you can control your private keys, the wallet must have backup and security features, and it must be easy to use. Not all Bitcoin wallets are compatible with all operating systems so if you're using Linux you may want to research wallets that work the best for this OS. Also, choose an HD wallet that generates an address on its own and avoid wallets that require a KYC.

Investing Websites

Many websites that allow you to invest will also allow you to purchase Bitcoin. This might help you feel more confident since you will be purchasing from an established company and you will be able to sell Bitcoin if you no longer want it as an investment or as a way to transfer money.

Through these services, you will likely be able to purchase Bitcoin using a credit card, a bank account, or one of several payment processors. You will usually be required to pay a fee and you should shop several companies to determine which ones will charge the lowest fees. 

Once you have purchased a Bitcoin, you will be able to store it in your wallet. Bitcoins might seem somewhat expensive and a few can be thousands of dollars but you have the option to purchase a fraction of a Bitcoin. Some Bitcoin investors have purchased Bitcoins with as little as $50. Once you know how to buy Bitcoin, it will seem more straightforward and plausible.