Buying Bitcoin isn’t as easy as one might think. There are a few things you need to consider. Like where you want to store your Bitcoin (which digital wallet), what exchange do you want to use to buy it, and so forth.
For a first time Bitcoin buyer, it can be pretty daunting. But we have a quick and easy to follow list of steps that you need to take, to get started buying Bitcoin.
Find a Digital Wallet App
Firstly, you’re going to need a Digital Wallet app. This is an app that is used to store your Bitcoin until you want to spend them or exchange them (aka sell them). There are a number of different ones out there, but Exodus and Mycelium seem to be some of the better options available.
Exodus is a digital wallet that is an all-in-one app that works offline. It supports a number of cryptocurrencies, not just Bitcoin. Exodus is also free to use. There are also some simple graphing tools that you can use to visualize your crypto portfolio.
With Mycelium, you’re getting a more well-known mobile wallet app that is compatible with more advanced tech, like Trezor hardware wallets and Tor.
Finding the right exchange
There are many different exchanges out there that support buying Bitcoin. The most popular one is Coinbase.
Signing up for Coinbase is pretty simple, but you are going to need to provide some form of identification. This is important, as Coinbase wants to be sure that you are who you say you are. And when you’re dealing with money, that’s important.
Like other exchanges, for actual stocks, you can see graphs of how Bitcoin is trending, and whether now is a good time to buy or not.
There are some other good options out there like LocalBitcoin and BitQuick for peer to peer buying.
Set up your payment method
These next two steps are pretty self-explanatory. But you’re going to need to setup a payment method. And using your bank account is going to be the best bet here.
This needs to be done so that you are able to transfer money and purchase some Bitcoin.
Buy some Bitcoin
Now, the last step is to actually buy some Bitcoin. Exchanges will show you much Bitcoin, or how much of a Bitcoin you can buy. So if you have $500 in your account, it’ll show you how much of a Bitcoin you can purchase. And you’ll be able to buy and sell them from within the exchange.