How do I Buy Bitcoin or Other Cryptocurrencies?
Are you interested in investing in Bitcoin or other cryptocurrencies? Worried about what to do or how to buy? Don’t worry; buying into cryptocurrency can be quite challenging to understand, so let’s go through a quick guide to what you’ll need to know to get started.
What to Know First
You’re going to need a few things in your pocket before you start investing in cryptocurrencies. There are a couple of steps to go through before you can even begin, and it’s important to note the amount of preparation involved. We’ll go into more details about these steps below.
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You’re also going to want to invest in Bitcoin and other cryptocurrencies privately and securely. If you end up with large holdings and decide to tell the world about them, be aware that criminals are likely to target you and the keys you hold. Because of this, you might want to make initial transactions via different addresses than the addresses you end up keeping your holdings in.
Be sure to know about the Blockchain – anyone who uses it will be able to witness the record of transactions made, even if they’re not the person who made them. Your user info will not be publicly displayed, but your actions (a.k.a., your public key) will be.
How to Buy Bitcoin and Other Cryptocurrencies
Now let’s run through the three steps that are essential to buying Bitcoin and any other cryptocurrencies.
You’ll need to invest in a wallet
You’re going to need a ‘digital wallet,’ which can be divided into a few subcategories, with the most popular being software and hardware types. You’ll need a wallet to store the keys that represent your cryptocurrency, such as Bitcoin. Keep in mind that digital wallets are made and stored through third parties, meaning these companies will have your investments stored in their databases.
You need a connected bank account
If you want to purchase any kind of cryptocurrency, you’re going to need a bank account to connect to the wallet. A bank account is best for more significant transactions, especially if you have plans to own large holdings. It’ll usually take a few days for your payments to process. You can also use a debit or credit card here as well to speed up the transactions, but be aware that every single payment method carries their own fees.
You’ll need to join an exchange
Finally, an exchange is a place where you can trade cryptocurrency, and turn it into usable currency, such as GBP or USD. There are quite a few exchanges out there that more or less perform the same way, but every platform has its own services. Exchanges may also offer you a digital wallet option, but these are notoriously bad for long term holdings, due to the lack of security. But once you have an exchange to use, you can purchase any type of cryptocurrencies.
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