Today we will buy our first BitcoinBitcoin Step by Step Guide for Beginners
In fact, this is not a very complicated task, but for many people, it can become very difficult to enter the cryptocurrency market.
The main obstacles on the path of a novice investor:
- Technical complexity
- Misunderstanding of the process
- Opacity of the purchase procedure
How to take the first step and do not mess.
I propose to focus on one task – to buy Bitcoin depending on where you are (in which country), from what money are you going to buy Bitcoin, what is more convenient way to pay?
There are several different options and now we will look at three key most popular ways.
Site Local Bitcoins
This is a site that unites people who want to sell Bitcoin and people who want to buy Bitcoin. As a rule, Bitcoin sellers are not private individuals with a small margin, but exchange offices, services, companies and corporations that have a large supply of Bitcoins. They have good, well-established processes and they can sell you quite a large number of Bitcoins in a format that is convenient for you.
Sellers accept a variety of payment methods:
– bank transfers, cash (if you are in large cities)
– accept money orders, various payment systems (such as WesternUnion, Paypal) and other remote payment methods (if you are in small towns)
The attractiveness of this site is that you immediately see a range of offers here. You can say that you want to buy Bitcoin, for example only in New York and only for dollars or only in Berlin and only for Euros. Or, for example, you can specify that you want to make a transfer using Bank of America or only BNP Paribas.
In general, this way of buying Bitcoins gives you the opportunity to easily find the payment method that suits you. You will immediately see all the sellers who offer to pay with them in this way. And then you will see a rate on which they will offer you to buy Bitcoin.
The Second Option
is ideal for people who have already decided what method of payment is better for them to buy Bitcoin.
This is the site bestchange.com – on this site you can:
- compare the conditions of various exchange services
- compare various suppliers of cryptocurrency
- very wide choice of payment methods
Here are some tips on how to use this site effectively:
choose in the left column then you want to pay: WesternUnion, Paypal, cash, euro, UnionPay and so on.
in the right column, you choose what you want to get: Bitcoin, Ethereum, balance on one of the exchanges and so on.
You have a very wide choice, what you want to give and what you want to receive.
Services that are presented on this site are also provided with:
– you can see the history of their transactions
– you can appreciate their reputation
– see if there were any problems with these services from other users
The format of this site is similar to Local Bitcoins, but private players are not represented here. There are no applications from private individuals, here applications only from professional crypto exchange services. This simplifies your life a little and allows you to filter out the payment method that suits you best and choose from a wider range of proposals.
the most professional - it is the use of crypto-exchange platforms
Exchange fiat money (such as the dollar, euro, yuan, yen, and so on) on cryptocurrencies (such as Bitcoin and Litecoin, Ethereum and many others).
As a rule, there are a lot of trade directions on the crypto exchange services.You can exchange one cryptocurrency for another. Tools that are available to work with the professional exchange platforms are much richer and you can not just accept the offer that is on the site Local Bitcoins or on the site Bestchange, but you can leave your own offers.
You can set your own preferences:
- you can say I will buy ONLY at this price and wait for a person who will agree to sell you at this price
- you can say I will buy here at SUCH a price, and then automatically sell when the price become exactly THIS
Cryptocurrency exchanges allow you to make much more complex buying and selling mechanisms.
- they allow you to expose protective orders
- they allow not only placing a bet on the increase (that is, buy the cryptocurrency and wait until it grows). But they also allow you to bet on a slide when you will earn a drop in the rate of crypto.
But the cryptocurrency exchanges also has a drawback
In order to use fiat money in classical currencies on the exchange, most exchanges will require verification. They are forced by banking rules to identify their users before taking money from them. Accordingly, you have to send your documents to the stock exchange, you will have to confirm the address of residence, you will have to confirm your name with a surname and so on and so on.
This is not a very complicated process, you can take from several minutes to a couple of hours depending on the exchange. As a result, you will get a much better and broader toolkit for your cryptocurrency operations. After the verification process, you can work with crypto-currencies more professionally than exchange agents allow.
Top 3 Crypto Exchanges
What exchanges are best suited for your tasks?
For example, if you want to enter into a cryptocurrency from a different kind of electronic cash (electronic money), refill your account with the exchange by some international instruments.
You want to top up your account with and your credit card or you want to top up your account with your bank account by transferring a swift?
If you are in Europe and want to use SEPA bank transfer, you need to go to such exchanges that are operating in the legal field of Western Europe and North America or Japan:
These exchanges are sharpened by replenishment with classical banking international instruments. Accordingly, there you will get good conditions for these tools.
One of the most popular exchanges, one of the best entry points if you want to pay by credit card is the exchange Cex.io. This exchange has a quite humane commission for replenishment of credit card. It is not the cheapest, but it allows you to buy large amounts and at the same time pay by credit card or bank transfer.
So choose exchanges to your taste depending on exactly how you want to pay for your future Bitcoins, Ethereums, Ripples and other crypto-currencies
And do not forget, you always have the option to change just directly. Find someone from your friends who have a cryptocurrency, who will agree to sell it to you. In my experience, it is enough to make a post in Facebook and in your circle of acquaintances quite unexpectedly there will be a person with a stock of cryptocurrency quite capable of selling it to you.