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How To Buy Bitcoins

Becoming part of the Bitcoin world requires people to take that first step. Knowing what is Bitcoin is a great start but you also need to know how to get bitcoins. The big question is how exactly to do that. Here are some basic pointers on how to buy bitcoins and how to progress from there.

Get a wallet

The initial move when starting to buy bitcoins is to have a place to store it. A “wallet” is the equivalent of a person’s bank account on the Bitcoin network. Though the Bitcoin client has its own core wallet, just like banks, there are a lot of wallets out there. Each wallet has its own special focus that makes it useful for a particular purpose.

Your main choices depend on what security level you wish. First, you can get a software wallet stored on the hard drive of your computer. Second, there are online, web-based wallet services. Finally, there are ‘vault’ services that keep your bitcoin protected offline or in multi-signature wallets that use multiple keys to protect the account. Your choice affects how easy you can access your bitcoins, too, so be careful about your choice.

Exchanges

Once you’ve chosen a wallet, the next step is to get those bitcoins. The main way to get that is via the Bitcoin exchanges. Exchanges work like standard foreign exchanges. The main difference is that they deal with Bitcoin.

If you plan to trade in Bitcoin a lot, then getting an account with a Bitcoin exchange should be the option that you choose. However, the main downside is that you may be required to give additional info just to keep your account safe.

Different exchange services offer different capabilities, so it can be hard to choose. Review what the exchange has to offer and also take into account your location. Though Bitcoin is an international currency, some major exchanges can better serve a particular market than others. For example, Coinbase is primarily focused on US users. Furthermore, good exchanges help keep track of Bitcoin’s price and make it easy for you to buy more bitcoins with a simple click.

Marketplaces

The other place to get bitcoins is at marketplaces. This is a more-or-less straight trade. Some people ask for services or items and pay for it with Bitcoin. Some people are willing to give bitcoins for cash as a straight transaction, although that is getting rarer nowadays. If you have something to sell or a service to provide, you can exchange it for bitcoins. Marketplace sites are usually forums that allow interested buyers and sellers to connect. Do the deal and get your bitcoins easily.