Today, more than ever people are becoming interested in Bitcoin. Platforms such as skyrocketing prices and rollercoaster dips has enabled people to learn how to buy and sell Bitcoin. Bitcoin is highly ranked as the trendy form cryptocurrency in blockchain platform. The number of applicants in Bitcoin is increasing day by day. Before going any further, there are things you need to know about Bitcoin. There are a few steps that you need to follow when purchasing Bitcoin.
The following are the key points that you need to focus on when you want to buy bitcoin. It is important that you install an offline Bitcoin wallet and protect it with a strong password. You will need to create an account with platforms such as Coinbase. In order to be paid, you should also select the best way you want to receive payment. After that you will be in a position to buy some Bitcoin. Digital ” wallets” are used to store Bitcoin until you are prepared to spend it. Some of the things that you need to look at when selecting you wallet are, features and the platforms they are compatible with.
You can choose to use the wallet provided at the recommended exchange such as Coinbase. However, it is advised that you use a wallet that is not directly connected to an exchange. You can use these option to be on the safe side. You can choose to use Exodus to be able to work with a variety of cryptocurrencies, including Bitcoin. Exodus works for most people because it is free and the simple graphical tools make it exciting to use. If you are looking for a more complex wallet, you can use Mycelium.
It is recommended that you store your Bitcoin in an offline wallet for ensuring maximum security. An exchange is one of the best platforms to purchase your first Bitcoin. Exchages are in different forms each with varied performance. Not all are trustworthy so ensure that you do your homework before you choose an exchange to use. The most preferred exchange is Coinbase, but you have the freedom to compare it with other Bitcoin exchange sites.
One of the requirements of signing up with Coinbase is to provide some form of identification. A copy of your ID and a live image of your face is expected to process your registration. Exchages to not limit their customer to a specific payment method when signing up. You should do a lot of research when choosing payment methods since there are others that are not fully secured. Before you start trading, you will be expected to use a credit card or a debit card for your payments. It is easy to use exchanges as they guide you on the amount of Bitcoin you can buy with a given amount of money.