- May 15, 2018
- Posted by:
- Category: Uncategorized
Get a Crypto Wallet.
Cryptocurrency hasn’t been around for long although it’s been around long enough that you would think the barrier to entry would be easier. Buying your first bitcoin couldn’t be farther from the truth. First off you need a bitcoin or cryptocurrency wallet.
There are 4 types of wallets. Paper, hardware, mobile, and desktop. I would recommend the Ledger Nano S, which is a hardware wallet. How ever if this your first time buying cryptocurrency, setting up a hardware wallet could be a daunting task. The other 3 wallets are fairly easy to setup. Most could be found in ios or android app stores. Hardware wallets are recommended because they are safer. If you want to learn more about wallets click here.
Where do you buy Bitcoin from?
There are several ways to buy bitcoin including from a friend or a stranger. From a friend would probably be the best way to buy bitcoin but it’s not always an option. Some sites are dedicated to local face to face interactions for the purchase and sale of bitcoin. Buying from a stranger is an option. however buying cryptocurrency from a complete stranger is not for everyone. I wouldn’t recommend buying a large sum from someone you don’t know. I personally wouldn’t want to be carrying around a bitoin’s worth of cash everywhere. At the time of writing the price is around 9 thousand dollars. Also there might be a chance of a scam.
A bitcoin atm is another choice. Fees are higher, the price of bitcoin is not very competitive and the machines take one bill at a time. To find out more about atm’s click here.
A brokerage or physical exchange like Vancouver Bitcoin. There aren’t many physical cryptocurrency brokerages but buying from a retail bitcoin outlet is recommended. There is a level of trust and professionalism along with the comfort of interacting with someone in a safe work environment. Furthermore the staff should be very knowledgeable and be able to answer any questions regarding cryptocurrencies you may have. The fees are low and the prices of cryptocurrencies are competitive.
Online Exchange or Trading Platform.
An online exchange is the only other option i know of to buy and sell bitcoin from. Online exchanges are another great choice due to fees being low and the fact you can buy bitcoin from the comfort of your home. The only problems I have with online exchanges are the verification waiting times and the time it takes to withdraw your money. From my own personal experience and several others I’ve talked with, this is a recurring problem. Consequently I’ve waited a month to get verified only to be able to buy 500 dollars worth. Not from one but 2 exchanges. I waited another month after I sold my bitcoin to have my funds withdrawn. For me this was a negative experience. I do know some friends who haven’t had this problem so maybe everyone’s experiences with these platforms are different.
After the purchase
Now that your bitcoin or cryptocurrency is safe and secure in the corresponding wallet. Make sure to keep private keys hidden from prying eyes and to write down the passphrases. I would recommend a paper wallet or a cold storage for long term holders, likewise if your buying to trade, and need quick access to and from an exchange, a mobile or desktop wallet should suffice.