Everyone is talking about Bitcoin, so you decided to research and learn more about this popular cryptocurrency because you didn’t want to feel left out.
Now, let’s assume you already understand Bitcoin and how it works and that you have some money you would like to invest in it. Are you ready to buy your first Bitcoin? Learn how to get started with Bitcoin in these simple steps.
Set up your digital wallet so you can buy Bitcoin
Before you can buy Bitcoin, you need to set up your digital wallet. You can choose between a hot wallet and a cold wallet. A hot wallet is an app, software, or online service connected to the Internet. These wallets are convenient, but they can also be vulnerable.
On the other hand, a cold wallet is either a physical device on which you can store your Bitcoin or a piece of paper on which you can print your Bitcoin key. It is less vulnerable than a hot wallet but can get lost or damaged.
Take measures to secure your wallet
Whatever type of wallet you choose, you must take different measures to secure it. Create a strong password; don’t use it for any other account. If you use a software wallet, enable two-factor authentication and protect your device with a reliable antivirus program. If you use a cold wallet, keep it in a safe location and ensure it won’t be accidentally damaged.
Choose a reputable and user-friendly crypto exchange
As you figure out how to get started with Bitcoin, you should know that a common way to trade Bitcoin and other cryptocurrencies is through a crypto exchange. Crypto exchanges like Gemini and Coinbase are perfect for beginners, but you could consider many other options.
Ensure your crypto exchange is reputable, has a user-friendly interface, and takes strong security measures to protect your investment and personal information. Don’t forget to compare the fees of different exchanges and the payment methods they accept.
Use a Bitcoin ATM
Now that you know how to buy Bitcoin through a cryptocurrency exchange, you should know there are other ways to complete crypto transactions. Using a Bitcoin ATM can be a convenient option. You can buy or sell Bitcoin using cash instead of a debit, credit card, or bank transfer.
To use a Bitcoin ATM, you need to own a digital wallet, and you need to use your smartphone. Once you’re ready, all you have to do is follow the simple instructions which will appear on the Bitcoin ATM screen.
Create your account and get it verified
To be able to use a crypto exchange and to get started with Bitcoin, you first need to create your account and get it verified.
You will have to provide your email address, a password, and some personal information. You should also be asked to submit proof of address and a photo of a government-issued ID. This information will be used to confirm your identity. If you want to use a hot wallet, it will be created when you set up your account.
Buy your first Bitcoin
Once your account has been verified, you can start buying Bitcoin. You will appreciate being able to navigate a user-friendly interface here. Locate the section of your crypto exchange where you can buy or trade cryptocurrencies, select Bitcoin or BTC, and choose your payment method. Decide the amount you want to buy and complete the transaction.
Your Bitcoin will then be sent to your hot wallet, or you can send it to your cold wallet for safe, long-term storage.
Be sure to keep your Bitcoin safe
Now that you have Bitcoin in your wallet, could you keep it safe? Review your transaction history regularly to ensure it contains no suspicious activity. If your wallet is software or an app, enable automatic security updates. If you use a hardware wallet, consider regularly creating backups and keeping them in a safe location.
Learn how to make Bitcoin transactions
Finally, take some time to learn how to make different Bitcoin transactions. On top of knowing how to buy and sell Bitcoin, you need to know how you can send or receive payments via the Bitcoin ATM.
In no time, you can send Bitcoin to loved ones, use it as a payment method, or invest in it to diversify your investment portfolio. You can keep the conversation going and convince others to get started with Bitcoin, too.
