Buying Bitcoin as A Beginner
Bitcoin is a decentralized digital currency, having no higher authorities involved in the network. The potential features of bitcoin make it more appealing and popular. Moreover, bitcoin has made novice investors consider investing in bitcoin. Investing in bitcoin at first glance may sound like a complicated task, but actually, it is one of the most accessible phases of the bitcoin network.
Millions of beginners acquire a massive stack of information regarding bitcoin before investing in this revolutionary cryptocurrency. Still, you cannot experience having bitcoin in your crypto wallet without investing in the currency. Two methods of loading your wallet with bitcoin first are mining, and the other is buying the unit from a trustable exchange.
Mining is quite complicated and expensive as it requires a mining rig and a cheap source of electricity to be installed. The only soothing option you are left with is buying bitcoin from a trustable exchange. Here is a complete beginner guide on buying your first Bitcoin ever, so what are you waiting for? Let’s get started.
Hand Pick an Authentic Exchange Forum
Trustable exchange forums are the only platforms where investors are allowed to buy bitcoin. The introduction of exchange forum is continuously rising due to the all-embracing demand for cryptocurrency. Bitcoin exchange forum requires some basic information to be filled, but some platforms have the features of decentralization and anonymity.
The trustable exchange offers you to exchange bitcoin from fiat currencies and another cryptocurrency at any time anywhere. The feature of the exchange forum defines the flexibility and accessibility of the bitcoin network. The trustable exchange consists of two-step verification, highly encrypted wallet address, s and strong passcode to enhance security purposes.
Connect A Payment Source with The Exchange
Payment is one of the most crucial aspects of buying your first bitcoin mission. After choosing the best exchange forum, you need to verify your account at first glance. Knowing your customer’s process requires some basic personal details and a government-approved identity card. The KYC process may take some time, and it is totally dependent upon the nature of your exchange forum. The ordinary KYC process may take a few minutes to a few weeks.
Reliable exchange forums require your photograph holding the government-issued identity and a different picture of government-issued identity from both front and back. Moreover, you can also process a photograph withholding sheet having your name, date and few other details written.
After the verification of your first cryptocurrency account, you can connect a payment source to your account. The existence of traditional banking systems like master card and visa embrace the authenticity of these online exchange forums. The higher-level verification process will reduce the transaction fees while making exchange on these forums.
Acquire a Bitcoin Wallet
Users need to acquire two basic things before starting their cryptocurrency venture. The first is a wallet and the second is an exchange. Bitcoin Wallet is like a vault where you are allowed to store your stock of bitcoin and another cryptocurrency. The notion and motion of a bitcoin wallet are much more convenient in contrast to a physical wallet. Bitcoin wallets are exceedingly safe and accessible in comparison to physical wallets.
Your bitcoin wallet is highly encrypted with bitcoin algorithm and a passcode which is a sequence of letters and numbers. To ensure the trustworthiness of a web-based platform, users should check the reputation and other user’s experience of a particular web-based wallet. This information is usually obtainable on the platform itself, or find more detail here.
Buy Your First Bitcoin
Once you have accomplished the steps above, you can buy your first bitcoin. After adding your payment method and bitcoin wallet, the user interface will render you a buy button. Bitcoin can be obtained by two primary methods, one is to bitcoin from the exchange itself, and the second is to buy bitcoin from premium members of the exchange community. It is highly recommended that you buy bitcoin from trustable exchange authorities only.
Buying bitcoin is not complicated. You just need to follow the above-mentioned steps, and you’ll be on your way to purchasing your first-ever bitcoin.
