If you are planning to buy bitcoin, then you should know that buying Bitcoins and investing in Bitcoins are not the same :
- By buying Bitcoin, you are acquiring the coins physically. That is, even if they are digital currencies, they belong to you, and you can store them in your wallet indefinitely, exchange them, etc.
- By investing in Bitcoins, you are buying the right to trade this currency through a CFD. You can “buy and sell” Bitcoins in Forex as if it were any other currency.
How to buy Bitcoin?
Next, you will learn how to buy Bitcoins and crypto tips, store them, sell them, or exchange them since you are the only owner of the coins:
- Open a wallet
The very first thing you should do is create a Bitcoin wallet:What is a wallet? It is a digital wallet. A wallet where you can save or store your Bitcoins, check the account balance, send and receive money, and buy more currencies (not all wallets offer the same services).
How do I open a wallet account?
It is as simple as registering in any online store. You will have to provide some personal information such as name, date of birth, and email. Specific platforms may require additional identification documents such as ID, confirmation by video call, etc. Remember
When registering a wallet, look at the types of devices and formats available. Why? Let’s say that, as an example, you always carry your mobile with you and prefer to access your wallet through an app; then, make sure that the platform has a mobile application.
The formats you are going to come across are: apps for Android and iOS, online (access from any computer with internet), desktop (downloadable), and in printed format (on paper).
What are the best Bitcoin wallets?
Although other wallets are more powerful, the Coinbase purse is optimal for beginners thanks to its simple operation and easy use.
You can also acquire your Bitcoins directly from your account since Coinbase is also an exchange house. Available for: Android and iOS mobile application and online wallet.
One of the wallets best valued by users. The operation is equally simple and offers powerful graphics and statistics to keep your investment under control.
It allows you to exchange pairs of cryptocurrencies directly in your account. Available for download for Windows, Mac, and Linus.
Probably the most popular wallet of all. Its ease of use and its solid reputation for security make it one of the most desirable options, despite the slightly high fees charged per transaction.
Available for: Android and iOS mobile applications and online wallets.
I already have a wallet, and now?
Once you access
your digital wallet, you will come across several menus. If it is a multi-currency wallet (which includes more than one currency), you will discover an individual menu for each coin with the following functionalities:
- Summary or account balance: balance and transactions made.
- Address your wallet (the public key): this information is presented as an alphanumeric code, a QR code, or a clickable link. It is precisely these data that we will need later to buy the bitcoins.
- Extra services: stock charts, exchange houses to buy cryptocurrencies directly from the app, security options, etc.
Before you buy: what you should know
Not all wallets offer a mobile application or online versions. Define the device or devices that you will use to access your wallet before creating an account.
Transaction fees: exchanging Bitcoins for Euros, Dollars, or other cryptocurrencies involves transaction costs. Check what these commissions are before buying.
Payment methods: while some exchange houses allow you to pay with PayPal, credit card, debit card, transfers, etc. others offer only one or two possibilities. The commissions vary enormously depending on the payment method: buying Bitcoins by transfer costs around 0.50 times.
The volume of transactions: this only affects users who move large volumes of Bitcoins. As with a traditional bank transfer, sometimes the platforms allow the exchange of currencies up to a specific limit: for example, it would be difficult for you to sell or exchange 20 Bitcoins at once since their total value amounts to more than € 290,000
Security of your wallet: keep your wallet protected by passwords and extra security measures. There are a lot of tutorials on the internet to increase the security of your wallet. It is recommended that you do not keep all your Bitcoins in one wallet (in case of hacking or bankruptcy).
Buy on official pages: if the page raises suspicions or its security guarantees do not convince you, do not continue with the purchase.