Everyone is curious as to what bitcoin is and how one gets to earn it and spend it. Bitcoin is the most famous and biggest digital currency in the world regarding market capitalization and the market share where there are no intermediaries to handle the transactions. Microsoft Co-founder, Bill Gates has a lot of faith in Bitcoin to the point of saying, “Bitcoin is a technological tour de force.”
According to Leon Louw, a Nobel Peace Prize nominee, every informed person needs to know at least about bitcoin since it has the potential to become one of the world’s most significant developments.
One can buy bitcoins directly from other bitcoin users via marketplaces or through exchanges, and one pays for them through hard cash, credit or debit cards, electronic wire transfers, other cryptocurrencies, PayPal, et al.
How Then Can One Buy Bitcoins?
Get a Bitcoin Wallet
This is the very first step when buying bitcoins since you will require a place to store, receive, and send your bitcoins. Different bitcoin wallets provide varying levels of security, and you can choose the security level that works best for your transactions. The most popular wallet options are
• A wallet software stored on the hard drive of your computer
• A web-based service that is an online wallet
• A multisig wallet that incorporates the use of many different keys to protect the account and keeps your bitcoins safe and offline
The next step is to fund your Bitcoin wallet and start placing orders.
Where to Buy Bitcoins
• Localbitcoins: – This is the primary site for arranging face-to-face transactions and prices negotiated. Its escrow service has made the site popular since it adds an added layer of protection for the buyer and the seller with a trust score of A. you can pay for bitcoins via PayPal, cash, or bank transfers.
• Coinbase: – This is another of the popular bitcoin wallets with one of the simplest ways of buying bitcoin. Upon sign up, one gets a $5 bonus. It has a trust score of A+. Use your card or bank transfers to buy bitcoins.
• Wesellcrypto: – This site ranks high, and it is beginner friendly. It has a trust rating of B+, and you can buy bitcoins via your PayPal account.
• Bitquick: – This site is also beginner friendly allowing users to buy and accept payments for bitcoins via hard currency as well as bank transfers. It has a trust rating of B.
With bitcoins, you can anonymously buy merchandise; make cheaper international payments since the Bitcoins are not subject to regulation from any country. The bitcoin market is very volatile and more people are buying them hoping to make a profit when the price goes up.