Are your friends getting rich trading cryptocurrency? Do you want to get in on the trend, but have no clue how to get started? Luckily, for you, we here at Cointelegraph have put together a definitive guide for absolute beginners on everything you ever wanted to know about buying Bitcoin but were too embarrassed to ask Bitcoin Wallet.
The first step on your journey to becoming a legendary Bitcoin trader is to open a Bitcoin wallet. A Bitcoin wallet is simply an app website or device that manages your Bitcoin private keys and allows you to receive, store, or spend bitcoins in Bitcoin Wallet.
Wallets come in two forms: hardware wallets and software wallets, also known as cold and hot wallets.
Cold wallets are hardware devices like Ledger Nano S, Trezor, and KeepKey. They are much more secure but often cost a few hundred bucks Hot wallets, protect your private keys via web applications, apps on iOS or Android platforms, and even desktop apps
Examples include Exodus, Freewallet, Jaxx, and Electrum. Hot wallets are the most popular way to store and access Bitcoin but can be hacked Theft. Protection After you’ve chosen a Bitcoin wallet, make sure to avoid scams and theft by:
1. Generating your private keys in a secure offline environment.
2. Create backups of your private keys.
3. Encrypt wallets to provide additional security next Steps.
Now that you’ve got a Bitcoin wallet, you are almost ready to start buying, but first, you have got to find someone willing to sell you their Bitcoin. In exchange for your money Exchanges, Most people buy and sell Bitcoin on Exchanges like Coinbase, Binance, or OKEx.
In order to open a trading account on a major exchange, you’ll ll need to have a valid ID and a bank account Buying Bitcoin. After you open your account, you need to find a good offer. You can buy the Bitcoin using your credit card or debit card and via bank transfer, but some restrictions may apply to Cash Exchanges. If you want to remain anonymous. Buying Bitcoin with cash may be a better way to go. Examples include Bitquick Wall of Coins and LibertyX.
You can meet with Bitcoin owners face to face and trade your cash for their crypto in person. If that’s your thing, If you’re not comfortable with that, you can also try an escrow service like Local, Bitcoins, Bitify, and Bitrated.
What Now Congratulations? You have just completed your very first Bitcoin purchase You are official, a cryptocurrency trader now well done Wondering what you can do with those Bitcoins Try, cashing out at a Bitcoin ATM buying other cryptocurrencies or even investing in an initial coin, offering ( ICO)