Bitcoin

Text-only Preview

How do I buy a bitcoin?
Buying a Bitcoin is an easy task. Bitcoins
can be bought easily from exchanges
dealing in Bitcoins. The cryptocurrency can
also be bought from people who are willing
to sell them. The transaction of such a sale
can happen in several ways, even in return
for hard money. Wire transfer is the most
secured mode of payment for such purchase
deals since it is nearly impossible to pay
using Paypals and credit cards because the
payments can be reversed in just one phone call, whereas the bitcoins are irreversible.
In order to start with purchasing Bitcoins, the user needs to arrange a Bitcoin Wallet where
the purchased Bitcoins can be stored easily. There are two basic types of wallets available.
The user can either opt for an online wallet service or he can opt for a much safer software
wallet stored in the computer hard disk. The hard disk though has a risk of crashing and thus
the user needs to take a backup of Bitcoins. The internet wallet might run a risk of hacking.
Thus the user needs to carefully pick up the type of wallet.
In case a bitcoin exchange is available in the city and the user, apart from maintaining
anonymity also does not want to involve the bank into such transaction, purchasing the
Bitcoins from a local over the counter trader would be the best possible option. There are
primary sites available such as Local Bitcoins where transactions can be arranged and prices
of such transactions can be negotiated. Such sites also provide escrow services in order to
protect both the buyer and the seller of bitcoins. Even while making a bitcoin deal with an
over the counter exchange, the bitcoin wallet needs to be handy with a running internet
connection. Such dealing might be risky for the users' health and thus necessary precautions
should be taken for personal security.
Avoiding the risk of such face to face meetings, the user interested in purchasing bitcoins has
the option to join a meetup group, where the purchase transaction can be done in a group
setting. Such meetup groups also help the users in learning from the co-members of the
meeting group. Such meetup groups are a much secured method to purchase bitcoins.
Depending on the seller, a premium of 5-10% can be charged over the transacting amount
merely for the convenience of arranging a sale transaction and also for maintaining
anonymity of the buyer.
Another growing source of purchasing bitcoin is the Bitcoin ATM. Similar to the face to face
trading; the user needs to deposit money or hard cash in the ATM machine. In lieu of the
money, the ATM machine would generate Bitcoins in the form of a paper receipt with the
required codes for loading bitcoins in the wallet.