WHERE & HOW TO GET BITCOINS
GETTING A BITCOIN WALLET
By now you have heard of Bitcoin – the digital currency which is a great investment opportunity and can be used to make completely anonymous online purchases without involving any third parties. If you want to purchase a Bitcoin, you will first need to organize a Bitcoin wallet in which to store your digital currency. There are various Bitcoin wallets to choose from, each offering different security measures.
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There are three categories in which the various Bitcoin wallets could fall into:
Software wallets – Where Bitcoins are stored on your computer.
Online wallets – Where Bitcoins are stored on servers online.
Vault wallets –Where Bitcoins are stored securely remote and offline.
You should always take precautions, as each wallet poses security risks. Before choosing your wallet, be sure to read into the security features it has in place to ensure your Bitcoin are looked after. Let’s have a look at some of the wallets available to choose from:
USA & OTHER COUNTRY FRIENDLY BITCOIN EXCHANGES
- SpectroCoin
- CoinsBank
- CoinBase
- Local Bitcoins
MORE BITCOIN WALLETS (NOT USA FRIENDLY)
- Xapo
- Cubits
The above are popular Bitcoin Wallet websites to consider storing your Bitcoin in.
How do I put Bitcoin into my Bitcoin Wallet?
There are various methods in which to deposit Bitcoins into your Bitcoin Wallet, including the following:
- Online Bitcoin Exchanges: Using an online exchange (such as CEX.io, Bitstamp.net&Kraken.com) is probably the easiest and fastest method for obtaining bitcoins. They accept any payment methods including wire transfer, credit & debit cards, Western Union, MoneyGram and in some cases, money orders too. Majority of these websites will display the current Bitcoin exchange rates. Have a look at each service’s reviews and ensure that they have an upstanding reputation.
- Bitcoin ATMs: Yes, there are even Bitcoin ATMS and can be found all over the world! Look for a Bitcoin ATM in your area (You can use Coin ATM Radar to find one) – to use it, bring your smartphone with your Bitcoin wallet installed. Deposit your cash into the ATM and wait for it to produce a unique QR code. When you scan this QR code, it will transfer the Bitcoin into your Bitcoin wallet. Similar to traditional ATMS, a service charge of between 3-8% will incur above the standard exchange rate.
- Buy Bitcoin in person: You can alternatively purchase your Bitcoins using cash-in-hand from individuals in person. This is an even faster method than purchasing your Bitcoin from an online exchange and no personal information need be shared besides your Bitcoin Wallet address. Of course, you should take precautions – Be sure to look into the individual online carefully before agreeing to meet them face-to-face and you should stay vigilant and cautious at all times to avoid becoming a victim of theft. Gather in a public location which has internet access, required to do the exchange.
If you’re wondering where to find these individuals, check Meetup.com and see if there are any Bitcoin groups in your area. Alternatively, visit localbitcoins.com.
Before buying and selling Bitcoin, make sure now is the right time to do it. The value of Bitcoin is dynamic and ever changing, so keep the exchange rate in mind before making any transactions. You want the purchase or sale to be profitable for you.
KEEP YOUR SAFETY IN MIND WHEN BUYING BITCOINS
Of course, scams lurk in all corners of the world. You as an individual purchasing or selling Bitcoins need to be extremely cautious and vigilant when doing so. Remember, you are sharing very personal information which can be hacked or stolen from you – so only share your information with trusted companies, websites and individuals alike.
Besides being hacked or having your personal information stolen, you should also be aware that there is a possible risk of the seller using a “chargeback” which lets them to reverse the transaction made, get their money back AND keep the Bitcoin. Of course, this is highly frowned upon in the Bitcoin trading community and is found to be extremely exploitative and unethical.
However, don’t be completely deterred by this – No Bitcoin exchange company with a good reputation would consider tarnishing their good reputation by making use of this exploitative tactic – of course, it would make them lose out in the end if no one trusts them. As long as you do your research, read user reviews and carefully consider the company you want to trade with before giving them your trust and going through with the transaction, all should go smoothly.
Be sure to read into the legality of Bitcoin in your country and if you will be protected if instances mentioned above occur. If you are looking for further information on all things Bitcoin, be sure to check out Bitcoin gambling guide, YouTube tutorials and visit Bitcoin Support Forums.
