Bitcoin enjoyed an unprecedented level of attention in 2017. It started the year trading at $1000 per Bitcoin and ended up trading for about $19000 in the last quarter of the year. Such crazy gains are sure not to go unnoticed. Now, more people than ever are wondering where to buy Bitcoin.
People were frenzied more than ever and wanted to get involved. However, Bitcoin is a different kind of digital asset that has never existed before.
It’s completely decentralized and it uses cryptography to secure its transactions. Buying this digital currency can be a little bit tricky albeit simple if you get to understand the basics.
Buying Bitcoin is quite simple. It is no different from making a normal purchase online, although there are steps you must follow.
For a beginner, you need to own a Bitcoin wallet first. A Bitcoin wallet is a platform where you store your Bitcoin. The Bitcoin wallet gives you exclusive access to your Bitcoin or digital asset.
Using your cryptographic private key, you can access your digital cash. There are two categories of wallet; software wallet and hardware wallet. Software wallets are basically apps while hardware wallets involves the use of a hardware device to store your Bitcoin.
There are great options to consider for software wallets for those who are curious as to where to buy Bitcoin.
Coinbase is America’s largest cryptocurrency exchange. Coinbase wallet will make a great choice especially if you are opting to use its exchange service. It’s simple to use for a beginner and also offers some level for insurance for Bitcoin storage
Mycelium is also another popular Bitcoin wallet. It runs exclusively on a mobile device. It is fast and easily accessible for users. It also offers you the edge of being compatible with more advanced devices.
Exodus is an offline application just like mycelium. It’s free to use, while also supporting a great number of cryptocurrencies aside Bitcoin.
There are other good options like blockchain, electrum, and bread wallet. After making your choice of wallet, the next step you take is choosing your exchange platform. There are quite a number of Bitcoin exchange platforms to choose from.
However, it’s imperative to pick one that offers you the best security and financial package when deciding where to buy Bitcoin.
Coinbase is currently the worlds most popular Bitcoin exchange platform. It’s easy to use, adequately secured and accessible on mobile and desktop devices. It also charges less transaction fees compared to other exchange platforms.
Another popular exchange platform is CEX. It offers a great deal of simplicity, which that can be very crucial for a beginner. Its user friendly interface makes purchase easy and convenient. They also charge lower transaction fees and customers can even make purchase free of charge with bank transfers.
Coinhouse is a European based Bitcoin exchange platform. It allows users to make Bitcoin purchases with credit card, debit card, or Neosurf prepaid cards. They have a great customer support system.
However, there’s a way you can bypass the system of buying Bitcoin via any third party. Such exchange platforms basically use the system of peer to peer network for their transactions. Below are some few popular options:
- Wall of coins
If you’ve ever wondered where to buy Bitcoin, now you know!