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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.


How do i buy a bitcoin