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The Ultimate Guide to Buying Your First Bitcoin For most people, Bitcoin is still a strange term to them. This is probably because this digital currency hasn’t been around for too long. The main complaint from those who are willing to invest in Bitcoin is that working with Bitcoin is difficult. What is Bitcoin anyway? Bitcoin is simply a system that allows online users to buy and sell products by exchanging units referred as Bitcoins. The main difference between Bitcoin and currencies such as Euro is that it is impossible to control Bitcoin as a single company or government.
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If you want to buy Bitcoins, you will first need a place to store them. You do that by getting a Bitcoin wallet. A web -based wallet can be acquired by registering with websites that offer those services. It is also advisable to host the wallet software on your machine. A wallet being a software, you will have to learn how to use it. How to buy Bitcoins Buying from exchange websites The best place to buy Bitcoins is in online exchanges. Exchanges facilitate the selling and buying process of Bitcoins. The only task that these websites do is to bring the buyers and seller together. Some great websites to buy Bitcoins from are coinbase and localbitcoins. Mining the Bitcoins An alternative way of getting Bitcoins is by mining them. Bitcoins are initially mined from a Bitcoin Mining Network. The mining technique is very unreliable and you can’t make a lot of profit from it. Purchasing from a private broker You can also purchase Bitcoins from a broker. The main issue with this technique is that you can get conned as you don’t have useful information about the seller. You will have to send the money to the seller, only hoping they will send the Bitcoins in return. Few years to come, Bitcoin currency will be a very hot commodity, according to professionals in this industry. One benefit of this currency is the fact that there is no transaction fee involved as no middlemen are involved. Bitcoin is a great way to invest your money, buy it is worth noting that you can lose your money within a couple of seconds. The Bitcoin network is safe itself, but since the transaction is between people you don’t know very well, you can easily get conned. Finding a Bitcoin exchange website which can organize for you a face-to-face transaction is the best way to go. Some people still think working with Bitcoins is difficult, but it is actually not a complicated thing. You just buy a wallet and then find your favorite way of funding it. The safest way is to find a reputable platform where you can get a Bitcoin seller.