Your SimpleStep-by-Step Guide to Buying Bitcoin Today

In a short span of time, Bitcoin and cryptocurrency has become a headline grabber in both the tech world and the business pages. Thanks to extreme volatility and a record-breaking bubble in late 2017, everyone is paying attention to Bitcoin.

Despite price volatility, Bitcoin is more widely accepted now than ever. With a growing number of applications and acceptance among online retailers, Bitcoin is more than just an investment. It’s beginning to live up to use as an online currency. There are even contractors today who want to get paid in cryptocurrency by their employers.

Bitcoin is growing increasingly useful for consumers and businesses alike. Before you can start using it, you need to learn how to buy it. Here’s your simple step-by-step guide to buying Bitcoin today.

STEP 1: FIND A BITCOIN WALLET

Before you sink any money into Bitcoin, you’re going to want a secure way to store it. A digital wallet is used to store your digital currency before you’re ready to spend or exchange them. There’s a wide number of wallets with varying features, security, and platform.

Depending on how much Bitcoin you plan on buying right away, it’s probably safe to start with the digital wallet providing by your cryptocurrency exchange. Exchanges like Bitbuy take security seriously and use best-practices like storing the majority of the coins on the exchange in cold storage – offline and out of the reach of cybercriminals.

You can do this yourself on a hardware wallet, but on an exchange, your coins are always readily available.

STEP 2: CHOOSE THE RIGHT CRYPTOCURRENCY EXCHANGE

Cryptocurrency exchanges are the best place to buy Bitcoin for the first time – and probably every time thereafter. There are a number of cryptocurrency exchanges out there and it pays to do some research to find out which ones are trustworthy. Others may not offer the coins you want to buy. Start by signing up for the right cryptocurrency exchange.

Also pay attention to where you’re buying cryptocurrency and where the exchange caters to. For example, the cryptocurrency exchange Bitbuy is designed to let Canadian Bitcoin buyers pay using Interac eTransfer, by far the most affordable and fastest way to buy Bitcoin in Canada.

Keep in mind that you will need to prove your identity before you buy Bitcoin for the first time. This is known as KYC – Know-Your-Client – and it’s used to prevent money laundering. You can find out more about KYC from the cryptocurrency exchange you choose.

STEP 3: GET READY TO USE YOUR BITCOIN

What do you plan on doing with your Bitcoin now that you have it? Are you going to use it to pay contractors, use it to make online purchases, or hold onto it as an investment vehicle? No matter how you’re using it, it pays to understand that Bitcoin’s value will fluctuate. Come up with a plan for use that makes Bitcoin an easy, profitable, or cost-effective way to do what you want to do.

There are tons of ways to use Bitcoin. The first step is buying it.