Thanks to the rapid price surge, everyone is interested in purchasing Bitcoins. It is the most popular cryptocurrency with famous websites like Coinbase, Paybis, Localbitcoins, Coinmama, and Paxful, offering onsite purchase and exchange. The rise of Bitcoin is unimaginable, and most countries worldwide now acknowledge or utilize this cryptocurrency.
However, before investing in Bitcoin, you will need to know how to purchase and store it for future usage. The steps and things to consider before purchasing Bitcoin are quick and easy to understand while following the below guides.
The guide involves choosing a genuine Bitcoin wallet from reputable websites like Coinbase and Blockchain, where you will store the Bitcoin when purchased. However, before purchasing Bitcoin, you will need to consider the online wallet features you want to use, according to the guides below.
Here is the Complete Guide of What You Need to Know Before Purchasing Bitcoin:
STEP 1: Choose an online Bitcoin wallet
Today, a series of online Bitcoin wallets help you store your Bitcoin until you are ready to sell them. Each of these wallets has different features that attract investors and traders to use them.
These Features Include:
Security is an essential thing to consider when processing any transaction, whether online or offline. Today, there are tons of Bitcoin wallets, but investors do not use them because of security issues. Therefore, it’s better to evaluate each Bitcoin wallet’s security you are choosing from their customer’s reviews and their platform KYC verification process.
Customer Support Availability
Nobody likes using a service with no customer support, mostly when the website usage is associated with money. Therefore, choosing a Bitcoin wallet that has genuine customer support with high availability is essential. It doesn’t matter if the supports online communicate through e-mail only; what is important is the timeframe; it takes the support to fix any issue related to their service.
Low Transaction Fees
The transaction fees for your Bitcoin are necessary to evaluate when choosing a wallet. Even if you are trying to buy and sell your Bitcoin directly from the same wallet, it is essential to consider the sending charges as the need might arise sooner than later. Some online wallets like Blockchain do not charge a token when sending coins to another user using the same type of wallet. However, transferring to other users that have different wallets from you will incur several amounts fees.
Fast Processing of Transactions
Using a wallet that processes transactions fast immediately is outstandingly perfect. It will help you trade, sell, buy, and manage your Bitcoin easily whenever you want, without hassle.
These features are what you need to consider when choosing an excellent online wallet to store your Bitcoin.
STEP 2: Evaluate the online Bitcoin wallet further
When investing with Bitcoin through your online wallet, you will need to consider the website’s compatibility based on the usage. Most people invest in Bitcoin, intending to spend the benefits of purchasing goods from online stores. It is the main reason you need to try using a small amount to buy or make purchases before investing further in any online Bitcoin wallet. This measure will allow you to avoid having issues when the need for using your investment benefits arises.
STEP 3: Payment method
Most payment methods some Bitcoin wallets offer will not work in some countries. For example, the popular online Bitcoin wallets like Coinbase offers tons of payment option ranging from bank, debit, and credit card, but doesn’t support PayPal. This impediment is why Bitcoin investors need to evaluate the payment methods of any Bitcoin wallet they are choosing based on their current location. It would help if you understood that no-online Bitcoin exchanger would accept deals with direct cash, which is why you will need to use a third-party service, either your local or online bank.
The payment methods that most online Bitcoin exchanger offers includes:
- Skrill (money brokers)
- Debit and credit card
- Perfect money
- Western Union transfer, and more.
There are several payment methods, which you can use to buy Bitcoin online. For example, Localbitcoins and Paxful offer hundreds of payment methods, which you can use in purchasing Bitcoin. Most of these methods require dealing directly with verified Bitcoin sellers on these two platforms. You also have the option of checking each seller’s reviews and verification on the website before proceeding with your Bitcoin order.
STEP 4: Purchase your Bitcoin
Before purchasing Bitcoin, you must be ready to pass through the KYC verification, which helps prevent and protect you from scams and frauds. The verification process conducted by the online Bitcoin exchangers also ensures that all the users transacting on their platforms are humans and not bots.
After successfully evaluating and following all of the above processes, try moving forward by purchasing more Bitcoin. The essential thing to consider is the value of Bitcoin today; as we all know, Bitcoin prices vary drastically from time to time. The exciting fact about Bitcoin is that even when you spend a significant amount on buying it, you are likely to get a small fraction. Once you have purchased your Bitcoin, you can choose to either hold, sell, convert, or trade later, depending on the market rate in the future.
Up till today, several people trying to start investing in the Bitcoin cryptocurrency often have a hard time determining the perfect online wallet that will match their preference. Well, the above-compiled steps will let you decide what will suit your demand in buying, selling, and trading Bitcoin at your comfort location without issue. It will even enlighten you about considering when choosing an online Bitcoin wallet based on the provider’s features and value of service offered.
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