The Beginners Guide To Buying BTC: Everything You Need From Wallets To Exchanges And Atms

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The Beginners Guide To Buying BTC: Everything You Need From Wallets To Exchanges And Atms

Bitcoin is making its way into mainstream consciousness, but that doesn't mean it's too late to get in on the action. In fact, if you're a beginner, there has never been a better time. That's because there are now plenty of places to buy bitcoin, from exchanges to ATMs. Of course, finding the best place to buy bitcoin can be tough since there are so many options. Even with all the places to get cryptocurrency, you need to start with a wallet. The following guide will give you all the information you need before you buy BTC cryptocurrency:

What Are Cryptocurrency and Blockchain?

Cryptocurrency is a digital currency that is different from fiat or previous digital solutions because of the encryption that it uses. These assets are independent and use a decentralized, trustless system, which allows anyone to be able to contribute to the system. A cryptocurrency needs two things: a blockchain to record all transactions and a cryptocurrency to be used as payment. The blockchain is the distributed ledger that records transactions and other data, which allows for the trustless system. This trustless system just means there is not a middleman like a bank, the government, or financial institution.

What is Bitcoin?

Now, you probably want to know what Bitcoin is too. Well, Bitcoin or BTC is a cryptocurrency, but not just any crypto. In 2009, Bitcoin was created after the release of a white paper describing its design and trustless system using an encrypted blockchain ledger. After over a decade in existence, Bitcoin is now becoming more mainstream, which might be why you are interested in buying it. It is also the de facto cryptocurrency used by many exchanges and blockchain services. You might need it to buy many other cryptocurrencies or assets like NFTs.

Understanding Cryptocurrency Wallets

Now that you know about cryptocurrency and blockchain, you need to have a digital wallet. This is where your cryptocurrency assets will be stored. Today, there are several options. You can choose from a hardware, cloud, or software wallet to store your crypto. Each of these options has its advantages, such as the accessibility of a cloud wallet.

Cloud wallets do come with a price for their accessibility—they are much less secure. If you are just starting and want to invest a minimal amount in playing with NFTs (non-fungible tokens) and blockchain gaming, then a cloud wallet can be a good temporary solution.

If you want to have the most secure option, then you want to invest in a hardware wallet. These are USB devices that are secured because of their design and not being connected to any network physically.

Lastly, there are software wallets for desktops or in the form of mobile apps. Software wallets are more secure than cloud wallets and give you a lot of options for different types of assets and features. Some wallets also allow you to store other assets like NFTs and support blockchain gaming.

When you have chosen the wallet, it needs to be set up before using it. When you set up a wallet, you are going to have a seed phrase, which is important and needs to be written down and secured in a secure place. After this, there might be other security features, like passwords, pins, and 2FA (two-factor authentication), that need to be set up. It is important to remember that your wallet has public and private keys. Never share the private keys of any of your cryptocurrencies.  

Where Can You Buy BTC and Other Cryptocurrencies?

Now you are ready to buy your first BTC, which can be done through exchanges or by buying it from an ATM that connects you to the blockchain network. At the exchanges, you will be able to buy cryptocurrencies like bitcoin with a credit or debit card. Find a Bitcoin ATM near you if you want to buy the BTC cryptocurrency with cash.

If you want to own cryptocurrency, the best way to get started is to buy BTC.  

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