Everyone is curious about what Bitcoin is and how one can earn and spend it. Bitcoin is the most famous and largest digital currency in the world in terms of market capitalization and market share, where there are no intermediaries to process transactions. Microsoft co-founder Bill Gates has great faith in Bitcoin to the extent of saying, “Bitcoin is a technological tour de force.”
According to Nobel Peace Prize nominee Leon Luu, every informed person should at least know about Bitcoin, as it has the potential to become one of the most significant developments in the world.
One can buy bitcoins directly from other bitcoin users through marketplaces or through exchanges and pay for them through hard cash, credit or debit cards, wire transfers, other cryptocurrencies, PayPal, and more.
How then can one buy bitcoins?
Get a bitcoin wallet
This is the first step in buying bitcoins as you will need a place to store, receive and send your bitcoins. Different Bitcoin wallets provide different levels of security, and you can choose the level of security that works best for your transactions. The most popular wallet options are
• Wallet software stored on your computer’s hard drive
• A web-based service that is an online wallet
• Multisig wallet that includes the use of many different keys to protect the account and keep your bitcoins safe and offline
The next step is to fund your bitcoin wallet and start placing orders.
Where to buy bitcoins
• Localbitcoin:- This is the main site for arranging face-to-face transactions and negotiating prices. Its escrow service has made the site popular as it adds an extra layer of protection for the buyer and seller with a trust rating of A. you can pay for bitcoins via PayPal, cash or bank transfers.
• Coinbase:- This is another popular bitcoin wallet with one of the easiest ways to buy bitcoins. On registration one receives a bonus of $5. It has an A+ trust rating. Use your card or bank transfers to buy bitcoins.
• Wesellcrypto:- This site ranks highly and is beginner friendly. It has a B+ trust rating and you can buy bitcoins through your PayPal account.
• Bitquick:- This site is also beginner friendly, allowing users to buy and accept payments for Bitcoins via hard currency as well as bank transfers. It has a trust rating of B.
With bitcoins you can anonymously buy goods; make cheaper international payments as bitcoins are not regulated by any country. The Bitcoin market is very volatile and more people buy them hoping to profit when the price goes up.