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Bitcoin Buying Guide for Beginners For most people, Bitcoin is still a strange term to them. The main reason why this new currency is not that popular is the fact that, it hasn’t been around for a long time. A lot of people who want to invest in Bitcoin complain that working with the currency is hard. What is Bitcoin anyway? This is a virtual currency system which is designed to enable Internet users to conduct transactions by using Bitcoins as their currency. The only difference between Bitcoin and common currencies such as Euro is that Bitcoin requires more than a single company or government to control it.
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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. You can acquire a web-based wallet by registering at any exchange website that provides this type of service. You should also host a wallet software on your computer. A wallet being a software, you will have to learn how to use it. Purchasing Bitcoins Buying from an exchange The easiest method of getting Bitcoins is purchasing them from an online exchange. Exchanges are websites that facilitate the buying and selling of these digital currencies. The work of exchanges is to provide a platform where a buyer can find a seller. Some reputable websites to find a buyer or a seller are localbitcoin and coinbase. Mining the Bitcoins An alternative way of getting Bitcoins is by mining them. All Bitcoins come from a Bitcoin Mining Network. This technique is usually risky and it is almost impossible to make any profit. Purchasing from a private broker You can also buy some Bitcoins from a private 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 be required to send your money without any assurance of getting the Bitcoins in return. According to experts, this digital currency has a huge potential and will be the most used currency in few years to come. One advantage of using Bitcoins is that the transaction takes place only between the seller and the buyer and hence no cost of the transaction is incurred. Investing in Bitcoin is great but if you are not that careful, you can lose a huge amount of money. Although the Bitcoin system is secure, the direct transaction between the buyer and the seller is not, since the involved parties are strangers to each other. Finding a Bitcoin exchange website which can organize for you a face-to-face transaction is the best way to go. Some people believe dealing with Bitcoins is complicated, but that is not the case. 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.