How to Buy Bitcoins?

Introduction

With the features of anonymous, low-fee, scarcity, immediate transfer, it became popular around the world. Some people use Bitcoin to buy merchandise or services anonymously, however, some just buy bitcoins as an investment, wishing they'll go up in value. Even though many people accept it, most countries still do not accept Bitcoin as a legal currency, potentially risky still existed to investors. Before buying Bitcoins, there are some questions you may need to know, such as what is Bitcoin and how Bitcoins are created.

How Bitcoins Created or Produced?

Bitcoin is not issued by a third-party individual or organization (like a bank, credit card company, or other financial institution, even country), to some extent, it is an online digital currency system. So how are Bitcoins generated? To explain this, we need to know about "mining". It means Bitcoin miners get Bitcoin rewards by using specialized hardware to process transactions and securing the network. This is the way to ensure Bitcoin supply.

How to Storage Your Bitcoin?

Before purchasing Bitcoin, you need to create a storage site for your Bitcoins first.

  • Store online: There are two ways that you can use to store your Bitcoins online. One way is a wallet, through create a wallet by installing the Bitcoin client, it is a computer file that will store your money. Another way is to store your Bitcoin through a wallet, you can store your Bitcoin in the cloud. However, stored online is not 100% secure if your computer or the third-party website is hacked by a virus or hackers, or the online wallet shutdown, you may lose your Bitcoin.
  • Store offline: One of the popular and cheaper ways for keeping your Bitcoins safe is a paper wallet, which is made of paper and with QR codes on it. To create a paper wallet, you need to find online sites that offer paper Bitcoin wallet services and then create two QR codes: public address(receive Bitcoins) and private key(spend Bitcoins that store on your address). Another way is to use hard-wire wallets, they are dedicated devices that can hold private keys electronically and facilitate payments. In common, they are small and compact and some are like USB sticks or U-keys. Since these two ways are store offline, which are safer than stores online.

Where and How Can I Buy Bitcoin?

  • Cryptocurrency exchange: To get Bitcoin through an exchange is the easiest way. A cryptocurrency exchange is a marketplace that allows you to buy and sell Bitcoins using other crypto or fiat. First of all, find a trustworthy exchange and register(Exchanges List, click to visit), then log in to the website, simply input the number of Bitcoins you need to purchase, choose the payment, and confirm the information. Using this method, you can convert whatever your currency(except some exchange does not support fiat) is into Bitcoin.

  • PayPal: The payment processor Paypal support Bitcoin purchase. It is convenient to purchase cryptocurrencies using your PayPal account. First, you should set up a crypto account with PayPal, then you can use the existing PayPal balance, bank account, and debit card that link to your Paypal account to buy Bitcoin. But using Paypal to buy Bitcoin, one thing that you need to notice, you cannot transfer the crypto outside the Paypal platform. Therefore, it is not possible for you to transfer cryptocurrencies from PayPal's wallet to an external crypto wallet or your personal wallet.
  • P2P Exchanges transit: You can post requests on the P2P service exchange website(for example Localbitcoins, click to visit.) to buy or sell Bitcoin, including the details about price and payment methods. Or you can simply browse through listings of buy and sell offers, choosing reputable trade partners with whom you wish to transact.

  • Bitcoin ATMs: It is a machine that you can insert your cash into it and then it will load Bitcoins onto your digital wallet. You can find it by using an online Bitcoin ATM map(click to visit the map) to find the ATMs near you. After inserting your cash into the ATM, scan your mobile wallet QR code via your smartphone transit bitcoins onto your wallet.

However, in some countries or regions, cryptocurrency trading is prohibited by law, be sure to consult the local legal department first to avoid unforeseen consequences later.

What Can I Do With Bitcoin?

There are a lot of organizations start to accept Bitcoin payments. You can find some e-commercial websites that support Bitcoin payment. The company list follows that are currently accepting Bitcoin:

  • Microsoft
  • Overstock 
  • Home Depot
  • Namecheap 
  • Whole Foods
  • NewEgg 
  • Lolli

However, most people use Bitcoin as a short-term or long-term investment, instead of using it to purchase products directly.

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