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A Complete Guide on How to Buy Bitcoins Bitcoin is not known to most people. The main reason to this could be the fact that, it is only a few years since the introduction of Bitcoin in the market. Most people who are willing to invest in Bitcoin find the process a bit complicated. What exactly is Bitcoin? Bitcoin is simply a system that allows online users to buy and sell products by exchanging units referred as Bitcoins. The main difference between Bitcoin and currencies such as Euro is that it is impossible to control Bitcoin as a single company or government.
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If you want to buy Bitcoins, you will first need a place to store them. That store is called a Bitcoin wallet. A web -based wallet can be acquired by registering with websites that offer those services. It is also advisable to host the wallet software on your machine. A wallet being a software, you will have to learn how to use it. How to buy Bitcoins Buying from exchange websites The simplest way to buy Bitcoins is purchasing them from an exchange. These exchanges enable people to find buyers and sellers. The work of exchanges is to provide a platform where a buyer can find a seller. Some good places to buy Bitcoins include coinbase and localbitcoin. The mining method The other way you can acquire the Bitcoins is by mining them. Bitcoins are initially mined from a Bitcoin Mining Network. This technique is usually risky and it is almost impossible to make any profit. Buying Bitcoins from a 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. In this method, you will have to transfer your funds without any guarantee of getting the Bitcoins in exchange. Few years to come, Bitcoin currency will be a very hot commodity, according to professionals in this industry. 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. Although Bitcoin is a good way of investing your money, it is important to note that, you can easily lose a lot 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. The safest method is to buy from a well-known website and always go for the face-to-face transaction. Some people still think working with Bitcoins is difficult, but it is actually not a complicated thing. The process involves getting a wallet and deciding where you want to buy Bitcoins from. The safest place to buy Bitcoins is purchasing them via exchange websites that are trustworthy.