How to Buy Bitcoin, Beginners Guide
If you are newcomer to cryptocurrency asset activities like buying, investment and trade digital currency this post is exactly for you. After reading this instruction you will learn to buy Bitcoin easily and safely.
What is Bitcoin?
Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Current Bitcoin price is $ 52,557.00 and you can learn more about this digital currency through Bitcoin page.
Buy Bitcoin via LocalBitcoins
LocalBitcoins is a bitcoin startup company based in Helsinki, Finland. Its service facilitates over-the-counter trading of local currency for bitcoins. Users post advertisements on the website, where they state exchange rates and payment methods for buying or selling bitcoins.
For buying Bitcoin via LocalBitcoins, you should register for an account with LocalBitcoins. After that you get a free and secure online bitcoin wallet without needing of additional apps.
Watch following video to buy Bitcoin on LocalBitcoins:
One advantage of buying Bitcoin via LocalBitcoins is that you will be protected from being scammed! It means all online trades are protected by escrow. When a trade is started the amount of Bitcoins for the trade is automatically reserved from the seller’s LocalBitcoins Wallet. This means that if the seller runs away with your money and does not release your Bitcoins LocalBitcoins support can release the Bitcoins to you from escrow. However, if you’re selling Bitcoins, never release the escrow before you know that you have received money from the Bitcoin buyer! But please pay attention that local trades do not have escrow enabled by default.
You may ask what the difference is between an online trade and a local trade to secure your transactions, actually an Online trade occurs online entirely through LocalBitcoins trading platform without you ever meeting your trading partner. Escrow is automatically enabled and funded for Online trades, meaning that as a buyer you’re automatically protected by LocalBitcoins’ escrow system. Most of trades on LocalBitcoins are online trades.
However, a Local trade is meant to be carried out face-to-face, and escrow is not automatically enabled. Because of this it is not safe to pay the seller using an online payment method in a local trade.
Online payment methods are, for example, bank transfers; PayPal; Gift card codes etc.
How do you receive Bitcoin to your LocalBitcoins Wallet?
How should I store my Bitcoins?
You can store your Bitcoins in the LocalBitcoins Wallet, but our suggestion is buying a hardware wallet like Leger Hardware Wallet to save your Bitcoin assets secure and safe! Paper wallets are also a good idea if you want to store Bitcoin securely. Wallets on your smartphone can be a convenient way of carrying Bitcoins around with you wherever you are.