Are Your Friends Getting Rich Trading Cryptocurrency?
We here at CoinJolt.com have put together a definitive guide about everything you need to know about buying Bitcoin.
The first step on your journey to becoming a legendary Bitcoin trader is to open a Bitcoin wallet. A Bitcoin wallet is simply an application, website or device that manages your Bitcoin private key and allows you to receive, store and spend Bitcoins.
Wallets come in two forms:
- Hardware wallets
- Software wallets
Also known as cold and hot wallets. Cold wallets are hardware devices like the Ledger Nano S, Trezor and Keep Key. They often cost a few hundred bucks.
Hot wallets protect your private keys via web applications, apps on IOS and Android platforms and even desktop apps. Examples include Exodus, Freewallet, Jaxx, and Electrum. Hot wallets are the most popular way to store and access Bitcoin.
Once you have a Bitcoin wallet, you’re almost ready to start buying. But first, you need to be able to find someone that’s willing to sell their Bitcoin in exchange for your money.
Most people buy and sell Bitcoin on exchanges, like Coinbase, Binance, and Okex. In order to open a trading account on a major exchange, you’ll need to have a valid identification and a bank account.
After you’ve opened an account, you need to find a good offer. You can buy Bitcoin using a good credit card, debit card or via bank transfer, but some restrictions may apply.
If you want to remain anonymous, buying Bitcoin with bank transfer may be the better way to go. Congratulations, you just completed your very first Bitcoin purchase, you are officially a cryptocurrency trader, well done!
Sign up at https://coinjolt.com to start buying and selling cryptocurrencies instantly. Happy trading!
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