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Easy Guide to Buying Your First Bitcoin

With the trend of cryptocurrencies and blockchain introduced in the world of stock trading, we have seen magnified profits which were not possible in Equities or Futures and Options trading. The marginal profits of the former are around 20-25 times more than the latter. Who will not want buy cryptocurrencies then? The answer is pretty simple – those who have no idea how to do it! This is the most common reason people are refraining from buying these currencies. The risk factor for bitcoin stocks and other cryptocurrencies is not considered such a big one. There are many types of cryptocurrencies, e.g., Bitcoin, Ethereum, Ripple, etc. Out of all of these, bitcoin stocks have gained the most popularity and the most profits for its owners too. Satoshi Nakamoto created it. Let us discuss the methods to buy your first bitcoin. But first, let us outline exactly what a bitcoin is and how it is being introduced into the market day after day.

The bitcoin buying guide

To answer the question of “How to buy bitcoin stock?” is extremely simple. Here are a few elements which play a vital role in buying bitcoin stocks:

Bitcoin account

It is a virtual currency, which means that there is no tangible form of it. It is traded from person to person without any third party intervention. Each person has their own bitcoin account which he can obtain from various cryptocurrency exchange firms. The bitcoin stocks you buy will have a format of an address, which somewhat looks like this:

1MauqJEVKx7mohEXXaHXnn96RFvLEGnVjV

This address is stored in your electronic wallet which you obtain along with your account from the bitcoin firm. The address is itself the account in which you can store the bitcoins that you receive. You can obtain this address through various sites. Just Google ‘Bitcoin Address New’ and you will get the relevant results. After signing up on any of the sites, just save the URL or else you’ll lose all your data. You can store it on your PC or your mobile phone.

Bitcoin production

Bitcoins are produced through a technique called Mining. First, the miners verify the transactions being made on the existing bitcoins after which they hit a code called hash and search for what is left in the pot. The hash code produced is like a lottery, i.e., its chances of getting you a bitcoin are around one by three trillion, which might seem impossible to you but is fairly possible. It is because you can play the lottery with the same hash for a billion times per second. That increases your odds of winning. This process is usually down from software which is easily available online, and it is very simple to operate. The bitcoin mining value has been capped at 21 million by its founders, and around 17 million have already been produced.

Now, after the background, let us come to the foreground. The three easy steps for buying your first bitcoin currency are below:

Bitinstant – Open this website. Under “Pay to” select “Bitcoin Address,” under “Pay from,” select your convenient method of purchase. In the table below be sure to input your bitcoin address (which you had saved), amount of money you want to convert or invest and so on. Proceed along with instructions.

If you have created an eWallet on this site, you can get some bitcoins instantly either through PingIt Deposit or Phone Deposit.

Now you have the amount of money that you need to buy a certain amount of bitcoins. You can also buy bitcoins less than one in quantity. They can be 0.5 bitcoins too and 0.0734 too. There is no constraint on this. Now, you also have a seller and his address to which you have to send the money. For this, you need to go back to the website where you got your address. In the recipient’s tab, add his address and make the transfer to it. This should be fairly simple.

This is the most important step. You got your bitcoin but now what? Will you wait for it to rise or fall and be greedy or fearful? No. You will dig the hole deeper and trade the bitcoin stocks. For this, you need to know at least one type of security analysis, whether fundamental or technical. You can also log onto TradingView to know views of professional traders on this currency, and then decide whether to buy more, sell or hold. You can also log on to an exchange like MtGox and buy more bitcoins securely. For more security, use Bitcoin Client applications. This will help keep your data safe because if you lose any of it, you lose your money. Keeping the bitcoin safe and knowing its next steps are the most important moves which you need to master to retain your money.

Buying and investing in bitcoin stocks is gaining popularity because of the dynamic market. This form of investment is hardly affected by conditions which plague the traditional form of stock market. Bitcoin stocks are indeed the new generation of securities for a solid investment.

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