How to Buy Bitcoin Online
Bitcoin is an alternative payment method that is accepted at more and more online gambling establishments. Since its introduction in 2008/2009, Bitcoin has seen a huge increase in popularity among casino members. However, despite its popularity, many people still believe that it is a complex payment method. This is a misconception, because it is actually fairly easy to buy bitcoins. A debit or credit card can be used for such a purchase. Here follows an explanation on how you can conveniently buy bitcoins in less than 30 minutes. Read the guide and find out how safe and easy it really is to purchase bitcoins online.
1. Find a Proper Wallet
The first step in the purchase process is to find a proper wallet, which you use to store bitcoins. It is easy to find such a wallet. Downloadable and mobile friendly wallets can be found in app store collections. For example, you can opt for BreadWallet. This is a straightforward solution that offers improved safety features. When it comes to wallets, this is one of the more popular ones. It can be used on iOS and Android devices.
There are five types of wallets that you can choose from. These are mobile, desktop, online, paper and hardware solutions. Mobile versions are especially convenient, and not only because you can take them with you on the road. They often have the QR code option, which lets you make instant payments, and they also are known to offer strong security features. App stores give you access to mobile friendly wallets. Easily download the software and use it on your smartphone. Besides the already mentioned mobile solution BreadWallet, you can also have a look at the services of Mycelium.
A desktop wallet download will place the software on your computer. This option is not as reliable as the mobile solution, because computers are bigger targets of bitcoin stealing malware programs. However, some desktop wallet providers make use of extra strong safety features that help to fight off malware attacks. Some recommended desktop solutions are Armory and Electrum.
Online wallets are website based accounts on which you store bitcoins. Unfortunately, these wallets are not always a reliable option since many of them get hacked or they suddenly disappear. When those events happen, you can lose your entire bitcoin stack. Therefore, downloadable wallets are the better option.
Use paper wallets if you wish to store large bitcoin amounts for extended time periods. These wallets are very safe, since they are not connected to the online world. There are websites online that you can use to create and print out paper wallet addresses.
Lastly, there is the hardware wallet option. A hardware wallet is a device that stores bitcoins for you. It is mainly bought by users who wish to store significant bitcoin amounts. However, it is also a useful product for you if you want to receive and send online transactions.
2. Purchase Bitcoins
Once you've found your ideal wallet, it is time to purchase the bitcoins. This is an easy and safe step, because regulated instant purchases can be made with debit cards and credit cards.
The high safety level of a regulated exchange is convenient. However, keep a copy of your identification card ready, because an exchange company might ask for it. It can take a bit of time before your identity is verified, but instant purchases can be made once the process is completed.
Alternatively, if you cannot or do not want to supply your ID, you can find many online services that keep the purchase process quick and anonymous. Some of the popular online Bitcoin exchanges are Coinbase, Coinjar and Kraken.
3. Store the Purchased Bitcoin in Your Wallet
After you've chosen a reliable wallet and purchased the bitcoins, it is time to bring the two together. Give the exchange company the address of your wallet before a purchase takes place. If that is not possible, then you have to make a transfer between the exchange account and the wallet. Luckily this is not a complicated process. Open your exchange account and find the send Bitcoin service. You then have to provide the wallet address before you can finalize the transfer with a click on the send button.
All Set and Done
Once step three is finished, you're all set and done. As a new user, you can now start to enjoy all the great benefits that this convenient payment method has to offer. Use it to fund your bankroll at online gambling platforms, but don't forget that many non-gambling related services also consider it a valid payment method.
Important Safety Measurements
Now that you've learned how easy it is to buy bitcoins, it is time to learn about some important safety measurements as well. Read the following tips if you want to learn more about these measurements so that your Bitcoin experience will not only be convenient but also worry-free.
First of all, to keep things as secure as possible, it is better that you do not make use of online wallets. Downloaded wallets are a safer alternative. If you're in the possession of a large bitcoin amount that needs to be stored for a long period, then you can make use a hardware wallet or a paper wallet. Since these wallets are not connected to the internet, you are not at risk of getting hacked. Also, you can spread the risks if you store the bitcoins in various wallets.
Always be cautious when you buy bitcoins from a peer. Make sure that you check the reputation of the seller to see if he or she is trustworthy. On the internet, you can find various peer to peer exchange websites. These websites look at the past experiences from sellers and then rate them accordingly.
Lastly, make sure that you use a bitcoin address only once. However, many wallets will automatically change the address for you, so you don't have to worry about it too much.