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Bitcoin Buying Guide for Beginners Most people are not familiar with the term Bitcoin. The main reason why this new currency is not that popular is the fact that, it hasn’t been around for a long time. A lot of people who want to invest in Bitcoin complain that working with the currency is hard. 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 you will need more than one government or company to control Bitcoin.
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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. You can acquire a web-based wallet by registering at any exchange website that provides this type of service. You should also host a wallet software on your computer. You will need to first learn how to use this software first. How to purchase Bitcoins Buying from exchange websites The simplest way to buy Bitcoins is purchasing them from an exchange. Exchanges facilitate the selling and buying process of Bitcoins. The work of exchanges is to provide a platform where a buyer can find a seller. Some great websites to buy Bitcoins from are coinbase and localbitcoins. Getting Bitcoins via mining An alternative way of getting Bitcoins is by mining them. Bitcoins are originally mined from a Bitcoin Mining Network. The mining technique is very unreliable and you can’t make a lot of profit from it. Buying Bitcoins from a broker You can also buy some Bitcoins from a private broker. The only drawback of this method is that it is risky since you are doing transactions with people that you don’t have a lot of information about them. In this method, you will have to transfer your funds without any guarantee of getting the Bitcoins in exchange. The Bitcoin currency will be the most on-demand currency some years down the line and this is according to Bitcoin experts. One benefit of this currency is the fact that there is no transaction fee involved as no middlemen are involved. Bitcoin is a great way to invest your money, buy it is worth noting that you can lose your money within a couple of seconds. The Bitcoin network is secure, but the direct transaction between the seller and the buyer can be risky since both parties are anonymous to each other. It is advisable to use a reputable exchange and if possible request face-to-face transactions. Some people still think working with Bitcoins is difficult, but it is actually not a complicated thing. You just buy a wallet and then find your favorite way of funding it. The safest place to buy Bitcoins is purchasing them via exchange websites that are trustworthy.