You see the market all in green, but are still feeling confused about cryptocurrency? Guarda Wallet team is here to explain how to buy Bitcoin for the very first time!
After the major market up-movement of April the 2nd, Bitcoin is all over the news again. Sure, we all know that the market is unstable and sharp rise can be followed by an even sharper dip, but we cannot disagree that the interest in buying BTC is here now. The most popular cryptocurrency has the widest acceptance and offers numerous possibilities to the holders. However, before diving into the cryptocurrency world with your first Bitcoins, you need to know some basics of how to buy Bitcoin and where to store it.
There are a few steps you need to make to ensure your security and make the first BTC purchase. Here they are.
How to buy Bitcoin?
Here are the main points for making a safe and legitimate Bitcoin BTC purchase:
- Set up a Bitcoin Wallet.
- Choose a payment method and trustworthy provider for your BTC purchase.
- Make a transfer and get BTC.
Step 1. Before you buy Bitcoin. Setting up a BTC Wallet
Cryptocurrency wallets are used to store your coins and tokens is safety. This first step needs definitely to have your attention, as the right Bitcoin wallet will be with you throughout all your crypto journey. So, it is important to choose a wallet that suits you.
To get started with your wallet search, analyse your needs. If you are planning on trading or expanding your cryptocurrency collection, it might be a good idea to get a multi-currency wallet. Besides, you need to think of a platform that’s the most convenient for you. Bitcoin wallets come in different forms – Hardware, Web, Desktop, Chrome Extension and Mobile. Guarda wallets offer all of the above (including connection your Ledger hardware wallet to our user-friendly interface).
Another crucial thing in cryptocurrency is security. We do not advise storing your BTC on exchanges – generally, it is less safe of a method. The best idea is creating a non-custodial Bitcoin wallet. Custody-free wallets grant you an opportunity to fully manage your funds with no intervention from the third-parties. Your private key, backup and password are not accessible to anyone but you. Of course, this enhances the wallet security. In case you are wondering – all Guarda wallets are non-custodial.
Step 2. Choosing a payment method.
You can buy BTC with both fiat and other crypto coins and tokens. In here, we will cover all the necessary information on it.
Buy Bitcoin with fiat
So, you have already set up your secure Bitcoin wallet – now what? If it is your first cryptocurrency purchase, you will want to buy cryptocurrency for fiat. Be careful in here – there are many services offering help in buying BTC for Dollars, Euros or Pounds. Due to this abundance, you need to be sure the service you are about to use is trustworthy. Fortunately, if you have already set up a Bitcoin wallet on Guarda, you do not have to worry about your money going to some unknown server. Bitcoin purchases for fiat can be performed right within your crypto wallet or on Guarda’s website. All safe here!
If you already have some cryptocurrency stashed, you might want to buy Bitcoin with it. It means you need a good exchange. Some exchange services are definitely less trustworthy than others and Bitcoin news often gets us some things to worry about the legitimacy of certain services. Due to this, we recommend using out long-term partners – ChangeNOW and CoinSwitch for your BTC swaps. First of all, you can perform an exchange in your wallet – just press the Exchange button. Secondly, we are sure you will get the best Bitcoin rate and leave satisfied. You do not need any accounts to start exchanging and your crypto swaps are limitless. Not bad, right?
Step 3. Get your Bitcoins.
The most pleasant step of all. All you need to do is act in accordance with your previous steps. Choose the amount of Bitcoin you would like to get, make the cryptocurrency or fiat transfer and get coins in your wallet for Bitcoin. Here you go!