Hello to all those interested in cryptocurrency, according to the title, today, we will discuss how it is possible to buy bitcoin from safe sources, without being scammed.
Where you will keep your coins?
The first thing to think about when you are buying bitcoins is where you will keep it. This means that you will need an electronic wallet. There is a huge amount of websites where you can create an electronic wallet for bitcoins, ethereum and all kinds of altcoins, but there is a huge risk that bitcoins you will buy and transfer on this website will disappear, from that is recommended to choose the best, decentralized and best-performing services in industry. In my opinion, the best electronic wallets are those you can download from the official currency websites, for example: https://bitcoin.org/.
Here you can download your wallet together with all the transactions but there is a small minus, all transactions weigh is about 160 GB. If you don’t have the possibility to download all resources, there are also so-called “light wallets”. Links to these lightweight wallets can also be found on the official currency sites, but in my opinion, the best and most popular at the moment is blockchain.info. Blockchain.info also represents a website that offers all blockchain statistics, there you can see if your transaction was successful or not, the average commission, the number of active miners, etc. – all the information is there. If in past you have succeeded in registering in such web sites like facebook, youtube or google mail then you will not have any problems with registering a wallet on blockchain.info
*Here you can keep only bitcoins.
The second wallet you will most likely need is one for ethereum with which you can also participate in different ICOs. You can find a wallet and download it on their official website but we will talk about light wallet for ethereum. In my opinion, the best service for this purpose is www.myetherwallet.com . I recommend you to always check if your connection is secure (https) as in the image below to avoid unpleasant situations.
The functionality of MyEtherWallet is very similar to blockchain.info and at the same time being very simple to use.
Where to buy coins?
Once you’ve created an electronic wallet, the second thing you will need to think about is where to buy bitcoins. Just as in the first case, if you go to google search and look for the words “Buy Bitcoin” you will also find a lot of information and as in first case there is a huge risk for you to be scammed. The following question arises from the start: “Can we trust people who sell bitcoins?”. This question is logical as the seller at the start knows that you have the money and you do not know exactly if he has bitcoins. I will share with you some life hacks that will allow you to be more sure while you are buying bitcoins.
The first place to buy bitcoins are exchanges. First, it must provide information on how much money is available for exchange. The greater the amount of money available for exchange, the better it is. Also, pay attention to customer reviews, usually all of this information is on the exchange’s web site, you also need to pay attention if there are phone numbers and contact information, exchanges that doesn’t provide such information are dangerous. A list of all valid exchanges along with customer reviews can be found on the https://www.bestchange.com/. Any exchange on this website passes a validation procedure where https://www.bestchange.com/ presents itself as a guarantor that you will not be scammed, but at the same time will prevent you that this is possible, so be careful. This is why there is a rating, with exchanges best prices, lifetime, reviews of customers.
You also can buy bitcoins from https://localbitcoins.com/ where you can select your city and this service will show the closest exchanges to you. The minimum commission of these exchanges is at least 3%. If you will found an exchange that are offering a smaller percentage, it is very likely that you are scammed.
*It is important to mention that in times when strong market moves take place, this commission may reach 30%.
I would not recommend looking for the lowest-percentage exchanges. In my opinion, 5-7% represents an appropriate value in the days when there is nothing extraordinary on the market.
How does the exchange take place?
In the most cases when you will reach the currency exchange, you will need to tell the amount you want to change and the number of your electronic wallet after which the seller makes a transfer on his phone, you give him the money and at the same time you will need to check on the blockchain.info if the transaction has been successful. To ensure that the transaction has taken place and it will not be postponed, it is necessary to wait for an average of 10-20 minutes, ideally 50-60 minutes while new blocks are created.
Today we have learned about where and how to create a wallet, buy bitcoins and how does the regular exchange take place. In the next posts we will discuss about how to select altcoins to trade and deferent strategies for trading.