Buying your first bitcoins - A simple guide
Cryptocurrency is gaining popularity at an almost exponential rate. Cointelligence is providing its readers with a simple guide that walks them through the process of buying bitcoin and storing it securely on one of the world's most secure online wallets.
The popularity of bitcoin, and cryptocurrency in general, has skyrocketed during the past couple of years. The soaring demand for cryptocurrencies has driven their total market capitalization to the moon, exceeding $300 billion at the time of writing this blog post. Even though many people might be tempted to buy bitcoin, the apparent complexity of the process of coin buying and storing renders some reluctant to test new waters. In this blog post we will present you with a simple guide that will walk you through the process of buying some bitcoin and storing it in your very own wallet.
Creating an online bitcoin wallet:Before you buy bitcoin, you have to set up the wallet which you will use to store your purchased coins. A wallet in the bitcoin ecosystem is similar to a bank account. Your bitcoin wallet is what you will use to receive, send, and store your coins. There are two forms of bitcoin wallets: software wallets (bitcoin core or desktop qt wallets) and online wallets. Software wallets are inarguably more secure than online wallets. However, using software wallets can be rather hard especially for newbies, who might completely lose their stored bitcoins if they fail to properly store their private keys. As such, for the purpose of this guide, we will show you how to setup an online wallet from blockchain.info. Blockchain.info is by far the best and most secure online bitcoin wallet provider. With Blockchain.info, you have full control over your coins' private keys which are never stored on the service's online server. You can use your wallet to store, send, and receive not only bitcoin, but also ethereum and bitcoin cash.
To create your wallet, follow these simple steps:
- Go to Blockchain.info website and click on the "GET A FREE WALLET" button on the top right corner of the homepage.