This is a paper I wrote as a process essay at my University.
I thought I'll share it with you, It's about how to buy Bitcoin step by step.
There has been a lot of interest in buying bitcoin recently, either as an investment or to use it as currency. It is not surprising that people want to invest in Bitcoin considering that it had
an increase of about 2000% within the last five years.
I'm one of the people who also choose to invest some money into bitcoin but the process of actually buying them is more complicated than some people think, I am to give some information on how to buy bitcoin and explain how I went through the whole process.
The very first step for me was taking a closer look at Bitcoin. What is a Bitcoin?
Which value does it provide for me and what's my personal reason to buy them? After looking into that and understanding the whole concept of it I went on thinking about other questions.
What is the risk of investing in bitcoin? How much am I willing to risk? Do I even have the extra money to put into bitcoin? Once I elaborated on the risk it was important to think about the goals I'm
trying to archive by buying Bitcoin.
Do I want to make money with it? And If so, how much do I
want to value to increase until I decide to sell them and convert them back into dollars?
After asking myself all these questions I decided to get Bitcoin I had to look for a place to store them before actually buying them.
Bitcoin is usually stored on digital devices, that could mean a computer, a phone, or a USB stick.
I'm going to describe is how to set up a "wallet" on a phone to store bitcoin.
The wallet is an application which is used to store bitcoin and there are different developers who came out with different wallets.
To compare and find out which wallet is the best one for me I went to the app store and typed in Bitcoin wallet, a list of different ones showed up. I took a closer look at the different wallets and did some research about them, reviews were very helpful to see what past
experiences other users had.
Once I decided which one to get, I went back to the app store and
pressed the download button to save the application to my phone. After waiting for it to install the wallet was ready to get set up by clicking on the icon on the phone.
The application then asked me to enter information about myself, after that the wallet was ready to use. Each wallet is
unique and has its own ID, which is very important when receiving Bitcoin because misspellings can cause problems. That is why I wrote down my wallet ID on a piece of paper, along with the
recovery password. The recovery password will be used to recover my wallet If I lose my phone, that’s why I wrote it down on paper instead of creating a note on the phone.
After setting up my wallet I was ready to buy Bitcoin. There are different online websites to buy bitcoin from, so I did some research on different sites and the fees they charge as well
as the services they offer.
I decided to use www.anycoindirect.com since they had really
transparent fees.
In order to buy Bitcoin, I had to create an account using information like my date of birth, email address and others. After setting up the account I hit "buy bitcoin", the websites offer more currencies than just bitcoin, so I made sure to click on the right icon.
It then asked me how much Bitcoin I wanted to buy, and they offer to choose the amount in Bitcoin or dollars, so I made sure the dollar amount I put in matched the equivalent in Bitcoin.
After choosing the amount I had to give them my wallet ID, that way they know where to send the Bitcoin.
To make sure I use the right ID I copied and pasted my wallet ID and checked everything twice to make sure no mistake happened. After putting in the wallet ID, the last step was to choose a payment method, like in any online shop I was able to pay with credit card or
Pay Pal.
After doing all of that, I waited some time until processed my order and checked my Bitcoin wallet from time to time, to see if the Bitcoin has arrived.
It will usually take about one to five days until everything is processed, depending on the payment method.
Since I used Pay Pal they received the money immediately and I had the Bitcoin in my wallet within one hour.