How To Buy Bitcoin UK Guide 2020/2021
There’s no doubt that Bitcoin is more popular than ever, and more people are interested as to how to get a hold of it. There are many ways to buy bitcoin UK and worldwide. But you might have been waiting on the sidelines for an entry point, or simply haven’t gotten around to finally making your first purchase or but you might be wondering how to safely buy your very first bitcoin. You are on the right page.
Luckily, we can help.
Below you will find our latest How To Buy Bitcoin UK Guide for 2020.
First and foremost, you are going to have to create a digital wallet. For those that have no idea what a digital wallet is, the name speaks for itself. The same way that your physical wallet stores money; digital wallets make sure that your cryptocurrency is kept safe and sound. Of course, this doesn’t mean that there is absolutely no way for someone to gain access to your wallet - but it does mean that your funds are relatively secure.
It’s also important to note that if you are planning on making a significant purchase and want an added level of security - you might want to pay a little extra for your peace of mind. This would mean purchasing a “cold storage” wallet, that you can keep somewhere extra safe. Many people keep their cold storage wallets in a safe or vault of some kind, for example.
That’s not all that you’ll need with regards to your purchase, however. You will probably have to have some sort of identification ready. The truth is that the cryptocurrency sector still is unregulated for the most part, and many still believe that it is used as a way to launder money for criminals. This way, you can let the exchange know that you are a legitimate investor wanting to make your first Bitcoin purchase. This is crucial for those who might not have their identification up to date. Make sure that you are using a valid form of identification, and have it on hand, before you plan to make your first purchase.
Next, you want to make sure that you have enough money. While most cryptocurrency exchanges do not charge excessive commissions, it’s important to figure out how much Bitcoin you truly want to purchase, and make sure that you factor in some additional fees. Are you planning on making a large long-term investment, or simply want to make a small purchase to test the waters? You also want to have this money available in a debit account, because there are many cryptocurrency exchanges and websites that will not allow you to purchase Bitcoin with a credit card. However, there are some rare exceptions, for those who want to take this route.
In addition, you should be responsible when you are purchasing Bitcoin. Be very careful if you are planning on taking out a loan when it comes to buying Bitcoin - there are many who bought at the wrong entry point who regret that, and you might find yourself wanting that money back. Make sure that you are fiscally responsible when it comes to purchasing Bitcoin and understand the potential volatility of the cryptocurrency markets before you do so.