It may take a couple of hours (or more during trading hours) to complete a Bitcoin transfer, so you may want to plan ahead to have enough time. There is nothing wrong with that, and for most people, this is the route they will follow, since few, but the rich, can afford to buy several bitcoins in one go. All that said, if you still want to take part in the action, here’s how to buy Bitcoin on your own. Like gold, bitcoin is difficult to mine and requires very specific technology (and a lot of energy) to do so.
The idea is that some investors are willing to pay more to buy bitcoin through a traditional exchange, without needing to worry about wallets and storage. If you like the idea of day trading, one option is to buy bitcoin now and then sell it when its value rises. If you don’t want to go through the trouble of getting a Bitcoin wallet and doing all the other preliminary steps I described above, an alternative solution is to open an account with an online brokerage that allows you to buy and sell Bitcoin. Since the price of bitcoin is constantly fluctuating, holding your bitcoins until you think there will be a rise in price, and then selling them can make a lot of money.
Those who do not have the technology or understanding of complex computer software, can buy bitcoins with cash, credit or debit cards (applications such as Coinbase currently accept Visa and Mastercard) and bank transfers. Linking your bank account allows you to sell bitcoin and withdraw funds to your bank account, which is not possible if you pay for bitcoin with a card. Often, you can find online providers who accept payments directly in Bitcoin and pay for goods or services by sending money from your wallet to theirs. Electrum is a popular and free storage option in the Bitcoin community, and is one of the most respected, if not the most respected desktop storage apps out there.
If you want maximum security, you can store your Bitcoin in an online or offline Bitcoin wallet of your choice. It is not recommended to buy bitcoins in the cafe, in your hotel room or use other public Internet connections. For those who do not trust the security of wallets, cold storage options allow you to store your bitcoins offline. Unlike other forex operations, the transaction needs to be recorded and confirmed on the blockchain when you buy Bitcoin funds.
