Bitcoin remains the top cryptocurrency among the digital masses now available across exchanges and digital currency/wallet platforms. The craze at the beginning of 2018 created an onslaught of popularity for bitcoin, as well as Ethereum, Bitcoin Cash, Litecoin, Ripple, and other top ten cryptocurrencies.

Although the massive spike to almost $20,000 for a single bitcoin is far behind us, people are still flocking to bitcoin for a number of reasons, not solely invest. Bitcoin and other digital currencies have become a source of payment online. You can purchase anything from a Subway sandwich to airfare using bitcoins.

The rise in bitcoin popularity has also made buying bitcoin easier than ever. With a bit of research and a few security protocols in place, you can buy bitcoin today — no problem.

Important Considerations Prior To Buying Bitcoin

There are, however, a few considerations to keep at the forefront before buying bitcoin, or any other cryptocurrency, regardless of your reason for use. First, always do your due diligence. As you’ll read below, you will need to choose assets like a digital wallet and place to purchase bitcoin. Not all of these online platforms and wallets are created equal.

Securing your bitcoins after purchase is also a big consideration. Knowing how to secure your cryptocurrency, and keeping your digital assets safe online should be a top priority. Do to their digital nature, you need to think about cyber attacks and hackers when it comes to bitcoin.

The following four steps to buying bitcoin can serve as your guide to holding cryptocurrency and keep it secure for a variety of future uses. Let’s get right into it!

Step 1. Set Up Your Digital Wallet

If you have yet to do detailed research on buying bitcoin, or any other cryptocurrency, you may be wondering what a digital wallet is exactly. Luckily, the concept isn’t too complicated. A digital wallet is essentially like a physical wallet you keep in your pocket or bag, only it lives online — or offline depending.

A digital wallet lets you receive, store, and send bitcoin and other cryptocurrencies. It is kind of like having an online banking account, but without financial institution oversight and guidelines.

Before purchasing bitcoins, you first need to set up a digital wallet. There are a variety of exchanges and online cryptocurrency platforms that provide secure digital wallets. These wallets are great for transactions and purchasing bitcoin. However, to enhance security, you should have your own offline wallet, also known as a cold wallet.

Cold wallets are a good choice for keeping the bulk of your cryptocurrency in, because they are not connected to the Internet. This adds an extra layer of security, since cyber attacks mainly need an online presence to work.

Step 2. Buy Bitcoin with Cash, Debit, Credit, or Wire Transfer

Those new to buying bitcoin can use the services of the platform they set up their digital wallet, or “hot” wallet on. After the verification of your wallet is complete, you can connect your bank account, debit card, and/or credit card to your wallet. You can even opt to transfer money using a wire transfer.

Each exchange or cryptocurrency service will have a few different digital currencies to choose from. To buy bitcoin, you select the amount of bitcoin you want to buy, select a few options, and presto, you just bought bitcoin. The bitcoin will be transferred into your digital wallet and you can then decide if you want to keep it there or move it to your cold wallet for safer keeping.

If you are thinking about leaving your bitcoin in your hot wallet, be sure to set up two-step verification. This will enhance security slightly, since a potential hacker will need access to your digital wallet account, as well as your mobile device. Google 2-Step Verification is worth checking out.

Step 3. Buy Bitcoin with Cryptocurrency

Another way to purchase bitcoin is to use other cryptocurrencies, also known as Altcoins. If you already have Altcoins, like Ethereum or Litecoin, for example, you can save on transaction fees when purchasing bitcoin.

Making a cash-to-bitcoin purchase can carry transaction fees up to five percent. Cryptocurrency-to-bitcoin can have a mere transaction fee of less than a percent of the total purchase. This is a great way to avoid fees from exchanges and other digital currency services online.

However, if you don’t have cryptocurrency already, you are probably better off buying bitcoin straightaway, since fees are the same for all cash-to-cryptocurrency transactions. This all depends if you want only bitcoin, or want to buy Altcoins as well.

Step 4. Secure Your Bitcoin Offline

As mentioned previously, the longer your bitcoin is in the digital wallet you set up online via an exchange or cryptocurrency service, the more vulnerable it is to being hacked and stolen. This is not an uncommon occurrence.

In June of this year, crypto-exchange Bithumb was hacked with over $30 million in bitcoin stolen, along with Altcoin theft as well. There were actually five major cryptocurrency exchange hacks this year alone.

This makes this step one of the most important. By moving your bitcoin from your hot wallet to your cold wallet, you are simply protecting your bitcoin, because you just never know which exchange is next. To do this, copy your cold wallet address and go to the “Send Cryptocurrency” option your exchange or service should have.

Paste your unique address when prompted and select the amount of bitcoin you want to transfer to your cold wallet offline. After the transaction is verified, your funds will be in your cold wallet in about 30 minutes. This simple action can save you a lot of money and stress down the road.

Ready To Buy Bitcoin?

Buying bitcoin is a great way to hop into the cryptocurrency and blockchain technology revolutionizing multiple industries. It is also redefining how peer-to-peer transactions are done, whether B2C or C2C. To actually buy bitcoin is easy. Just remember to keep your bitcoin, or any other cryptocurrency you purchase safe from hackers and cyber attacks.