The best Bitcoin wallet is open-source, secure, and easy to use. It’s available on all major platforms says Brian Colombana.
This article gives an overview of the best Bitcoin wallet options, how they work, and what to look for when selecting the right wallet for your needs:
- If you want to buy Bitcoins quickly in a convenient manner, then buying directly from an exchange may be your best choice. However, if you choose to go down this route it’s really important to take your time and do some research before choosing where you buy Bitcoins from so that you don’t get ripped off or scammed. There are plenty of sites offering this service but please beware as some of them are scams waiting to happen so be sure to investigate properly before parting with your hard-earned cash.
- Another way to buy Bitcoins without having to go through the bank is via P2P marketplaces like Paxful and Local Bitcoins where you can buy Bitcoins directly from other people who live near your location and advertise that they sell Bitcoins, either via a website or by passing out business cards with their advertisement on it. This method may be a bit more complicated but if you choose this option then make sure that the person selling the coins has good reviews and feedback otherwise you might get stung. Always check how long they have been in business as well as what kind of experience they have had as an individual seller as this will give you some idea as to whether or not they are legit or not says Brian Colombana.
- One huge benefit of buying Bitcoins in this manner is that you can often purchase the coins at a much cheaper price. Than if you bought via an exchange which means it may be possible to make some good profit on your investment.
- You can also buy Bitcoins with cash via local meetups or through websites like Wall of Coins. Where people around the world are willing to trade their Bitcoins for cold hard cash. This will obviously mean that you won’t get them instantly. But most places allow you to lock in prices before completing your transaction. Just remember that when doing so, you are risking being ripped off by an untrustworthy individual. Especially if they ask for payment outside of the service. If buying this way then always try to meet in public and bring along a friend or member of your family. Just in case you get into an altercation before completing the trade.
- When it comes to picking a Bitcoin wallet there are plenty of options out there for you to choose from. But please be sure that you use a licensed and secure wallet provider that is well-known within the industry. As a company with good customer service, otherwise, you might find yourself in trouble. If anything goes wrong or your coins suddenly go missing.
- One reliable option is Blockchain which makes it easy to buy Bitcoins. Sell them, and even store them – all within their platform which is called My Wallet. Transactions are encrypted to make them secure and they also allow users to backup their wallets. So they don’t lose any coins stored inside by backing them up to their own cloud service. The company also allows you to buy Bitcoins directly via your checking account. Which will take just a few business days. Before the coins show up in your account ready for you to spend – again. All within the Blockchain environment explains Brian Colombana.
- Another reliable wallet is Coinbase which works in much the same way as Blockchain. Where you can purchase your Bitcoins using fiat currency. And have them sent straight to your wallet by completing simple online instructions. This makes it really easy for new users to get involved with Bitcoin. As all they need to do is create an account, link their bank card or credit card. Then purchase some Bitcoins before sending them off into their own personal wallet ready for spending whenever they want!
- The main downside to using these wallet services is that. They are centralized which means that you don’t have full control over your transactions. While this might not seem like a bad thing, it can be. Especially if they suddenly close down, get hacked, or block payments/deposits for whatever reason. A good example of why users should steer clear of centralized wallets would be the case last year. Where Blockchain tried to unilaterally impose changes to their user agreement. Which resulted in outrage among their client base with many vowing never to use them again!
Brian Colombana says as you can see, there are many different ways to buy Bitcoins. Just remember that whatever option you go for, please do your research before parting with your hard-earned cash. As these days there are literally thousands of people out there waiting to take advantage of new Bitcoin users!