- How can I buy my first Bitcoin?
- Should I buy a whole Bitcoin?
- What is the minimum amount I can buy Bitcoin for?
- Can I buy my first Bitcoin with iDEAL?
- When is the right time to buy my first Bitcoin?
- Where should I buy my first Bitcoin?
- Do I need a wallet when I buy my first Bitcoin?
- Will I lose my Bitcoin if I lose access to my wallet?
- What if I want to sell my Bitcoin again?
You’ve read a lot about Bitcoin lately. Now you’re ready. You want to buy your first Bitcoin. But hey, it’s new, right? And how does it all actually work? With these frequently asked questions you know exactly where you stand.
How can I buy my first Bitcoin?
You can buy your first Bitcoin at a broker or a crypto exchange. The two different providers both have advantages and disadvantages. In short, it means that you pay a slightly higher fee at a broker, but you can easily buy your first Bitcoin there with iDEAL. An exchange offers many more options, which makes them less user-friendly, but you often pay a lower fee per transaction.
Should I buy a whole Bitcoin?
Perhaps the biggest misunderstanding if you want to buy your first Bitcoin. But the simple answer is no. Bitcoin is worth tens of thousands of euros. Many people who buy Bitcoin for the first time choose to only buy a small portion of a Bitcoin. Bitcoins are divided into small parts called Satoshis and a Bitcoin consists of 100 million Satoshis. So you don’t have to buy a whole Bitcoin when you start with cryptos.
What is the minimum amount I can buy Bitcoin for?
The minimum amount you can invest in Bitcoin is one Satoshi. Bitcoins consist of 100 million Satoshi. Are you buying your first Bitcoin? Then you are dependent on the provider where you do this. With some providers you can purchase from just €2. Other parties require a minimum purchase of €100. The easiest way to compare the different Bitcoin providers is in the crypto comparator. You can also immediately see how much Bitcoin you get for your euros.
Can I buy my first Bitcoin with iDEAL?
Yes. You can buy Bitcoin with iDEAL at all Dutch providers. Many international providers also offer this. This is also possible if you prefer to pay in a different way. In addition to iDEAL, you can also buy your first Bitcoin with a credit card or bank transfer (SEPA).
When is the right time to buy my first Bitcoin?
Unfortunately, the answer to this is not so simple. Bitcoin has shown large price increases in the (recent) past, but is not going up in a straight line. Are you going to buy your first Bitcoin? Then use “Dollar Cost Averaging”. You buy Bitcoin for a fixed amount at a fixed time – for example every month. In this way, the purchase price becomes an average. More traditional investors also apply this when purchasing shares. By not purchasing everything at once you spread the risk.
Where should I buy my first Bitcoin?
That depends on your ambition. Do you just want to buy Bitcoin and not worry about it anymore? Then we advise you to use a broker. A broker offers you convenience with your first purchase. In this article we give you the best brokers for 2021. Are you unsure whether you want to trade with your Bitcoin? Then use an exchange. In any case, compare different providers in the Bitcoin comparator. This way you can easily choose a party that suits you and you can be sure that you are buying your first Bitcoin from a reliable provider.
Do I need a wallet when I buy my first Bitcoin?
The short answer is yes. You need a place to store your Bitcoin. Many brokers and exchanges offer an online wallet. If you buy your first Bitcoin, this is often sufficient. Is the value of your Bitcoin increasing? Then we recommend that you think about other ways to keep your Bitcoin safe. Make sure that if you store your Bitcoins with a broker or on an exchange that you use 2FA (2-Factor Authentication). With 2FA, in addition to a username and password, you also need an SMS code or other form of authentication.
Will I lose my Bitcoin if I lose access to my wallet?
No. As long as no one else has access to your wallet, you have lost nothing. It is important to write down the recovery seed – which is a code of 12, 18 or 24 words – somewhere. With that recovery seed you can always gain access to your wallet. Do you no longer have access to your wallet and have you lost your recovery seed? Then your Bitcoins are not gone, but you can no longer access them. In some cases, a broker or exchange can help you regain access. Logically, we advise you to ensure that it does not get to that point!
What if I want to sell my Bitcoin again?
Just like buying your first Bitcoin, selling Bitcoin is also easy. If you have stored your Bitcoins at an exchange or broker, you can easily sell them there. Both brokers and exchanges transfer the money to your bank account. There are often a few working days between the time you do this and the money actually being in your account. In most cases this can be arranged within a week.
Hopefully your questions have been answered. But do you still have questions before you buy the first Bitcoin? Then we recommend that you also read these 10 tips so that you are ready to get started with cryptos.