Despite regularly growing in popularity, there are still plenty of aspects of bitcoin that people simply don’t understand. In order to help address this issue, this guide will look at all of the steps involved in purchasing and selling bitcoins. Hopefully, by following along with this guide, you’ll see that there’s nothing to worry about concerning bitcoins. There’s a reason it’s growing in popularity, and that’s because it’s actually simpler than traditional currency in many ways.

Finding a Market

While there a number of markets that exist for the buying and selling of bitcoins, it’s recommended to find one that is trustworthy and reliable. For the purposes of this guide, we decided to use Coinbase for our transaction.

In a way similar to traditional stock trading apps, the first thing that Coinbase does upon entering the app is inform its user of the current value for a single bitcoin. Bitcoins typically fluctuate within a certain range on a regular basis, and this plays a role in how much a bitcoin is worth for goods and services at any specific moment in time.

Once you’ve provided your details to the app you’re using, and if this is your first time using your particular app, then you’ll most likely be expected to verify your information and provide a security code. After verifying your identity, you’ll be asked to choose how you would like to make your bitcoin purchase. As of right now, apps like Coinbase allow users to purchase bitcoins from a credit card, debit card, or even directly through their bank account. Of course, attempting to buy bitcoins directly from a bank account takes substantially longer than simply making the purchase with a credit or debit card.

Decide How Much You Want

After you’ve figured out how you’re going to purchase your bitcoins, the only decision left to make is to decide how much you wish to buy. Depending on fluctuations with the bitcion’s current value, buying a bitcoin shouldn’t be any more difficult than clicking a button. If, on the other hand, bitcoin is currently experiencing a sudden and rapid fluctuation, then apps like Coinbase might need some time before effectively completing any transactions.

Selling Your Bitcoins

Once you’ve become a master of purchasing bitcoins, you might be interested in doing the reverse and selling them back to the market. This can be a potentially lucrative opportunity, given the fluctuations that bitcoin routinely makes in value. All that apps like Coinbase require is information related to the bank account where the money from the transaction will be deposited into. Other than that, it’s as simple as indicating how much bitcoin you would like to sell. In many ways, buying and selling bitcoins is almost exactly like buying and selling shares on the stock market. The biggest difference, of course, is that bitcoins can actually be used to buy and sell products and services as well.

Don’t Be Afraid

The most important takeaway from this guide should be that, as scary as new technology can be, buying and selling bitcoins isn’t nearly as complicated as some people might have you believe. As technology continues to evolve and expand, having a cryptocurrency like bitcoin will only continue to grow in usefulness. Unlike traditional currencies, bitcoin is versatile and innovative, allowing it to be used in situations where money is otherwise difficult to exchange between two parties. For this reason alone, bitcoin is an excellent investment, and that ignores its potential value as a long-term investment. As more people continue to buy into bitcoins, its value as a currency is only going to continue growing.