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Buying Bitcoin can seem so complicated that it isn’t unusual for some Bitcoin buyers trying to cash in on the hype to make a few mistakes. It isn’t uncommon to make at least one mistake when choosing to invest in this cryptocurrency. Read on for the 5 most common mistakes so you can avoid them when purchasing.
Using The Wrong Address
Entering your address wrong is one of the most common mistakes you can make when purchasing bitcoin. The design of Bitcoin is such that a transaction cannot be reversed and the Bitcoin is therefore lost forever. There’s no way you can rectify this if you rush and type in the wrong address. Make sure you triple check to avoid any issues. Be cautious and take your time.
Not Waiting For Confirmations
Buying bitcoin in person is possible, but if that’s something that appeals to you, you need to make sure you take all of the necessary precautions. Make sure you avoid handing over any cash until the transaction is complete. You should also wait for multiple confirmations. One isn’t enough! You should have enough patience to wait for those confirmations to come through so you know that there are no issues. Wait for three, especially if you’re purchasing a large amount of the cryptocurrency.
Paying With Paypal Or A Credit Card
Using one of these two methods can be quick and convenient, sure, however, you will receive higher fees to reflect the convenience of this. Chargeback issues may occur, for example. Take the extra time to buy Bitcoin with a less expensive method, such as using a bank transfer. If you’re buying a large amount or making regular purchases, this becomes even more important. All of the fees you end up forking out for could have meant more Bitcoins in the long run. Sites like https://bgst.nl make it a little easier to figure out what you’ll be paying if you do use Paypal or a credit/debit card as a method of payment.
Buying Because You Don’t Want To Miss Out
There may be very positive news surrounding Bitcoin and the money people have made, but buying because you’re afraid of missing out is a little silly. People then buy when it’s too late and the price already reflects the latest developments. If you believe in Bitcoin then it may not matter when you buy it long-term, but ensure you create a strategy and focus on the bigger picture.
This goes for all cryptocurrencies.
It’s becoming so much easier to buy Bitcoin and other cryptocurrencies with many exchanges and payment methods available to use. However, everybody makes mistakes, especially when it comes to something as brand new as Bitcoin. If you make sure you avoid the mistakes outlined here, you should enjoy a pretty seamless transaction and buy your Bitcoin safe in the knowledge that it’s exactly as it should be.
Have you made any mistakes with Bitcoin? Leave your thoughts and comments below. Thanks for reading!