So you learned the basics of Bitcoin, and now you are excited about the possibilities and want to buy it. But how?
Purchasing cryptocurrencies is easier every day than when Bitcoin was first launched in 2009. Today, you can buy Bitcoin directly from crypto exchange, peer-to-peer markets, Bitcoin ATMs, and even some traditional brokerage platforms. The list is very extensive. You can also use cash, credit cards, debit cards, or bank transfers, depending on who makes the purchase and where.
Before you buy your first Bitcoin, you need to decide how to store it. Think of it as a physical bank account or wallet to hold your money.
For Bitcoin, you can use online wallets, mobile wallets, desktop portfolios, or offline wallets such as hardware devices and paper portfolios in the form of exchange platforms or independent providers. Here you can find more information on Bitcoin wallets and tips on how to use them. That said, here is a brief overview of how to buy major cryptocurrencies.
One of the easiest ways to buy Bitcoin is to use cryptocurrency exchange. As the name implies, the cryptocurrency exchange is a platform that allows you to buy and sell cryptocurrencies using a variety of traditional fiat banknote options or other digital currencies.
To buy Bitcoin on a cryptocurrency exchange, you need to open an account on the exchange platform. In most cases, you will also need to perform the Knowledge-u-customer (KYC) and Money Laundering Prevention (AML) steps. Cryptographic exchange knows who you are because these are just basic background checks. .. This usually involves submitting an official ID and, in some cases, proof of address. On some exchanges, on the other hand, if you log in only with your email address without verifying your identity, access will be restricted and you will benefit. This is a great option if you remain anonymous and do not intend to buy large amounts of Bitcoin.
When it comes to cryptocurrency, there are hundreds of options, but as a beginner, we recommend staying at popular exchanges such as Binance, Coinbase, Houbi, FTX and Kraken. However, it is always advisable to do your own research before choosing a particular scholarship. Some are only available to people in certain countries, while others are aimed at experienced traders.
After choosing a stock exchange, the next step is to fund your account to buy Bitcoin. Most exchanges can fund your account through bank transfer, credit card, or PayPal.
Keep in mind that most platforms charge a fee for certain funding options, such as credit card deposits. In addition to the deposit fee, you must pay a fee per transaction to encourage Bitcoin miners to process the transaction. Read more: How Bitcoin Mining Works
Once your account is credited, you can buy Bitcoin on the exchange of your choice.
Please note that the wallet will automatically generate a wallet. The disadvantage of this is that you have no control over the private key that determines the true owner of the cryptocurrency stored in your wallet. If your wallet is hacked, you can lose all your Bitcoins. However, it’s a great option if you plan to exchange Bitcoin for other cryptocurrencies and make a small profit from price changes.
If you plan to buy a large amount of Bitcoin without selling it in the short term, it is best to move the money to a physical or offline wallet. Peer-to-peer bitcoin market
Cryptographic exchange has grown into a de facto way to buy Bitcoin, but you can also buy digital assets directly from other Bitcoin owners via peer-to-peer platforms such as LocalBitcoins, Paxful, Binance P2P, Bitquick. .. -Counter (OTC) transactions.
OTC transactions are significantly faster and offer a wider variety of payment options. However, buying Bitcoin directly from an individual is extremely dangerous. It is not always best to meet a completely stranger in person and exchange your personal money for cryptocurrencies. Platforms like LocalBitcoins provide a much more secure solution and use internal escrow services to ensure a smooth exchange process.
Bitcoin ATMs work like regular ATMs. The only difference is that you can buy and sell Bitcoin as well as withdraw fiat money. These devices send Bitcoin to your wallet in exchange for cash. Simply enter your invoice and display the QR code on your wallet on the screen and the corresponding amount of Bitcoin will be sent to your account. Coinatmradar will help you find a Bitcoin ATM near you. Traditional stock broker
Thanks to the growing popularity of Bitcoin, some traditional brokerage firms are now offering clients the opportunity to buy and sell digital assets on the platform. Robin Hood is a pioneer in this regard. This is the first popular investment broker that allows clients to buy Bitcoin on their platform along with a variety of other cryptocurrencies. The cryptocurrency Robinhood Crypto is also available in most states in the United States. Similarly, you can buy Bitcoin on the platforms of brokerage firms such as eToro and TradeStation.