How to buy Bitcoin? A very popular question. The demand for cryptocurrencies is growing every day. And BTC is the most expensive and well-known cryptocurrency in the world. Those who bought it earlier are not at a loss. We will explain how to buy Bitcoin today and provide simple instructions for beginners.
What is Bitcoin and How Legal Is It?
Bitcoin is the first and most well-known cryptocurrency in the world. It is famous for its security and high value. Remember that crypto is not tied to physical assets, like a country’s gold reserves. This is a significant difference from fiat money, which different governments issue.
Before thinking about how to buy it, it’s important to understand that Bitcoin’s value depends on supply and demand. Currently, everything points to further growth in its value. What will happen next? There are no guarantees that your wealth will maintain its value.
How legal is it to buy BTC? Legislation differs from country to country. In some places, it is considered a means of payment, in others, it is a commodity, an investment, or, in some cases, is even banned. Thinking about how to buy Bitcoin? Be sure to familiarize yourself with the laws of your country.
How to Buy Bitcoin – Step-by-Step Instructions for Different Platforms
Have you firmly decided to invest in crypto? Check out these tips on how to buy Bitcoin. Most often, beginners can do this on a cryptocurrency exchange, in an online exchange service, or on a P2P platform. Let’s look at the instructions for each platform.
How to Buy Bitcoin on a Cryptocurrency Exchange
Cryptocurrency exchanges are platforms for buying, selling, and exchanging cryptocurrencies.
- Choose an exchange. Choose a reliable exchange (e.g., Binance, Coinbase, Kraken, or WhiteBIT).
- Register and verify your account.
- Register an account using your email or phone number.
- Go through the KYC process (upload your passport or other identification document to verify your identity).
- Fund your account.
- Add funds to your account using a bank card, SEPA/Swift payments, or electronic payment systems.
- Check the fees for depositing funds.
- Buy Bitcoin.
- In the “Trading” or “Buy Cryptocurrencies” section, select BTC.
- Enter the amount you want to spend and confirm the transaction.
- Transfer coins to an external wallet (optional). This will increase the security of your funds.
How to Buy Bitcoin Through an Exchange Service
Cryptocurrency exchange services offer a simple and fast way to buy crypto.
- Find a reliable exchange service. Use exchange comparison services like BestChange to find a favorable exchange rate and a trusted service.
- Fill out the order form.
- Enter the amount you want to exchange and your wallet address.
- Provide payment details (bank card, electronic wallet, etc.).
- Pay for the order.
- Follow the exchange service’s instructions to transfer the funds.
- Typically, transactions take anywhere from a few minutes to an hour.
- Receive your coins. After payment confirmation, the coins will be automatically sent to your wallet.
How to Buy Bitcoin Through a P2P Platform
P2P (peer-to-peer) platforms allow you to buy cryptocurrency directly from other people.
- Choose a platform. Popular options include Binance P2P, LocalBitcoins, Bybit P2P.
- Register and verify your identity. For security, you may need to confirm your identity.
- Select an offer.
- Find a seller with a favorable rate and good reviews.
- Check the available payment methods (bank transfer, PayPal, etc.).
- Make the deal.
- Enter the amount you want to buy and confirm the transaction.
- Transfer the funds to the seller according to the platform’s instructions.
- Receive BTC. After payment confirmation, the coins will be automatically transferred to you.
How to Buy Bitcoin Through an Electronic Wallet
Some electronic wallets allow you to purchase cryptocurrency directly.
- Install a wallet. Popular services include Trust Wallet, Exodus, Payeer, or WhiteBIT.
- Fund your account.
- Add funds to your account using a card or bank transfer.
- Check the fees for depositing funds.
- Choose Bitcoin for purchase.
- In the “Buy Cryptocurrency” section, select BTC.
- Enter the amount and payment method.
- Confirm the transaction. After payment, Bitcoin will automatically appear in your wallet.
How to Buy Bitcoin Through a Crypto ATM
Crypto ATMs are specialized machines for buying and sometimes selling cryptocurrencies, including Bitcoin.
- Find a crypto ATM.
- Find the nearest crypto ATM.
- Check if it supports Bitcoin purchases and the available payment methods (cash or card).
- Prepare your Bitcoin wallet.
- If you don’t have a wallet, download an app (e.g., Trust Wallet, Coinbase Wallet, or Mycelium) and create a Bitcoin address.
- Have the QR code of your wallet address handy (it can be found in the wallet app).
- Select “Buy Bitcoin.”
- Enter your wallet address.
- Scan the QR code of your Bitcoin wallet using the crypto ATM.
- Some ATMs may allow you to create a new address on-site, but it’s better to use your own wallet.
- Make the payment.
- Enter the required amount or insert cash into the bill acceptor.
- Some crypto ATMs accept bank cards, but cash payments are more common.
- Confirm the transaction.
- Receive Bitcoin.
- After the transaction is complete, the ATM will initiate the transfer of BTC to your wallet.
- Depending on the network’s congestion, the transaction may take anywhere from a few minutes to an hour.
How to Buy Bitcoin – Useful Tips for Beginners
To buy the right cryptocurrency and avoid trouble, we advise all beginners to:
- Protect your assets. Use hardware wallets or strong passwords to store your cryptocurrency.
- Check fees. Clarify the fees before making transactions.
- Be cautious of potential fraud. Avoid suspicious offers or services with poor reputations.
The choice of buying method depends on your needs: exchanges and P2P platforms are great for favorable deals, while exchange services and e-wallets are ideal for speed and convenience.
How to Buy Bitcoin – Video
Still have questions about how to buy Bitcoin? Watch the video:
Conclusion
The cryptocurrency market is interesting and very promising. Many people have become millionaires thanks to it, while just as many have lost their savings. We’ve shown you how to buy Bitcoin, now you decide how to use this knowledge and whether it’s worth investing in crypto.
Frequently Asked Questions About How to Buy Bitcoin
On trusted exchanges or exchange services with a good reputation.
Yes, as long as you use reliable platforms and follow security measures.
Use hardware wallets, choose trustworthy platforms, and don’t invest more than you’re willing to lose.
