Last Updated on January 20, 2022 by Arty Fisher
Buying Bitcoin is easier and faster than you think.
While Bitcoin is not a physical currency, it is still very real. It can be used to purchase goods and services or it can be traded like a commodity.
The value of Bitcoin fluctuates so it is important to understand how to buy Bitcoin at the best price.
8 Steps to get started.
- Register an account on your chosen exchange
- For security enable 2-factor authentication if available
- Verify your identity and account with the exchanges KYC
- Deposit money into your account.
- Search for Bitcoin or BTC and click on “Buy”
- Decide how much you want to spend or how much of it you want to buy
- Click on the “Buy” button
- If you hit any roadblocks contact the help team of your exchange
Many exchanges sell Bitcoin, and allow you to deposit funds via bank transfer or PayPal. They’ll often charge a fee for this service. It’s also the most straightforward way to get the largest selection of currencies and payment methods. Check out Coinbase, Bitstamp or BTC Markets for exchanges that take credit cards (note: these sites may temporarily halt signups during times of high demand).
Use Bitcoin ATMs
Some Bitcoin ATMs allow you to buy Bitcoins with cash. But be careful — it’s entirely possible to set up a Bitcoin ATM scam where someone will swipe your cash and give you nothing in return. As always, due to the anonymity of Bitcoin, it’s hard to track down scammers. Use at your own risk.
More about Bitcoin
Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy web hosting services, pizza or even manicures.
Many people are wondering how they can buy bitcoins, or if they should be buying bitcoins. Bitcoin is a very volatile investment that can either make you rich or lose everything. Everyone has heard stories of people who have lost their life savings because of bitcoin. However, there is also a lot of opportunity for the smart investor to make money by trading in bitcoins. It all comes down to your risk tolerance and knowing what you are getting into.
The first thing that you need to do when considering investing in bitcoin is to understand what it is and how it works. Bitcoin is a decentralized digital currency that has no central authority governing it. This means that unlike other currencies, there are no banks or financial institutions that control the flow of bitcoins and no one person who controls the supply of them. This makes bitcoin a censorship-resistant currency that operates on a peer-to-peer network and isn’t regulated by any government or organization. The price of bitcoin fluctuates based on supply and demand and can go up and down dramatically in short periods of time.
The Bitcoin system works without a central repository or single administrator, which has the effect of removing many of the typical risks associated with a digital currency system.
If you’re ready to start buying Bitcoin, make sure you do your research and consider all the risks associated with it. Once you’ve done your due diligence follow the 8 steps above to get started.
Disclaimer: Cryptocurrencies are highly speculative, complex and involve a lot of risks – they are highly volatile and sensitive to outside activity. Their performance is very unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. The author may have holdings in any of the cryptocurrencies discussed.