If you have learned the basics of bitcoin, you are interested in its potential and now you want to buy some horses. The question is “How to buy bitcoin?”.
My advice is to never invest more cryptocurrency than you can afford to lose. Horse prices are volatile and may decline or rise.
Bitcoins can be purchased on specialized online exchanges or directly from other users in specialized markets.
You can pay for them in different ways – in hard money, credit and debit cards, bank transfers, or even other cryptocurrencies, depending on who you buy them from and where you live.
1. Set up your digital wallet
The first step is to set up your digital wallet to store your bitcoins. You will need one regardless of your preferred method of purchase. This may be an online wallet that is part of an exchange platform or third-party vendor, a desktop wallet, a mobile wallet, or an offline wallet, which may be, for example, a hardware device or a paper wallet.
There are a wide variety of services to choose from in these categories of wallets. Do a proper study of the different species before deciding which version is best for your needs.
The most important part of any wallet is keeping your keys, which is a series of characters or passwords. If you lose them, you lose access to the bitcoins stored there.
2. Buy Bitcoin Online
Open your cryptocurrency exchange account
The cryptocurrency exchange will buy and sell bitcoins on your behalf. There are hundreds of such online platforms currently operating with varying degrees of liquidity and security. More and more exchanges continue to emerge while others cease to exist. As with portfolios, it is advisable to do a survey before choosing. You may be lucky to choose from several reputable exchanges. On the other hand, your access to such platforms may be limited to one or two, depending on your geographical area.
Currently, the largest bitcoin exchange in the world in terms of US dollar volume traded there is Binance . Other high volume platforms are Coinbase , Kraken and Bitfinex . If you decide to invest less, most reputable exchanges will do you good.
With the KYC Know Your Customers requirements and AML Anti-Money Laundering requirements, many exchanges already require verified account setup credentials. This usually involves attaching a photo of your official ID, and sometimes proof of address.
Most exchanges accept payment by bank transfer or credit card, and some are willing to work with Paypal transfers. Many platforms have fees, which typically include Bitcoin network usage fees.
Each exchange has a different procedure for both adjusting the portfolio and transactions with it. The platform should provide you with enough details to assist you with your purchase. If no such information is available, consider choosing another crypto service provider.
Once the exchange has received payment, it will purchase the appropriate amount of bitcoins on your behalf and deposit them in an automatically generated portfolio of the platform. This can take minutes or sometimes hours if you have difficulty using the network. If you wish, you can move the funds to your offline wallet outside the exchange. This measure is recommended by most cryptocurrency professionals.
3. How to buy Bitcoin with cash in cash?
Platforms like LocalBitcoins will help you find users in your area who are ready to exchange bitcoins for cash. Also, WallofCoins, Paxful and BitQuick sites will give you guidance on the nearest bank branch where you can make a cash deposit and receive bitcoins within a few hours.
ATMs are machines with which you load your bitcoin wallet online in exchange for cash. They work similarly to ordinary ATMs. With them you deposit a certain amount of cash by placing the QR code of your virtual wallet near the screen and the corresponding amount of bitcoins is added to your account. The Coinatmradar platform can help you find the closest cryptocurrency ATM in your area.
The specific companies and sites mentioned here are not the only options available and should not be taken as a recommendation.