How to Buy Bitcoin?

How to Buy Bitcoin?

How to Buy Bitcoin?

While it may not seem this way, buying Bitcoin is not difficult. In fact, it can be done in euros, US dollars, yen, pounds, or any other cryptocurrency or fiat currency. You can even buy Bitcoin via a cryptocurrency exchange, from other individuals, or using Bitcoin ATMs.

How to Buy Bitcoin

When learning about buying Bitcoin, it is good to know that you don’t have to purchase an entire Bitcoin. You are able to buy fractions of it. A half, a quarter, or even one-millionth of a Bitcoin will experience the same appreciation as the rest of the coin.

The same applies to depreciation. Now that we have covered the basics, the next step is to get a wallet. A cryptocurrency wallet is a standalone bank account.

It is used to hold, receive, and transfer Bitcoin. Once you have a wallet, you can choose how you want to acquire Bitcoins. You can do this with an exchange, a local dealer on a marketplace, or selling goods/services for Bitcoins.

If you’re looking to buy Bitcoin with cash, you can do this by visiting your nearest Bitcoin ATM if this is a viable option. Some of the very best Bitcoin exchanges and brokerage services for beginners are:

  • BC Bitcoin
  • Coinmama
  • eToro
  • Switchere
  • Xcoins
  • Coinbase
  • Binance
  • Poloniex
  • Kraken
  • ChangeNOW

When you buy Bitcoin via an exchange, you will not need a private wallet straight away. However, it is highly recommended. This is especially true if you’re making a long-term investment.

If you’re looking to buy Bitcoin for more than USD 1,000 value, you should look at getting a secure hardware wallet. A wallet like Ledger or Trezor would be ideal for maximum security.

How to Buy Bitcoin in Your Location

How to buy Bitcoin in certain areas is yet another common question. People from around the world Google this question daily to find their answers. First of all, you must find out whether or not your country currently has regulations.

For example, you need to know if it is legal to buy Bitcoin in your country. Then you have to figure out which way is the most convenient way for you. There are many online resources available to show you the exchanges available.

For example, if you live in Canada, you should Google “How to buy Bitcoin in Canada”. This will provide you with all of the information you need to get started. Each way to buy Bitcoin has its own set of pros and cons associated.

Exchanges are the most flexible way to do this. You are able to buy only a small amount of Bitcoin or exchange tens of thousands of dollars. However, buying Bitcoin in person offers far more anonymity.

You should take the time to compare the applicable transaction fees to see where you can find the best price available. Before you settle on a specific exchange or seller to buy Bitcoin, you need to check that it/they are trustworthy. You can ensure this by checking out reviews or monitoring feedback from previous customers.

A Step-by-Step Process of Purchasing Bitcoin via an Exchange

When you’re looking to buy Bitcoin via an exchange, it will look something like this:

  • Create a private Bitcoin wallet.
  • Find the best exchange option to purchased Bitcoin in your location.
  • Register in the exchange.
  • Make a deposit.
  • Purchase Bitcoin via the exchange’s markets.
  • Store it safely in your private wallet.

The process will differ if you’re purchasing Bitcoins in person, via Bitcoin ATMs, or via individual marketplaces. Though, the essence remains the same.

The Bottom Line

Buying Bitcoin is an exciting experience. Often, it is very empowering when you actually get to understand and use the technology behind it. While it may not be as convenient as banks today but you will enjoy transacting in a new, trustless, financial paradigm.

Jason Conor
Jason Conor author check sign Pro Investor

Chief Editor of the CheckItsReal site and is responsible for ensuring all the content on our site is accurate, relevant, and helpful. I am a cryptocurrency writer. I have been following the crypto space since early 2017, and I have written extensively about it. My work has appeared in some of the most respected publications in the space.