Bitcoin is in the market for around a decade; however, most of the people come to know about it after an incredible increase in its price in recent years. If you also want to know how to invest in this growing digital asset and acquire your first Bitcoin, you have landed on the right page. With the development of technology, the buy-sell of Bitcoin has also become pretty easy. You can buy a bitcoin without any hassle by following few below-mentioned steps.
Entering into Crypto world
In simple words, Bitcoin is a digital currency, works on a decentralized platform without a single administrator or bank. It was initially created to facilitate instant payment as an alternative to the existing banking system. Over time, the Bitcoin has forked in a couple of different types of Bitcoins. Below steps could also be helpful to buy other cryptos/digital currencies.
Storage of Bitcoin
Before buying a Bitcoin it is important to have an idea about the option available to store Bitcoin or other cryptocurrencies. There are many different wallets and storage mediums available to keep your digital assets safe. You can use an online wallet to computer-based storage for your Bitcoin. These different wallets vary according to the safety measure and convenience of use. For the greater level of security, we recommend to use a Hardware wallet, however, an online wallet could be convenient if you want to transfer or trade cryptocurrencies frequently.
You can get a closer look at different types of wallets in the below exclusive article.
Buy Bitcoin through an Exchange
With the development of different cryptocurrencies, a complete trading platform has come into existence to provide convenient ways to buy Bitcoin and other cryptocurrencies along with trading options like traditional trading of currencies and commodities. The exchanges are the most convenient ways to buy Bitcoin directly from home. It requires you to first sign up using your email id and a few personal information followed by Know your customer(KYC) process.
These exchanges use the latest technology to keep your KYC information safe from misuse. After completion of KYC, you can easily buy a Bitcoin using different payment systems available. It is not much different than common online Shopping. Binance, Bittrex, and Hitbtc are some of the leading global crypto exchnages.
Get Bitcoin using a Credit Card
Credit Card can be handy while buying a Bitcoin. You can get your first Bitcoin using your normal Credit Card from buy.bitcoin.com . Along with Bitcoin, you can also buy Bitcoin Cash from this platform in a few steps. After clicking on the ‘Buy’ button, it asks you for a wallet address. If you do not have created a wallet yet, it will further help you in downloading one without any cost. This is a safe medium to buy Bitcoin, as it only asks for your personal email address and avoids the hassle of going through different verification processes.
Use Local Bitcoin
Local Bitcoin helps you connect directly from a seller who is willing to sell Bitcoin at a certain rate. This peer to peer platform brings independent traders at one place. To access such peer to peer trading platform, all you need to use your email address. It also does require lengthy verification processes. You can buy Bitcoin using direct bank transfer, PayPal and other such banking options. Some sellers on Bitcoin also offers transaction in Cash-in-person. Moreover, this platform is not restricted to the use of Money, you can acquire bitcoin using goods. It is advisable to check the price, completed trade history, and reputation of the seller before the transaction.
Buy Bitcoin in a Person
Although you can not find a physical store to transact Bitcoin, it is possible to meet a seller face to face. Buying Bitcoin directly saves you from divulging your private information on the internet; also it is one of the safe methods. There are many groups available on social media and Instant messaging apps like Telegram where you can meet a person residing nearby and willing to sell Bitcoin. However, it is advisable to make such a transaction from a person recommended by a trusted friend or family member.
Buying Bitcoin is not a big deal nowadays; however, it is advisable to check the current blockchain law and regulation in your region before making a transaction of any cryptocurrencies online. Also, review the history and reliability of exchange before creating an account and sharing your personal information. It will prevent you from being a victim of online scams impersonating as a safe online space to buy Bitcoin.
Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly for any damage or loss caused by and in connection with the use of or reliance on any content, goods or services mentioned in this article.
John is working as a professional news editor at GetIgnite. He is accustomed to finding daily reports. Therefore, this keen working and addiction towards his work, it helps him to find good news.