How to Buy Bitcoin (BTC) | Step-By-Step Guide
Looking to learn how to buy Bitcoin regardless of where you're located in the world? If yes, you've come to the right place at the right time.
This step-by-step guide shares everything you need to know to make your first Bitcoin purchase.
With that said, let's get started.
What Is Bitcoin
Bitcoin is the world's first cryptocurrency that came into existence in 2009.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.
Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
How to Buy Bitcoin
There are many ways to buy Bitcoins. If you've never made a bitcoin purchase before, luckily, as of late, you can buy some using credit/debit cards or via a direct bank transfer.
The payment options will obviously vary between countries. This is because the rules for cryptocurrencies are different in all countries, with some gladly embracing the digital change.
One of the most popular ways to buy bitcoin is by using a cryptocurrency exchange called Binance.
Step 1 - Creating a Binance Account:
Once you've entered the details, it will prompt you to verify your email address.
Log into your email account, and find the verification code and get your account verified.
Step 2 - Setting It Up
Once you've completed the first step, you'll be greeted by a familiar dashboard.
Before you go ahead and make a purchase, it's always a good idea to get your identity verified. This will also secure your account and prevent unauthorized access in the future.
Just follow the on-screen instructions and your account should be ready in no time.
Step 3 - Purchase Bitcoin
You can make a purchase directly on Binance and buy Bitcoin directly credit/debit cards.
The payment options may be slightly different depending on your country, but the process is pretty much the same.
Once you've purchased some Bitcoins, you can either store them in your Binance wallet or exchange it for altcoins like Ethereum and Ripple.
Step 4 - How To Trade for Altcoins
If you're looking to trade Bitcoin for alternative coins/altcoins, this step should help.
If you're reading this step, you already have bitcoin/ethereum ready in your account. If not, make sure to complete the first three steps before you begin this one.
Go to your desired Bitcoin pair or Ethereum pair depending on what coin you already possess.
Depending on how much of an altcoin you may want to buy, select your options.
If you want to trade all your Bitcoin for an alt, select 100% in the Buy options and click buy. Market option is to buy the coin/token at the current price, and the limit option is for traders who are looking to buy at a certain price.
Unless you're a trader, you don't need to consider the Limit Buy option. Just select the percentage of your Bitcoins that you want to allocate to your preferred altcoin, and it will sit in your hot wallet.
That brings us to the conclusion of this quick 'how to buy Bitcoin (BTC)' guide.
Just like Gold and Silver, Bitcoin is on the rise lately. If you aren't involved in cryptocurrencies yet, now is the best time to get started (This is not financial advice, do your own research).
Did this help you make your first purchase? Do you already hold Bitcoin and other alts? Or did we miss something in this step-by-step guide?
Either way, let us know by leaving a quick comment down below.
Also Read: How to buy Ethereum