Hello there, so you want to know how to learn how to a buy Bitcoin. Well, then sit back, relax and read this article to the end as I will be telling you everything you need to know about buying a Cryptocurrency. If you follow the BitcoinMag on a daily basis, then you must know we are advocates of cryptocurrencies.
Even though Cryptocurrencies are widely legal in most of the developed nations, there are still some countries, mainly in Africa and South Asia, that have banned cryptocurrencies. Our goal is to enlighten people with the knowledge of Cryptocurrencies and the potential they carry.
Since you are here, you too must be taking a keen interest in Bitcoin, and now you want to know how to buy it. People of all walks of life have been interested in buying Bitcoins ever since its bull run amid the COVID-19 pandemic lockdown and the $1.5 Billion investment made by Tesla’s Elon Musk.
So without wasting any further time, let us know step by step how to buy a Bitcoin.
How To A Buy Bitcoin – A Complete Step By Step Guide For The Beginners
There are a handful of steps you need to follow before buying a Bitcoin. If you follow these steps, then I am sure you will be able to buy Bitcoin successfully.
I would even go far to say that buying Bitcoin is one of the best things that you can possibly do; it will give you a first-hand experience with Cryptocurrencies.
Never for once think that buying a cryptocurrency requires a lot of money. You can start from as low as $1. This is how you can buy Bitcoin.
1. Create A Bitcoin Wallet
The single most important thing you need to have for buying a Bitcoin is a Wallet. A wallet is a place where you are going to store all your Bitcoins. I would personally recommend you to use CoinBose; CoinBase is your go-to platform for everything Crypto related.
It is good for beginners, but it lacks efficiency when it comes to Security. The good part of CoinBase is that it is a wallet and an exchange at the same time. The ethos of Bitcoins is that it is decentralized and that you have complete authority and ownership of the money on your own.
A wallet ensures all of these as there is a key given to the wallet. A key is required to access a wallet. This is a very crucial step in learning How to a Buy Bitcoin.
2. Create Your Account
After getting a wallet, the next step you need to do is to create your account. No, you do not need to be present somewhere physically to create your account. You can create your trading account on any exchange platform.
There are many exchange platforms like Binance, Coinbase, BitFlyer, Overbite. While creating your account, there are certain things you need, like your identification documents for your KYC Verification, a valid mode of payment.
After making sure that you have all these things near your hand, you can create your trading account. The process of opening a crypto trading account is quite similar to that of a stock brokerage account.
3. Connect Your Account With Your Chosen Mode Of Payment
After creating your account, you have got to connect your account with the mode of payment that you have chosen. Most exchange platforms work well on all the well renowned International debit cards and Credit cards.
However, you also must note that there is always a risk of using credit cards. The risk is the volatility of Bitcoins. As you already know, Bitcoins are very volatile. For example, when buying a Bitcoin, the price of a Bitcoin maybe 40K dollars, but when you pay your credit card bill, the price might surge to 50K. That is why I would suggest you connect with a debit card rather than a credit card.
4. Start Buying Bitcoin
This is the step where you finally buy a Bitcoin. I am sure it is pretty enthralling, but it is better to hold your horses. Since you are a beginner, I would suggest you buy in a small quantity.
You will see the option for Accounts. After going there, you will see a list of Cryptocurrencies. You can click any one of them to buy it. Ensure that you do not go out of your way to buy Bitcoins. Invest if you have spare capital left.
As a financial advisor, I would go a step further and advise you to invest what you are willing to lose. You will get the option for buying many Cryptocurrency, but I would suggest you buy either Bitcoin or Ether as these two are some of the most promising Cryptocurrencies.
5. The Final Part And Selecting The Storage
Now that you have successfully bought a Bitcoin, you can be proud. You are now an official crypto owner. It does not matter how big or small the amount of Bitcoin you have bought is; you are a crypto investor nonetheless.
Now comes the part of selecting the storage. Make sure you transfer all your Bitcoin to your wallets as soon as you are done buying. Since you are buying Bitcoin for the first time, I would suggest you use a cold wallet.
Cold Wallets are offline wallets. Cold Wallets are comparatively safer and work better than Hot Wallets.
(FAQ) Frequently Asked Questions on Buying Bitcoins
These are some of the frequently asked questions by our audience to know How to Buy a Bitcoin.
What is the price of Bitcoin?
At the time of writing this article, the price of one Bitcoin is $49,025.40.
Which is the best exchange in terms of Security?
In terms of Security, Binance is the best exchange.
There you have it; I hope now you know everything you wanted to know about buying a Bitcoin. I bet that you have found this article to be quite informative that suits your taste.
I bet that this article has given an answer to How to Buy a Bitcoin. But always invest with spare capital. Do not go out of your way to invest.