The Bitcoin market is booming and thanks to the massive development in the crypto currency space, you can now buy bitcoin without much technical know-how and take part in the Bitcoin revolution! There are still some things you need to learn and consider before diving in, so please take some time to read up on our recommendations.
How to Buy Bitcoin Online?
Bitcoin can be purchased safely and securely online using a debit cards, credit cards, wallets or exchanges, but it is imortant that you buy bitcoins from a trusted source. We list the only the highest rated sources here so that you can rest assured that your Bitcoins are bought and stored safely.
Bitcoins have come a long way since their early days in 2009. Nowadays, buying Bitcoins has become much safer and easier, thanks to an ever-increasing global acceptance. Today, anyone can get their hands on Bitcoins without any deep knowledge of technology or extensive security precautions.
If you too are looking to buy Bitcoins but don’t know where to start, here’s a step-by-step guide on getting your own batch of the world’s leading cryptocurrency.
Buying Through Exchanges / Wallets
There are many wallets and exchanges that sell Bitcoins and most can be used to store your coins as well. Before you commit to one exchange, do some research to find what’s the best option in terms of security, but also liquidity and payment options.
The best approach would be to use an exchange from your own country, if there is one. Local exchanges are usually not restricted in working with local banks and offer the most convenience.
How to Use Your Credit Card to Buy Bitcoins?
Getting Bitcoins with your credit card is easy. All you have to do is follow a few simple steps:
- Check your exchange for any card restrictions for your country.
- Create an account and confirm your e-mail.
- Find the banking menu.
- Choose your payment method.
- Enter your card details.
- Find the buy menu.
- Select the amount you want to buy.
- Link your wallet (if the exchange doesn’t offer one)
- Finalize the transaction.
You should also keep in mind that most exchanges charge a transaction fee. The fee can be as low as 2-3%, or as high as 10%, depending on the strength of the exchange itself.
There are also some exchanges that let you transfer funds directly to their bank account. The process is similar, only you would have to get their payment information and use it to send money in-person, through a bank teller.
And lastly, you should know that some exchanges won’t guarantee the safety of your money in the case of thefts or hack robberies. That’s why it’s important to stick to reputed and larger exchanges, rather than smaller ones.
Buying in Person
You also have the option to buy Bitcoin in person. However, buying in person also involves a great deal of trust, as you are likely to never see the person selling again. That’s why in-person transactions should always be done in a public place, where there’s access to an internet connection.
One option is to use a site like Local Bitcoins or MeetUp. At these sites, you can find a seller, make a request for a specific amount of Bitcoins and then meet in person to finalize the transaction. The site locks your requested amount and you can also find reviews from previous sellers.
Using your computer wallet
Using you computer wallet to buy Bitcoin is simple, after you have agreed the price with the seller. To grab your BTC, stick to the following steps:
- Confirm the amount you want to buy;
- Send the seller your Bitcoin address and make sure s/he confirms it;
- Make sure your seller transfers your Bitcoins;
- Confirm your Bitcoins are in your wallet.
- Pay the agreed amount.
Using Touch-technology and QR Codes
Mobile wallets now also come with QR codes for touch-enabled transactions. The process is the same, only with an added level of convenience of using smartphones. To buy with a mobile wallet, just follow these steps:
- Open your wallet app and go to “Request Bitcoins”.
- Enter the amount you want to request and click next/proceed.
- Show your QR code to the seller and let him/her scan it.
- Let the seller finalize the transaction.
- Confirm the transaction.
- Pay your seller.
- Add a label to your transaction, if you want.
The important thing to remember with in-person sales is that you have to mind the law. Some countries prohibit cash sales of Bitcoins, so be wary of such restrictions. You should also know that the seller would likely charge a premium fee for the added risk and level of anonymity of public transactions.
Where to Store Your Bitcoins?
To store your Bitcoins, you have three options at your disposal. The main difference between the three is the level of security and convenience they offer.
Software wallets are installed on your computers and phones and are prone to related failures like firewall breaches or hardware failures. Thus, you are recommended to make regular backups.
Web wallets are either incorporated in exchanges or offered as a standalone service. They usually have multi-step authentication, but this is not always the case. The security, is of course, handled by the service itself and their main advantage is that they can be accessed anywhere.
And lastly, hardware wallets offer the ultimate level of protection as they are mostly offline wallets. They employ advanced security measures like spyware and keylogger protections. They also have other convenient features like recovery protocols, in case your wallet gets physically stolen.
Buy Bitcoin From a Safe and Reliable Source
Buying bitcoins has become a lot easier and safer lately, with the possibility to purchase Bitcoin almost instantly with your debit card, credit card, wallet or exchange. The key is to choose a trustworthy source and to store your bitcoins in a safe and secure wallet. There are reputable online and offline alternatives to choose from and we stay on top of the developments to provide you with the best places to buy and store your bitcoins.