Bitcoin seems to be everywhere since the price exploded just a few years ago. The popularity of Bitcoin only continues to rise as more people adopt and invest in this cryptocurrency. Not everyone knows how to buy Bitcoins or the safest place to buy Bitcoin, however. With so many different options to choose from and many websites offering their services, we wanted to provide you with a guide that you could trust in Bitcoin investment.
At the end of this guide, you will be far more in touch with the process of investment in Bitcoin. You should have a clear understanding of which option for investment will best suit your needs and how you can start the process of buying Bitcoin to eventually trade it in at a higher value. Reading this article could be the first step you take down the road to buying and selling Bitcoins for profit.
Bitcoin at its core is a cryptocurrency or digital currency that you can use for exchanging goods or services, this form of the currency remains very different from current fiat currency, however. It’s completely digital and has no financial body that’s responsible for creating it or working as an administrator over it.
Bitcoin can be used for payments across the web, for extremely cheap international transfers and it’s one of the very first forms of payment that is not controlled by any type of government agency or financial institution.
Bitcoin is stored in an online ledger which is defined under the term Blockchain. Instead of being printed or minted like other forms of traditional money, the currency itself is created by a series of computers across the database called nodes. The computers across this network are responsible for verifying transactions. For the work that each node does in verifying transactions, it’s rewarded with brand new Bitcoins that are released across the network. The nodes or computers that are responsible for maintaining the upkeep in the network are called miners.
For a better understanding of how the network operates and more on the Bitcoin blockchain, check out our article on how Bitcoin works.
Bitcoin has been a strong offering for investors over the past five years. It experiences great bouts of volatility which can often lead to overall investment improvements over time. If you’re interested in getting started with buying Bitcoin, you’re going to want to continue a little further on into this guide.
Bonus advice: Should you buy a partial bitcoin:
Bitcoin offers a fairly high-value today and as a result, it’s possible to buy less than a full Bitcoin. Purchasing even a 10th of a Bitcoin can be an excellent way that you can get into the market and start your investment. With Bitcoin investment, you should only risk enough that you can afford for this form of investing. Choosing to buy half a Bitcoin or even less could be an excellent way to get started. Bitcoins can even be split into 100 million or more pieces. A one Bitcoin value is rounded to eight decimal places meaning that half a Bitcoin is represented with .50000000.
Many exchanges will allow you to buy as little Bitcoins you feel comfortable with. You can start for as little as one dollar US in value for Bitcoin exchange. The smaller values of Bitcoin or cents in other currencies are actually named after the unknown creator Satoshi Nakamoto.
Purchasing Bitcoins for your first time is best done on an exchange. The best exchanges available for buying Bitcoin with your bank card include CEX, Coinbase, and Coinmama. You can access these exchanges via a mobile device, your desktop and more. It’s easy to sign up and verify your account so that you can very quickly exchange your currency of choice on your credit card to a new Bitcoin investment.
Coinbase is one of the simplest to sign up for and here are the steps associated with buying Bitcoin using your credit or debit card:
Go to Coinbase and click the signup button.
Fill in the information that is asked in the forums including your first and last name, e-mail address, and secure password for your account.
Verify the captcha on the site and you will get an e-mail to verify your account.
Log in through the e-mail that you signed up with and verify the link in the account.
From here you will be asked for your mobile number to set up two-step verification.
You will receive a text message to your mobile that includes a seven-digit activation code for your account. After activating your account you will be asked for an ID.
Send in a copy of a government-issued ID like a drivers license or passport with you holding it as well as a closer version of the ID.
Add in a payment method of your choice.
Verify the payment method on hand with a small micro-transaction.
Once this process is completed you can initiate your first trade and start investing!
After signing up with the Coinbase system you’ll be able to access a user-friendly wallet that can help you purchase a cryptocurrency and then transfer the funds to a wallet of your choice. Some of the best options that you can choose if you are a new investor may be Bitcoins. Once you have purchased Bitcoins or a portion of a Bitcoin, you will need to transfer these funds to another wallet that’s more secure. Choosing the Exodus wallet, a hardware wallet or an off-line wallet solution can often be the best way to secure your investment.
How to start your investment:
When using Coinbase, find the buy and sell option on the homepage.
Once you have entered into the buy and sell page you will just need to select the bitcoin option and then enter the total amount that you would like to spend. The dollar amount that you’d like to spend will be converted into bitcoins credited to your account. After you are happy with the transaction, you can click Buy Bitcoin instantly and the funds will show up in your online wallet.
In order to transfer your funds, go to the accounts tab and you can verify that the funds are in your web-based wallet, ready for transfer to another wallet.
You don’t just have to invest in Bitcoin either:
You can easily transfer funds into other forms of cryptocurrency as well. On Coinbase, you could start investing in BTC, LTC, ETH and more. If you’d like to diversify your investments and try some of these other Cryptocurrencies this is an easy process.
As Ethereum is one of the second-largest cryptocurrencies, you can work at having a backup plan for your portfolio. Understanding the difference between these cryptocurrencies can be easy by following the other guide we have on Bitcoin vs Ethereum.
Bitcoin is a currency that’s all about anonymous use and decentralization. If you are interested in keeping your transaction more anonymous you should consider buying on a local network for cash with LocalBitcoins.
How to buy Bitcoin with LocalBitcoins:
There is no direct need for verification unlike with an exchange on LocalBitcoins. This is a platform that completely peers to peer and this means that you’ll be purchasing from other individuals that own Bitcoins closeby. You can use this platform to buy and some of these top ways:
Deposit money into a seller’s account and then they will send that amount in Bitcoins.
Buy Bitcoins from sellers with a wire transfer or bank transfer
Buy Bitcoin for cash from a seller that lives near you.
A number of people that sell Bitcoins may regularly ask you to verify your information before you start buying from them directly. Buying Bitcoin using in-person methods can often be one of the easiest ways to buy Bitcoin without an ID. This remains the most popular way that you can buy Bitcoins in an anonymous way.
A Bitcoin ATM has also become a very popular option for quickly buying Bitcoin without an ID. At any Bitcoin ATM, you can simply insert your credit or debit card or pay with cash.
These ATMs can often be quite difficult to find and they are usually limited to just a few countries. There are a number of Bitcoin ATMs available and most of them have a simple process for buying Bitcoins:
You find the machine.
You choose the option to buy bitcoins.
You take your mobile number into the ATM before completing the transaction.
You receive a text message with verification codes for the transaction.
You type the code into the ATM.
The ATM will then ask for the wallet address to send the funds.
Many of the top Bitcoin ATMs will also ensure that you can send the funds without a Bitcoin wallet address. The machine will print out a new wallet address for you. When the paper is printed out you will have access to the private and public keys on this paper and you need to keep it safe until you need the funds.
After you have chosen an address or received the code for an offline wallet, you can pay for your bitcoins and then press send on the ATM to receive your Bitcoins immediately.
Once you have purchased Bitcoin it remains very important for you to keep these coins safe.
Some of the best ways to keep your coins safe include:
Storing funds in a hardware wallet can be one of the safest ways that you can continue to secure your investment after you’ve purchased them. A hardware wallet does require an upfront purchase but they are often one of the safest ways to keep your investment heavily secured. A hardware wallet is one of the safest methods for making sure that your Bitcoins can stay free of malicious threats. Some of the most popular wallets on the market today include:
Nano Ledger S: This is the perfect place for you to store Bitcoin, Ethereum, cryptocurrencies and more. The hardware wallet is very simple to use and it offers an extensive amount of security for its $95 price tag. If you are looking for one of the best hardware wallets on the market today, this is a great choice.
Trezor: This is another highly secure way that you can keep Bitcoins. It stores your keys on a wallet that is considered small enough to keep on a keychain. This is a USB that cannot be affected by viruses or malicious attacks. You can buy the wallet for roughly $99 and unlike the use of online wallets like software wallets, this is a system that does not need to be connected to the Internet.
In order to make sure a website that you are going to be buying, selling or storing cryptocurrency on is legitimate, it needs to be verified with a proper SSL certificate. Check to see the SSL certificate in your browser bar says secure before you make any deals or start your inquiring about trades. Checking the SSL certificate on a website like real LocalBitcoins can be a great method to make sure that you can keep information secure. This can be very important in maintaining your safety.
SSL certificates are also available to protect you and your privacy especially if you are going to be using a Bitcoin exchange site. Keeping your Bitcoin safe from Hackers and more is important here. If the website does not contain any type of encryption, you should never consider buying or trading Bitcoin here.
Make sure that when you find the real web address for a system like Localbitcoins or Coinbase, you bookmark this value so that you don’t lose the website in the future.
When setting up any type of account on Coinbase, you need to make sure that you set up a proper exchange. Asking for two-step verification ensures that you will have to put your cell phone number in and that this form of verification will always be asked before you log into your account. You can set up this verification using a cell phone and validate your wallet easily.
To set up this system:
Enter your mobile number into your website of choice.
The exchange will then send you a text message.
Enter the code from your mobile into the form on the website.
Every time you log into that account you will be sent a new SMS code that you’ll have to input in order to complete your login. This means that any malicious attack or hacker would require your mobile device as well as your current username and password.
Some exchanges will use e-mail and two-step verification for maximum protection as well. This system can work in much the same way but he remains far less secure because it can be much easier for a hacker to get access to your e-mail password over possession of your mobile device.
The two-factor authentication through Google is an application on your phone that you can use instead of a mobile number for authentication. A few top exchanges used Google two factor authentication and it’s quite easy to set up.
To begin, go to your account settings, click on the two-factor authentication option, install the authenticator application, enter the code from the exchange of your choice, scan the barcode on the Google Authenticator app and then enter the code on the website.
By using this Google version of two-factor authentication, you can get a new code in your authenticator app which changes more regularly than an SMS code that could be intercepted. This can often be one of the most secure forms of two factor authentication.
Understanding the perfect time to enter into the Bitcoin market is never easy. Going to the Coinmarketcap can be a great way that you can speculate on the overall price of Bitcoin and see some of its latest pricing histories.
Now that you know exactly how to buy Bitcoins, it’s important to know about the right time to actually purchase your Bitcoins and enter into the market. The overall goal will be to buy into Bitcoin at the absolute cheapest price so that you can make the maximum return on your investment. Be sure to read into our Bitcoin Price prediction article so that you can find out more about speculating with Bitcoin.
The decision is up to you:
You can buy Bitcoin using an ATM or privately on a network like LocalBitcoins when you feel that the time is right. Trading using these options can often take a bit more time especially if you have to travel to an ATM or set up a meeting on LocalBitcoins.
If there is a major shift in the market and you need to buy Bitcoins fast, the fastest way still remains using an exchange and verifying your identity. Going through an exchange like Coinmama, CEX.io, Coinbase, and others can be the best way that you can pay via your debit card or credit card. If you are based throughout the United States it’s a good idea to consider using CEX.io. This is one of the fastest available for North American users. Coinbase can be an excellent international option but is not available throughout South America, Africa or Asia. Coinmama, on the other hand, offers unprecedented international support for quick Bitcoin transactions.
If you are looking for speed in any Bitcoin transaction, you’ve got to trust in an exchange. If you find it difficult to access and exchange like Coinbase or CEX.io, you can likely get Bitcoin on Coinmama.
If you are interested in keeping your transaction anonymous you should strongly consider using a Bitcoin ATM or LocalBitcoins for your trade. If you would like to trade with Paypal or another form of secure payment Coinbase really remains the only option.
Now that you have learned some of the answers on how to buy bitcoin, you should decide for yourself which platform you should use to invest in Bitcoins. Be sure to share your story with us! If you have any questions about the process contact us today!
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