You have apparently learned the rudiments of bitcoin by now, its potential is so thrilling to you, and you want to buy some, but there is still the question of ‘how?’ How to buy and use bitcoin, how to buy bitcoin using a debit card, and the likes.
Bitcoin, being the most popular mode of cryptocurrency can be purchased on exchanges, or directly from other people through marketplaces.
You can pay for them in many ways, varying from cash to using credit and debit cards or wire transfers, or even with other digital currencies, all a factor of where you live and from whom you are buying them.
Here are the necessary steps:
Set up a wallet
The essential step you need to follow, whatever your preferred method of purchase, is to set up a wallet to store your bitcoin. This could be an online wallet, a desktop wallet, a mobile wallet or an offline one.
Even amidst these classes of wallets, there is an extensive assortment of services to pick from, so you might want to do some findings on which version is suitable for you.
The next step will deal with issues such as; Where can I buy bitcoin? Or How to buy bitcoin online, and how to buy bitcoins using blockchain.
Open an account at an exchange
Markets based on cryptocurrency exchange will buy and sell bitcoin for you. There are tons of them currently working, with alternating levels of liquidity and security, and brand-new ones keep emerging while others end up shutting down.
Just as in the case of wallets, it is expedient to conduct some research before deciding on which one to choose.
Binance, in terms of USD, is the most significant bitcoin exchange in the world presently, although it is largely directed at spot traders. Other high-volume trades include; Primecrypto, Coinbase, Bitstamp, and Poloniex, but for minute quantities, most reputable exchanges should work just fine.
With the clampdown on policies such as the ‘know-your-client’ (KYC) and anti-money-laundering (AML), many trades now demand verified credentials to set up an account. This will normally comprise a photo of your official ID, and seldom also proof of residence.
Most exchanges allow payment through bank transfer or credit card, and some are ready to receive Paypal transfers. And most exchanges charge fees, primarily for the bitcoin network usage.
Each exchange has a precise system for both setup and transaction and should give you enough detail to be able to complete the purchase. If you aren’t getting that, then contemplate switching the service provider.
Once the exchange has gotten the payment, it will obtain the equal amount of bitcoin for you, and deposit them in a wallet automatically generated on the trade.
Note that as a result of network bottlenecks, this can take minutes, or sometimes hours. If you wish, you can then convey the funds to your off-exchange wallet.
Buying bitcoin with cash
LocalBitcoins and some other platforms will help you locate people close to you who are willing to swap bitcoin for cash. Also, LibertyX lists retail terminals across the US at which you can exchange some money for bitcoin. Also, just last week Australian bitcoin exchange Bitcoin.com.au has announced deployment of bitcoin selling terminals at 1200 newsstands across Australia, simplifying Bitcoin transactions and making purchases easier for a broader range of users