Now you are on this article, this means that you already have some basic knowledge about Bitcoin and how it works. Now you wanna buy some. but how do you?
Its always an advice that you should not invest more than you are ready to lose – Cryptocurrencies are volatile and you may lose the money you invested, you need to be very cautious. Yes it is one of the best investments, but it has risks associated with it. Regulations are being done in many cryptocurrencies to make sure that it remains stable.
Bitcoin can be bought on exchanges, or directly from people via marketplaces.
There are several ways to pay for your bitcoin. You can pay them using hard cash, debit cards, wire transfer or even with other cryptocurrencies if the other person agrees. It depends on where you live as well.
There are certain steps to follow before you buy bitcoin or any other cryptocurrency.
1. Setup a wallet
The First step is to setup a wallet to store your bitcoin, you will always need this no matter what method you use to buy bitcoins. This can be an online wallet, or a desktop wallet, a mobile wallet or a physical wallet such as a hardware or a paper wallet.
There are variety of ways to choose from, but you’ll always need a wallet to buy cryptocurrency.
Do the research before going for any specific wallet, or you can go for the CRYPTX wallet backed by the decentralised nature of ANVIL Blockchain.
The most important part of your wallet is to keep the keys secure. It is a string of characters or a password which you use to access your digital assets, in this case its bitcoin.
2.Open an Account on an Exchange
When you open an account on an exchange, cryptocurrency exchanges will buy or sell the cryptocurrency on your behalf. There are hundreds of Currently operating exchanges with varying degree of liquidity features. New exchanges come and the old ones shuts down, it’s the same case with the wallet. So do the extensive research, you might get the access to the best ones in the market but you might have a chance of getting one or two choices of wallets depending upon your geographical location.
The largest cryptocurrency exchange is Bitfinex in terms of US$ volume and there are other exchanges in terms of cryptocurrency volumes which consists of Coinbase, Bitstamp and Polonex.
It was easy to get accounts into these cryptocurrency exchanges a while ago, but now due to the Anti Money Laundering (AML), Know Your Customer (KYC), and Counter Funding Terrorists (CFT) regulations, you need a proof of your identity which includes your official ID, it may be your passport or your social security number and a proof of address for certain cryptocurrency exchanges as they are being regulated.
Most Exchanges accept payments via bank or wire transfer or credit card in some cases and some are willing to work with paypal transfers as well. Most of these exchanges charge fees which includes the fees to use their exchange network. If you want to reduce this fees CryptX Financial marketplace is one of the best options for you.
Once the payment is received by the exchange, it’ll buy the bitcoin or any other cryptocurrency as per your need for you and will be automatically transferred into your wallet.
BUYING WITH CASH
1. Choose a purchase method
LocalBitcoins can help you find the people around you who can sell their bitcoins for your amount of money. BITQUICK will direct you to the bank branches near you where you deposit money and you receive bitcoins few hours later.
ATMs are the machines which will send Bitcoins to your wallet for cash. These ATMs operate in a similar way the bank ATMs does. Once you visit the ATM you’ll know what to do. It’s a very easy process. Coinatmradar can help you find these ATMs.
There are many other options you can find out of your research, these are some of the options used by us. You can always go for different services.