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How to buy bitcoins?

Beginner's Guides

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How to buy bitcoins?

Historically, Bitcoin (BTC) is the first decentralized currency that started the phenomenon of crypto. As for now, it is the best-known currency, which is also often used as an intermediary currency, which means that exchanging one crypto to another, you need to exchange it to BTC that will be then converted to the output currency. So, Bitcoin can be described today as the best-reputed currency, and its blockchain plays a key role in crypto market functioning.

How to set up a Bitcoin wallet?

The bitcoin wallet is a place to store your Bitcoins, and you need to set up one before starting your crypto operations. Each wallet has its address which is indicated as a destination address for all BTC transfers to your wallet.

The official wallet provider for Bitcoin is Blockchain.info, though you can choose any other wallet providers, for since the market is growing, various entities launch their own solutions, adapted to the customers’ needs, such as an easy-to-use mobile app, etc.

To set up a Bitcoin wallet, you need to choose a reliable provider some advantages you need and get registered on their platform with your email. Just follow the instructions and save the identification data to keep access to your wallet.

How to buy bitcoins on the exchange?

Buying Bitcoins on the exchange is a practical idea if you are interested in considerable amounts and are planning to execute some specific trading strategy. So, in this case, the first step is choosing the exchange that will meet your expectations. It can be Binance, Poloniex, Bittrex, Kraken, etc.

The requirements and the features of different exchanges vary, so please check carefully:

  • accepted ways of payment and withdrawal;
  • supported currencies;
  • registration requirements.

Changelly can be a good alternative for a fast and easy purchase if you are starting your way to crypto and just want to give it a try. Itt allows you to buy BTC just with an email address, BTC wallet address, and the banking card. To make sure if the deal suits you, you can use the online calculator that will display the amount you’ll get, so you don’t have to check prices.

How to buy bitcoins without exchange?

In case you don’t own any crypto yet, the fastest way to obtain a crypto balance and start trading is just to buy bitcoins directly. The important point, which is not always obvious to beginners, is that you do not have to exchange the equivalent of some whole number of Bitcoins (1 or more). It is quite normal to start your crypto activity from, let’s say, 0.005 BTC. This amount can be bought rather easily with fiat money.

How to buy bitcoins with cash?

There are several options to buy Bitcoin with fiat money, such as:

  • ATM deposit;
  • purchase from an individual.

Buying Bitcoins with ATM is becoming a popular trend, though this option is not available worldwide.

An individual purchase can be a good solution for a single deal involving considerable amounts, for, in this case, you can negotiate the price, and market fluctuations will not affect the amount of BTC you’re expected to get. However, if you are planning to add up to your BTC balance on a regular basis, this is not the easiest way to do so.

How to buy Bitcoins with a credit card?

Banking card is the most universally accepted means to buy Bitcoins or any other crypto via major exchange platforms. Changelly offers one of the simplest ways of buying Bitcoin just in a few steps.

To do so, just go to https://www.redhotexchange.com/cryptocurrency-exch... On the left field you may choose USD or EUR, and on the right one BTC and press exchange after. You’ll be automatically redirected to the website of the credit card payment provider Simplex. Follow their comprehensive instructions to complete the payment and get your Bitcoins delivered to your wallet.

How to buy Bitcoins with Paypal?

As for Changelly, Paypal is not accepted so far. However, you can give a shot to buy Bitcoin with a credit card.

How to buy Bitcoins via bank transfer?

To buy BTC this way, you need to attach your banking account to your profile at the exchange, so that you can make your purchases. The shortcoming of this way is that it lacks anonymity and is normally slower than the baking card payment.

Where to store Bitcoin?

The Bitcoins need a specific place to be stored in, and it can be either a wallet, as we have mentioned above, or a trader’s account that allows both to store your assets and to initiate exchange operations. Depending on your aims and prospects, you can choose the appropriate way to store your assets.

At the exchange

The exchange platforms often provide their customers with associated storage service, i.e., they also act as a wallet provider. Also, you can store your BTC on your trader’s account without withdrawing funds elsewhere. In this case, you can also indicate your account data as recipient while making exchanges on Changelly. This strategy has both advantages and shortcomings. The advantage is the possibility to accumulate your funds in one account and keep them ready to trade. The inconvenience, on the other hand, is a thorough KYC procedure that doesn’t allow you to trade anonymously, and the necessity to deposit considerable amounts.

A desktop/web wallet or an app

Software wallet is the most common way to store crypto now. Practically, it is an account on the website of wallet provider that can be available as a web version to be used on your PC, or a mobile app for your gadgets.

A hardware wallet

A hardware wallet has a form of micro memory device, serving to store your currency. Normally, it looks like a USB-drive, so you have to purchase one before use. The key specificity of such a wallet compared to a software one is that you should take special care of synchronizing your wallet with the blockchain to keep your balanced updated.

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