Most people want to know how to buy Bitcoin (BTC). We’ll try to answer on this question in our article.
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.
Buy BTC with a credit card instantly
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. Follow the comprehensive instructions to complete the payment and get your Bitcoins delivered to your wallet. Here’s how to do it:
Specify the amount of fiat/required BTC sum and press ‘Swap now’
Fill in the info about your wallet and card, and finish the deal.
[add-changelly-widget from=usd to=btc]
How to buy Bitcoin (BTC) on a crypto exchange
If you have some cryptocurrency, you can exchange it to BTC on Changelly. It will take a few seconds! The process of exchange is the same as mentioned above.
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;
How to buy BTC with PayPal?
If you don’t have a credit card at hand but use various online payment systems, such as PayPal, you can also buy Bitcoin. Currently, the following platforms support PayPal transfers:
PaxFul fee is 1% per trade (paid only by the seller). Withdrawal fees are fixed at 0.0005 BTC.
LocalBitcoins charges 1% fee on every transaction that seller has to pay.
VirWox PayPal fees are 0.35 EUR + 3.4% when it comes to depositing in addition to the conversion fees and withdrawal of your BTC.
Magnatus fees vary, and the average Bitcoin purchase fee is 5% while PayPay fiat transfers are charged ~7%.
All in all, using exchanges for buying BTC with PayPal is not convenient: you will have to pay a high commission for deposit and withdrawal of both fiat and cryptocurrency. If you won’t use those assets for trading, consider another option.
Buy Bitcoin 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.
Today, the following platforms allow to buy BTC via a bank transfer:
Buy Bitcoins at a crypto ATM
The number of Bitcoin ATMs is growing all over the world. They present a convenient way to buy Bitcoins with cash without going online or interacting with another person. But there are a few important things to know about Bitcoin ATMs before you buy:
Many Bitcoin ATMs work only in one-way: meaning you can buy Bitcoins but cannot sell them (or vice versa).
Finding a Bitcoin ATM nearby can be difficult. Many governments have strict financial regulations that determine where and under what conditions an ATM can be installed.
Since Bitcoin ATMs may be subject to regulation, you may need to verify your identity by having your fingerprints, palms of your hands and / or government ID cards scanned by the ATM. It all depends on the model of ATMs and the jurisdiction where it is installed.
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.
Is it safe to buy Bitcoin with cash?
If you want to buy BTC with cash, you can do it on the platforms supporting P2P crypto transactions, for example:
P2P platforms eliminate the middlemen from transactions, so you will need to work with seller/buyer directly. In order to buy BTC, you will need to place your order and wait for a seller to appear. Once a person accepts your offer, he will send you BTC after you send fiat currency.
Please, note that buying Bitcoin with cash might be risky. On P2P platforms, a lot of fraud happens, especially when there is no escrow service. While crypto operations are irreversible, fiat transfers can be canceled, so there’s a risk you can stay without your crypto.
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
A 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 a 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.
Should you buy or sell BTC now?
Since Bitcoin is still the number one world cryptocurrency, buying BTC is a good idea. Right now, its price is keeping around $8,500-8,800 range – you have a chance to accumulate some BTC before the next bullish run. How much can Bitcoin cost in the short and long term? How soon it may happen? Read our Bitcoin price predictions to find it out.
Check out the Bitcoin market analysis from TradingView to make an informed decision:
Considering the enormous potential of Bitcoin in terms of both price and technological implementation, BTC value will continue rising in the following years. So if you’re searching for a promising crypto investment option, Bitcoin should definitely be included in your portfolio. Now you know all possible ways to buy BTC – use them to purchase the crypto safely and with minimal fees.
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Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.