How to Buy Bitcoin

by William

Bitcoin continues to be a widely acceptable currency across the globe as it’s quite easy to get and circumvents the issues associated with international payments. Learn more about the fate of Facebook’s Libra cryptocurrency.

Here’s why you need to use the Cryptocurrency Bitcoin

  • Free and easy to set up
  • Exceptionally quick processing time
  • Accessibility: Your money lives directly on your smartphone or laptop.
  • Convenience: Using Bitcoin mobile wallets allows you to send and receive bitcoins by scanning a QR code.

Where Can I Buy Bitcoin?

There are many ways to buy Bitcoin, they include;

1. Direct Purchase; you can purchase it directly from another individual in person or online.

2. Crypto ATM; These work like normal ATMs, only you can use them to buy and sell bitcoin. Coin ATM Radar shows more than 7,000 bitcoin ATMs around the U.S.

3. Exchange; There are a whole lot of exchanges out there, we recommend buying Bitcoin from Coinbase – if you are in the United States, Bitcoin UK – if you are in the UK, and Bitcoin AU if you are in Australia.

How Do I Buy Bitcoin?

Now that you know where to buy Bitcoins the next question will probably be how to I buy it?

Key Takeaways

  • To buy bitcoin, the first step is to download and signup on a bitcoin wallet, which is where your bitcoins will be stored for future spending or trading.

We recommend downloading and registering on the Blockchain app or Coinbase app. Both are available on iOS and Android.

  • Traditional payment methods such as a credit card, bank transfer (ACH), or debit cards will allow you to buy bitcoins on exchanges that you can then send to your wallet.
  • Most U.S.-sanctioned bitcoin platforms will require you to provide photo I.D. and other information to make sure you don’t break money laundering laws, or try to cheat on taxes.
  • Many Cryptocurrency exchangers provide a standard wallet once you signup.

1. Get a Digital Wallet

Digital “wallets” store Bitcoin until you are ready to spend them or exchange them for another currency. Wallets range in terms of features, platforms that accept them, and level of security.

Note! The U.S. Securities and Exchange Commission requires users to verify their identities when registering for digital wallets as part of its Anti-Money Laundering Policy.

So, to buy and sell Bitcoin, you will need to verify your identity using several personal documents including your driver’s license and Social Security number (SSN).

2.  Choose a Bitcoin Trader (Coinbase, Bitcoin UK, Bitcoin AU)

How to Buy Bitcoin on Coinbase

bitcoin coinbase

Using a Web Browser

  1. Go to the Buys page.
  2. Select the type of digital currency you’d like to buy in this case Bitcoin.
  3. Enter the amount you’d like to buy denominated in either digital currency or your local currency.
  4. Select the wallet you wish to have your funds deposited into. 
  5. Select your desired payment method.  
  6. Confirm the order is correct and click Buy.

Using the iOS & Android Apps

  1. Tap the menu icon near the top left of the screen to open the Navbar.
  2. Select Buy from the Navbar.
  3. Select the type of digital currency you’d like to buy (Bitcoin).
  4. Enter the amount you’d like to buy denominated in either digital currency or your local currency.
  5. Select the wallet you wish to have your funds deposited into. 
  6. Select your desired payment method.  
  7. After reviewing your order, tap Buy.

How to buy Bitcoin from Bitcoin UK

1. Set up a wallet

Before you can purchase Bitcoin, ensure that you have set up a wallet in order to store, receive and send bitcoin. Here are some bitcoin wallets to get you started.

2. Purchase bitcoin

You can purchase Bitcoin direct from us here. We accept both Bank Transfer and Credit Card.

3. Keep your bitcoin secure

Now that you’ve purchased bitcoin, it is important to keep it safe and secure just as you would with a bank account. Here are some basic principles to follow:

  1. Create backups of your private keys. To protect robbery, fire, or hard drive failure, we recommend keeping a backup of your private keys kept off-site.
  2. Never give your private keys to anyone. Giving another person your private keys is the same as giving them access to your bank account.
  3. Mobile and Desktop Wallets: Keep your offline and online wallets up to date with the latest software. This will ensure they are as secure as possible.

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