Bitcoin is a decentral blockchain-based currency. Bitcoin allows the owner to have full control of his assets. Intermediate entities like banks aren’t required anymore. So this new technology can be seen as an alternative to the traditional banking system. Exactly therefore the Bitcoin was created back in 2009 after the worldwide economic crisis brought the banks to shake. In addition, Bitcoin offers relatively cheap and fast cross-border payments. All you need for using the Bitcoin network is a smartphone.Now if you are thinking about how to buy Bitcoin or why should I buy Bitcoin then this post is for you.
Reasons to buy Bitcoin
There are various reasons to buy Bitcoin in the current crypto world. The following are some:
The creation of both bitcoin and gold demand stock allocation. The primary investment in tools is required to create each stock that is factored into the cost. Just like gold mining, Bitcoin can also be mined. As mentioned earlier, there are limited Bitcoins (21,000,000 million). And the supply of gold is restricted to the value of gold available. As demand for each of these stocks increases, the supply prevails to be the same and their prices increase. This is one of the main reasons to buy Bitcoin.
Where to buy Bitcoin?
In fact, Bitcoin is the world’s first cryptocurrency, it can be bought on almost every crypto exchange The biggest and for European citizens recommended exchanges are Kraken, Coinbase and Bitpanda. All of them offer trading pairs against the euro.
How to buy Bitcoin?
Like everything you do for the first time, the process of buying Bitcoin can present you with several challenges. But don’t worry, it isn’t as hard as you might imagine. When you’ve completed the process of buying a crypto-asset on an exchange, the other exchanges will be a cinch as the processes are similar most of the time. In the following, we’ll explain how to buy Bitcoin.
- Sign up: enter your e-mail address and create a password. Always chose a secure password. It should consist of numbers, upper and lower case letters and special characters. It is recommended to use more than 10 characters and chose the sequence as random as possible. Don’t use words that carry a meaning. We recommend using a different password for every crypto exchange and also a secure password for the e-mail account that is used for logging into the trading accounts. Because if a hacker is able to break in your e-mail account, he could reset the passwords on the exchanges and possibly steal your assets. Always store the password in a safe place. It can be helpful to use a password manager like Keypass as you have to deal with a lot of passwords and private keys in the crypto world.
- Additionally, we recommend the 2-factor-authentification (2FA) as extra protection. The 2FA can be found most of the time in the security settings when logged in on the exchange. You’ll need to download the Google authenticator app on your smartphone and then scan the code shown on the exchange site. And always make sure that you’ve copied the alphanumeric number sequence that describes the code on e.g. a piece of paper. It is used for restoring the authenticator app when your phone gets broken or stolen.
- For trading with FIAT currencies, you need to verify your identity on almost every exchange. Therefore you can upload the required documents via the web-interface. Most of the time it is a photo ID (passport, ID, driving license), confirmation of residence (bank statement, certificate of residence) and a portrait photo (often with a piece of paper with the current date in your hand). When the documents are uploaded it takes a few hours/days (depends on the exchange) until the account is verified.
- Now you can transfer FIAT on the exchange account via one of the deposit methods. Depending on the chosen method, this can also take a few seconds/hours/days.
- When the money is deposited, you need to find your way to the exchange-, trading- and market section and chose the desired /BTC trading pair. Then insert the amount of BTC you want to buy to a selected price.
- Wait till your order is filled.
- Transfer the Bitcoins you’ve bought to your wallet
The best exchanges for Bitcoin traders
The best exchange for Bitcoin trading is definitely Binance, as there are numerous trading pairs and Binance is known to be very reliable and secure, such as through SAIFU, Binance’s own credit, which is provided by Binance especially to pay for any damage and theft that their users have to suffer due to security gaps in the stock exchange.
>> Create a Binance account here and start trading Bitcoin. <<
It is not easy to navigate in the world of Bitcoin if you are a newbie. This is why we have created this Starter Kit to help you dive in the Bitcoin-sphere.
>>CryptoTicker Starter Kit>>