Once you have a bitcoin wallet, all that remains is to actually purchase your first Bitcoin or cryptocurrency. Read on to see just how easy it is to buy Bitcoin with either a credit card, your bank account or cash.
There are three main ways how to buy Bitcoin online. The fastest way to buy Bitcoin is with a credit card. This process takes only a few minutes but there are fees. A cheaper, though considerably more involved method is to purchase Bitcoin on an exchange or in cash. Keep reading for a step-by-step guide to all of the methods.
How to buy Bitcoin on exchanges
A bitcoin exchange is an online marketplace where users can buy and sell Bitcoins after setting up an account on the exchange. You will need to choose an exchange based on your country of residence and desired purchase currency. There are many exchanges, one of the most popular exchanges is cex.io cryptocurrency exchange. Setup an account with your chosen exchange. Depending on the exchange, various forms of identification may be needed. Consider connecting one or more bank accounts to your exchange account. Any buys or sells you make will be deducted from or deposited to the chosen bank account. Once you acquire some Bitcoin, be sure to follow the price or take advantage of many cool Bitcoin features.
How to find the right Bitcoin wallet
Knowing the wallet is secure is important and shouldn’t be overlooked - however, a hardware wallet is the safest. If it’s a web wallet, you should always check if the website is secure and trusted. For it to have a secure protocol it must be HTTPS. Also make sure the wallet offers secure and strong logins or two-factor authentication. These are just a few things to look into before making a final decision and doing your homework first is highly encouraged. In addition to a secure wallet platform, check if the wallet offers a multi-signature option. This is a preferred method when securing your bitcoin from theft and attackers. If you want to make sure your wallet is on the upside, search for the wallet on internet forums such as the Bitcoin Reddit Forum to see what others are saying about it.
How to buy Bitcoin with Credit Card
The main reason that buying Bitcoin with a credit card isn’t available all around is due to chargeback issues most sellers wish to avoid. Many exchanges need to protect themselves in order to offer this service and not all of them have the secure technology supporting it. However, there are many providers where you can buy Bitcoin with credit card or even cash, e.g. CoinMama. CoinMama specializes in Bitcoin purchases through a credit card. They take a premium fee for their services but they do not limit you to a maximum amount of Bitcoins purchased. You can buy up to $150 worth of Bitcoin without verification and up to $5000 if you're verified. On the homepage you can choose how many Bitcoins you would like to buy / sell. You can enter the price either in Bitcoin or in USD or choose one of the various packages. Then continue to purchase your Bitcoins. The next step will be to enter your own Bitcoin address. CoinMama doesn't keep your Bitcoins on their wallet. This means you need to get a wallet before using CoinMama.
How to buy Bitcoin tutorial
Bitcoin and other cryptocurrency wallets are used to store bitcoin or other cryptocurrency until you are ready to spend them or exchange them for another currency. Wallets range in terms of features and security, so it’s important to choose one that works for you. When you find a crypto wallet that has all important features, download it to the appropriate platform. If you're a beginner, we recommend starting off with a simple wallet that makes transfers easy. These wallets can be downloaded for free, but please keep in ming fees may apply to currency exchanges when moving money to other accounts. Although an online wallet is fine for your first bitcoin purchase and small amounts, if you find yourself with a lot of valuable cryptocurrency, make sure to store it in an offline “cold storage” wallet for maximum protection and security. Once your Bitcoin or cryptocurrency is stolen or lost, it's almost impossible to get it back, so please be careful. Also make sure to check out our "how to buy bitcoin" tutorial youtube videos.