How To Buy Bitcoin: A Comprehensive Guide To Buy BTC

Investing in Bitcoin may seem like a complex concept that requires investment gurus to undertake at first. However, once you take a closer look at the concept, you will understand how easy and straightforward the investment exercise can be.

Investing in Bitcoin and other crypto assets comes with many benefits, such as extra revenue, helping to build wealth, safeguarding your money, and many more.

However, your first step towards investing in Bitcoin is to acquire it. How, then, do you buy Bitcoin? Well, in this article, we will discuss five simple steps you need to take to buy Bitcoin or other crypto assets.

Five Easy Steps To Buy Bitcoin

As the cryptocurrency industry continues to gain worldwide adoption, so does the means of buying Bitcoins and other digital assets. Today, there are numerous ways to get your BTC, such as via peer-to-peer, PayPal, etc. However, in this article, we will discuss how to buy BTC from an exchange in five steps.

●     Choose a Crypto Wallet

Getting the right place to store your potential crypto assets is the first key step to take when buying Bitcoin. A cryptocurrency wallet is a blockchain-based ledger that holds your private keys, which you need to access your crypto assets. They are of different types, including Hot wallets, Cold wallets, Decentralized wallets, Centralized wallets, software wallets, hardware wallets, and paper wallets. Each of them has its benefits and risks; hence, you should consider doing a little research to choose the one suitable for you.

●     Choose a cryptocurrency exchange

The second is choosing a prominent and reputable cryptocurrency exchange to trade on among the vast number that exists. There are some key factors that can help you make a good choice. One factor to consider is the location of the exchange, as many jurisdictions have different stances on the crypto industry. Some regions enforced the Anti-money Laundry and Know Your Customer protocols on centralized exchanges, which require users to provide some personal details before registering on such platforms. Also, note the crypto assets supported in the exchanges. In addition, consider the history of the exchange in regard to theft and hacks.

●     Decide on a payment option

The following key step is choosing our payment option. To do this, you have to know which payment is supported by your preferred crypto exchange. Fortunately, most prominent exchanges, like Coinbase or Binance, allow you to link your credit/debit card to your account for wire transfers. Some also support PayPal, ApplePay, etc. Check through the platform and select a suitable method.

●     Place your order

Placing your order follows suit after settling your payment method. Once you have deposited enough money to cover the cost of the quantity of crypto asset you want to purchase, place your order by pressing the “Buy” or “Acquire” button, depending on your exchange, and immediately punching in the quantity of Bitcoin ( or other digital asset) you want. Press confirm to validate the order, and instantly, it will be executed, and you will have your asset.

●     Store your Bitcoin

Deciding where to store your newly purchased BTC is as important as the asset itself. To avoid losing your assets, ensure the platform you are using is reputable and trusted. In addition, if the quantity of BTC you purchased is huge, consider using a cold wallet or decentralized wallet where you have sole access to your assets without an intermediary.

Conclusion

Of course, there are other means of buying Bitcoin, including PayPal, peer-to-peer, decentralized exchange, etc. You can research more to understand how to use them. Nonetheless, following the above steps is enough to ensure you get your first Bitcoin assets by yourself.

However, you need to be cautious while getting your crypto assets because there are many bad actors lurking around and impersonating exchanges and vendors just to scam you of your money. Apply due diligence while investing in crypto-related products and services to be on the safer side.