Buying Bitcoin is very easy nowadays. If you want, you can use cash, card – even PayPal! However, you still need to follow a few steps to do this – that’s why we’ve made this tutorial easy for you! It is separated into parts – just follow the one that matches your purchase method.
What is Bitcoin (BTC)?
Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.
Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”
Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use. It has managed to create a global community and give birth to an entirely new industry of millions of enthusiasts who create, invest in, trade and use Bitcoin and other cryptocurrencies in their everyday lives.
At the time of writing this article the CoinMarketCap ranking is #1, with a live market cap of $796,510,493,806 USD. It has a circulating supply of 18,932,400 BTC coins and a max. supply of 21,000,000 BTC coins.
How to buy Bitcoin with credit card or debit card?
No matter what people say, it’s easy to buy Bitcoin with a credit card. Your first step will always be to buy Ethereum with your credit card. They can then be converted to Bitcoin. Follow these steps: Buy Ethereum on an exchange you like. Transfer Ethereum to an exchange that supports Bitcoin currency. Finally, exchange Ethereum for Bitcoin. Please follow our step-by-step guide below to buy Bitcoin.
1. Create a Coinbase account
To buy Bitcoin from Coinbase – you need to create a Coinbase account.
Click on the ‘subscribe’ button and fill in the form. Enter your name (it has to be exactly the same as what is written on your photo ID), email, password and location. Coinbase is regulated by the US government and follows strict financial rules. As such, they need to verify your identity. It takes some time and effort, however, this makes Coinbase reputed to be the most reliable way to convert regular currency to cryptocurrency.
Verify Coinbase account
As Coinbase needs to verify your account, you must provide your phone number, upload a picture of your photo ID and verify your card (credit or debit) or account back. Only then will you be able to buy cryptocurrencies. If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow – it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu. Select Bitcoin and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the ‘Buy’ button. Now you will have to confirm your purchase. Do this by pressing the ‘Confirm purchase’ button. You now own some Bitcoin BTC.
Frequently Asked Questions
Can I buy Bitcoin with PayPal?
You cannot buy Bitcoin directly with PayPal at this time. If you want to use PayPal, you will have to buy bitcoin first and then exchange bitcoins for BTC using a service like Binance.
Can I buy BTC with cash?
You cannot buy Bitcoin directly with cash. Even though some ATMs support Bitcoin, they are less than 1% of all cryptocurrency ATMs. If you want to buy with cash, you will have to buy bitcoin first and then exchange bitcoins for BTC using a service like Binance.
Can I buy BTC with Skrill
Europeans can use BitPanda to buy bitcoins or Ethereum with Skrill. Ethereum can be converted to Bitcoin on Binance.
Can I buy Bitcoin with Ethereum
Yes, you can easily do this using Binance to exchange Ethereum for Bitcoin.
What is the best payment method to use?
The cheapest way to do this is to buy bitcoins with a bank account (or Bitcoin directly with a bank account) and exchange ETH for Bitcoin. The fastest way is to buy Bitcoin with a credit card, but higher fees will be charged.
How can I protect BTC after I buy it?
You must store your Bitcoin in a secure wallet. Leaving Bitcoin on an exchange only puts you at risk of losing money if the exchange is hacked. Your account can also be hacked, so it’s important to use 2FA.
How can I sell Bitcoin (BTC)?
Binance and changelly are good places to exchange your BTC for any other cryptocurrency. If you want to exchange it for regular currency, exchange BTC for bitcoin and exchange BTC for dollars, euros or other currencies.
Can I mine Bitcoin instead of buying it?
Yes, you can mine Bitcoin.