How to Buy Bitcoins – A Comprehensive Guide

Many people are still educating themselves on how to buy bitcoins, and more is yet to come. It is vital that you learn how to do it as the world is going forward with technology development at full speed and fiat currencies will sooner or later become history. However, this won’t happen any soon, so you have time to educate yourself about the Bitcoin universe.

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First Things First – What is a Bitcoin?

Do you want to know how to buy bitcoins? First, you need to know what bitcoin is. Bitcoins are a perfect example of virtual currency. You can send Bitcoins to another person’s wallet and receive from others accordingly. The decentralised digital currency was invented in 2008 by Satoshi Nakamoto and first came to light in 2009. The transactions are monitored on a peer-to-peer bitcoin network without any need for intermediaries. Once these transactions are verified, they are recorded on a blockchain, which is a public distributed ledger. The fiat currency is not regulated by any governmental institutions; hence it is a favourite for investors who want to know how to buy bitcoins.

How to Buy Bitcoins

The process of purchasing Bitcoins is simple and convenient, as long as you are connected to the internet and can fulfil all the requirements. Firstly, you should download a Bitcoin wallet online. The wallet is your primary storage for Bitcoins, and you can retrieve them for future spending and trading. You will then use traditional payment methods, such as bank transfers and debit cards. Before you begin trading, you must learn how to buy cryptocurrency, how to buy bitcoin with a credit card, how to buy bitcoins with cash, and how to use the cryptocurrencies. Let’s delve deeper into how to buy Bitcoins.

how to buy bitcoin

Create a Digital Wallet

Before you learn how to buy bitcoins, you should create a digital wallet. A Bitcoins digital wallet is a software or program that stores private and public keys for Bitcoins buying and selling. The public key is the location where transactions are deposited and withdrawn, while the private key is the password needed to buy, sell, and trade in a wallet. Creating a digital wallet requires that you first check your devices, as some are compatible with Android, iOS, Windows, Mac, and Linux. Download the app and run it on your device and set the wallet name, your name, and passwords to activate your wallet.

Verify Your Identity

During the registration process, you should upload some documents to prove your identity. This is a requirement by the U.S. Securities and Exchange Commission in a bid to deter money laundering using the selected digital wallets. For you to purchase and sell Bitcoins, you must upload your identification documents. Depending on the selected platform, you may have to upload a recent utility bill, scanned copy of your I.D., driver’s license, and scanned copy of your birth certificate or passport. In other instances, the type of I.D. documents required is dependent on the amount you want to trade.

Choose a Payment Method

With a functioning digital wallet, the next step is selecting a payment method. Most people load money onto the Bitcoins exchange platforms using traditional methods such as credit cards, bank transfers, and debit cards. Before making a final choice on the method, check the viability, as well as the fees that apply to the transactions. Take an example of the credit and debit cards; they are friendly but attract higher transactional charges than the other forms of payment. Bitcoins buyers must also understand that the available methods depend on your country and the laws applicable in the area.

Exchange Fiat Currency to Bitcoins

Now that you’ve created a digital wallet and selected a suitable method, the next step is finding a reputable Bitcoins exchange platform to trade your Bitcoins. They resemble the foreign exchange markets and are quite easy to navigate. As a cryptocurrency enthusiast, you must research to find the best platform as this determines your success in the trades. Your main priority should be the compliance to the different laws and regulations in the particular jurisdiction. Trading Bitcoins requires a high level of security, so you should always check for two-factor authentication to protect you.

how to buy bitcoin

Types of Bitcoin Wallets

Bitcoin wallets come in different forms such as the desktop, mobile, web, and hardware. Each form has its pros and cons, especially in terms of security and convenience. As such, a trader must carefully assess them to determine the best option. You will also see that some bookies accept Bitcoins and fiat currencies, while others exclusively deal with Bitcoins (as a form of payment). Additionally, they store the private keys needed to access the Bitcoin addresses and transaction signatures. With these wallets, you can gain a better understanding of how to buy bitcoins generally, and how to buy and sell bitcoin in detail.

Desktop

Users can download the desktop wallets and install them on the computer. You can then store the private keys on your hard drive and retrieve when you need to trade. When compared to online and mobile wallets, they are deemed to be the safest platforms as they offer full control and require no third parties for data storage. They are harder to steal and often beneficial for those who want to learn how to buy crypto in smaller amounts. You must check the operating system for compatibility as some are viable for Mac OS, Windows, and Linux.

Mobile

This is, by far, the best option for active Bitcoin traders. You can run it as an application on your smartphone, hence offering convenience, regardless of the time and place. Additionally, depending on the selected platform, you may also enjoy an enhanced communication feature. This means you can tap your phone or scan the Q.R. code on the terminal without providing any other information and pay for goods and services using Bitcoins. The platform is easier access to the blockchain ledger, hence offering a simplified payment method. Check whether your selected app is compatible with your iOS, Windows and Android devices.

Online

Getting an online wallet means that you entrust a third party to control the storage of your private keys. There are different providers for this, and you must check the features. Like mobile wallets, users can access their funds from any gadget, as long as they connect to the internet. In order to be safe, consider the providers that allow you to encrypt your private address before sending them to the servers. Don’t choose just because they gave tips on how to buy bitcoins. Some of the popular online providers include Coinbase, Blockchain, and Xapo.

Bitcoin Mining

You can acquire Bitcoins in three different ways; buying them on a Bitcoin exchange platform, accepting them for goods and services, and mining new ones. The process of mining Bitcoins involves creating new ones by solving computational puzzles. When this happens, new bitcoins are generated and added onto the blockchain. Users must endeavour to crosscheck the transaction codes for accuracy. It avoids counterfeiting and duplication of the digital currency, often referred to as double-spending. Mining maintains the transactions ledger on the exchange platforms. When learning how to mine, you can also check how to buy bitcoins and know the technicalities involved.

The Best Bitcoin Bookmakers

Selecting a Bitcoin bookmaker can be a hectic process since the market is saturated. You must, therefore, get into intensive research and narrow down to at least three or four bookmakers. Most of them have attractive bonuses and promotions for Bitcoin users. These platforms allow gamers to anonymously place their bets and gamble using Bitcoins, hence enhancing safety. With the decentralised fiat currency, no one can freeze your accounts, and this makes it better for gamblers. The popular bookmakers are 22bet, Cloudbet, and 1xbet. Let’s further explore them and learn how to buy crypto and gamble with them.

22bet

The bookmaker allows bettors to make their payments using Bitcoins. You can make your deposits in Bitcoins without paying extra charges on the site. Additionally, gamers can also withdraw their Bitcoins earnings on the platform within fifteen minutes. It has one of the fastest withdrawal options. You can learn and practice how to purchase Bitcoin on this bookmaker. By visiting the website, you get to deeply know how to buy bitcoins.

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Cloudbet

This Bitcoin casino is a favourite to many. You can place your bets in the sportsbook, play games at the casino, or have fun at the e-sports section with Bitcoins. In other words, all the activities in this bookmaker can be enjoyed with Bitcoins. The site is among the first operators to offer Bitcoin betting exclusively and has earned a reputation over the years. Overall, you will enjoy the Bitcoin betting experience at Cloudbet.

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1xbet

The bookmaker was founded in 2016 and is by far the largest cryptocurrency casinos. With over 400 games in the casino section, you can find your favourite and pay for them using Bitcoins. They also have exciting bonuses and promotions such as the welcome bonus, where gamers receive up to 7BTC. Gamers have to wager the bonus 40X within 30 days, and after that, they can withdraw their earnings in Bitcoins.

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