When dealing with the digital wallet, you must know how can you buy bitcoin. This is not all, but the method of storing it in a secure manner, prior to buying it. In the end, this process will help you avoid making mistakes and possibly risking your hard-earned cash. It will also help you to make investments in the right spot and to be aware of being fraudulent.
In this post, we will go over the steps to buy bitcoin in order to get started and guide you to the debut bitcoin purchase. The process of dealing with cryptocurrency is a highly sensitive digital currency exchange where security and safety play crucial roles. Since it’s an electronic currency, hence the chance of getting scammed is excessive.
What is Bitcoin (BTC)?
bitcoin is an uncentralized digital currency that is not subject to the supervision of government agencies and banks. It is credited with being the first cryptocurrency to be that was launched in 2009.
Today, the market for cryptocurrency is worth $1.1 trillion and bitcoin accounts for 41 percent of the total market. While it started out as an online payment system, bitcoin has evolved into an investment asset. The majority of users think of btc as an investment asset which is often referred to by the name of “digital gold.”
How To Buy Bitcoin?
The idea of investing in bitcoin (btc) may be confusing, but trading bitcoin is easy and requires only an account with a company or exchange, and safe storage practices are advised.
bitcoin investors require a crypto exchange account, identity documents if they’re using the Know Your Client (KYC) platform, a secure connection to the Internet and a method of payment as well as a wallet for personal use that is not linked to your exchange accounts.
Acceptable methods of btc payment include debit cards, bank accounts as well as credit cards. it is possible to purchase bitcoin through ATMs that are specifically designed and through P2P exchanges. Let’s look into the methods you can buy bitcoin.
1. Choose an Exchange
bitcoin isn’t available for purchase by your investment company or bank at the moment, though certain organizations are looking into this possibility in the near future. At present, you’ll need to use a crypto trading platform to trade dollars U.S. dollars for bitcoin or other digital currencies. There is a myriad of cryptocurrency exchanges to buy crypto online. However, some of the most well-known ones include Coinbase, Gemini, and KuCoin.
KuCoin is the top choice over the other exchanges since it offers a range of trading options to allow users to buy or sell and trade cryptocurrency. Alongside the standard trade options, KuCoin also offers the option of margins and futures as well as peer-to-peer (P2P) trading.
2. Connect Your Exchange to a Payment Option
According to the type of account you are opening, identification is required, which could include photos of your driver’s license as well as a Social Security card, along with information regarding your employer and the source of money. The process is generally similar to opening a typical brokerage account. Most exchanges are able to connect your account with your banking institution with ease or connect a credit or debit card.
3. Place an Order
Once you’ve joined a payment method and you’re able to make an order with btc. This procedure can vary based on the exchange you choose to use. If you’re using an exchange like Coinbase or PayPal it is easy to input the value in dollars you wish to exchange for bitcoin and then buy according to the present price (after accounting for any charges).
4: Safe Storage
Cryptocurrency and btc wallets provide the perfect place to keep digital assets more safely. The fact that crypto is kept away from trading platforms and in an individual wallet will ensure that investors control the private key to money. Exchange wallets are available however it is not recommended for large or long-term holdings of cryptocurrency.
Recommended Options to Buy bitcoin
KuCoin (Cryptocurrency Exchange)
KuCoin is an enormous crypto exchange in the field of crypto because of its capacity to manage an exchange amount of more than $4.3 Billion. Users are able to buy KuCoin using a debit card, credit card bank transfer, or transfer via other brokers or Paypal.
It is possible to acquire just a few bitcoins, with no direct commissions by making use of a trading platform like Webull or Robinhood however, you’ll have to make the difference with a spread markup. There are numerous crypto trading platforms that offer applications for trading cryptocurrency. However, Robinhood takes its best technique, which is no commissions, applying it to crypto however, it charges spread markups which is the cost that it doesn’t disclose.