How To Buy Bitcoin

How to Buy Bitcoin With Cash…

or, Credit Card, PayPal, Bank Transfer, or any other payment methodology and   currency you desire (well almost). 

how to buy bitcoin with cash

Bitcoin is the first ever cryptocurrency invented and remains by far the most sought after cryptocurrency to date. Bitcoin is known as the digital gold standard in the cryptocurrency network and it is the pioneer of Blockchain Technology that made digital money possible.

It is the first ever decentralized peer-to-peer network powered by its users without any central authority or middleman which means, no unnecessary costs are included in the digital money transaction.

Buying Bitcoin

how to buy bitcoin with cashEven though the price of a single bitcoin has exceeded the price of an ounce of gold. It has been very volatile and its price has fluctuated wildly, – adding to its appeal as speculative investment opportunity.

However you don’t have to buy a whole coin. You can buy a portion of a coin 0.0000001 for example.

The problem is that for many, actually buying Bitcoins is not so simple, as most banks and financial services agencies won’t allow you to buy them directly.

But once you have some (Bitcoin) you can then buy other cryptocurrencies and take advantage of the many opportunities and benefits that cryptocurrencies offer.         (For more on this see my other post on Cryptocurrencies)

There are Lots of Exchanges to Buy and Sell On

There are lots of exchanges and wallets and platforms to buy, sell, trade and exchange cryptocurrencies. (I have not tried or researched them all).

However, I have researched and tried quite a few and as a result I have settled on the ones that I believe give you the most flexibility and freedom to buy quickly and simply and that I personally use, because they work for me.

So, l will tell you, based on my research and experience how to open an account and how to buy bitcoin using cash, credit card, PayPal and numerous other payment methods and with almost any type of currency. 

However first you will need to open some accounts, (don’t worry they are free and pretty easy to do). It may also appear to be backwards but I will explain why as we work our way through the process.

How To Open An Account

Step One: Opening a Trading Account (to Buy and Sell)

 Understand that there are 3 types of cryptocurrency exchanges:

  1. Trading Platforms

These are websites that connect the buyers and sellers and they charge a small fee for a completed transaction.

  1. Direct Trading

These platforms offer direct person to person exchange. You may exchange with individuals from different countries as well as in different currencies. Direct trading does not necessarily adhere to the current market price, as the individuals trading may set their own exchange rate. This is where you puchase Bitcoins.

  1. Brokers

These are websites that anyone can visit to purchase cryptocurrencies. However, the price is set by the broker. Cryptocurrency brokers are similar to foreign exchange dealers and they require a lot more information and verification of ID to set up.

We are going to be using two types of exchanges, the Trading Platform and the Direct Trading. We will not be using Brokers.

Trading Platform

The reason I have selected and like this particular platform is because it has many of the more 1000+ cryptocurrencies that are available (Not all of them) but enough of the cryptocurrencies that I like to trade are on this exchange.

It’s is not the only exchange that you could use there are plenty of others and you are free to use whatever trading platform you wish. But for now I will walk you through using this one. However it does not have a mobile app. So, you will need to use your computer, not your phone for trading.

how to buy bitcoin with cash

Founded in 2014, Bittrex is a US based Cryptocurrency exchange. It allows you to instantly convert your Bitcoins to other cryptocurrencies (called Altcoins) Bittrex is also one of the more secure Cryptocurrency Exchanges.

The Trading PlatformHow to Register for a Bittrex Account.

Log into https://bittrex.com  click on the ‘Get Started‘ tab and can you sign up via email. (see below right)

how to buy bitcoin with cash

  • Enter your Email and Password.
  • Tick on “I Agree to Terms & Services
  • Click on Sign Up Button.
  • Next, Verify your Email Address.

Now that you’ve successfully created your account, its time to make your account safe and secure, so that only you can have access to it.

How To Secure Your Account

how to buy bitcoin with cash

  • Click on the Setting Icon at the Top Right Corner.
  • Click on the Two-Factor
  • Next Scan the Barcode or Enter the Authentication Code on the Google Authenticator App.
  • Now Enter the Password and the 6 Digit Code from Google Authenticator App and Enable the Two-Factor Verification

To Verify Your Account:

The Verification Process is similar to the other Cryptocurrency Exchanges and there are 3 Levels of Verification. Depending upon how much trading or buying you want to do.

Basic Verification:

  • In Basic Verification, you have to submit your basic details like Name, Birth Date & Address. Daily Limit: 1 BTC

Phone Verification:

  • In the Phone Verification, you have to verify your Mobile Number via OTP from Bittrex. Daily Limit is increased to: 3 BTC

Enhanced Verification:

  • In Enhanced Verification, you have to upload some personal documents and selfies (see the list below). Daily Limit increases to: 100 BTC

For enhanced verification, you need to do the following:

  • Take a fresh selfie, ensure nothing is blocking a full view of your face
  • Do not use the same image from your identification documents
  • Do not use a professional profile picture
  • Don’t manipulate the image of your identification in any way. This includes adding watermarks or blacking out certain information
  • Do not crop the image of your ID – such as the edges.

Trading Platform (to Buy and Sell)

Ok, so now that you have opened your Bittrix Trading Platform (to buy and sell). You are ready to convert Bitcoin into the cryptocurrencies that you want to purchase. However, you need to acquire some Bitcoin first to deposit into your account in order to exchange them for other ‘altcoins’ (cryptocurrencies).

* Note: you cannot purchase Bitcoin from this exchange, using regular money. This is a ‘trading exchange’ so you need to get some Bitcoins into your account before you can begin trading. – which we will show you next. But First…

How To Deposit Bitcoin In Your Bittrix Account?

how to buy bitcoin with cash

  1. Click on “Wallets” Tab.
  2. Now search for the BTC (Bitcoin) because you need to load Bitcoins into your trading account. Then Click on “+” icon and it will open.
  3. Next, Copy the Bitcoin Address** (a line of code) and paste it into the location you want to send the *Bitcoins from.

how to buy bitcoin with cash

* NOTE: The Bitcoins can be purchased using a Direct Trading platform (which we will explore soon).

But we needed to set up the trading account first and you need to know where to get this line of code from – the address to send your Bitcoins to.

Now that you have your trading account set up for the buying and selling of Cryptocurrencies we are read for the next step;

This Is Where You Actually Buy Your Bitcoins 

Step Two: Opening a Trading Account – Direct Trading

I have found a very useful site called LocalBitcoin.com which is a person-to-person Bitcoin trading site. This is where you can purchase Bitcoins or part of a bitcoin using any type of ‘traditional currency’ or payment method you wish.

“This is the key element in the purchassing of Bitcoin using cash, Credit Card, PayPal, Bank Transfer, or any other payment methodology or choice of currency”.

You can link directly to LocalBitcoin.com here.

The company is one of the oldest exchanges in the industry, founded in 2012 and operates in 248 countries and 13,774 cities, and is based in Helsinki, Finland. They have an escrow service in order to help establish trust between the parties, and a conflict-resolution service.

LocalBitcoin.com respects the anonymous nature of Bitcoin, so there is no mandatory I.D. verification, and it doesn’t require any personal details. Email address is the only thing needed for signup. Sign up takes about 20-30 seconds, and the website is very fast. While the exchange doesn’t require any personal information, some sellers may request identification in order to proceed with a trade.

How It Works

The exchange is not a typical brokerage business model, instead LocalBitcoin.com is a person-to-person bitcoin trading site. Where, people from different countries will exchange local currency into Bitcoins.

Sellers post advertisements where they specify exchange rate and payment methods for buying or selling bitcoins. You reply to these advertisements and agree on how to pay for bitcoins with either cash, bank transfer, PayPal, credit card, online banking or whatever method you agree to.

When it comes to traditional currencies, users are free to trade in any currency they wish, which means that if there’s someone willing to accept your local currency, or preferred method of payment, you can buy Bitcoins. So, if you are starting off and only want to buy part coins or use a certain method of payment then it’s a perfect platform.

Cautionhow to buy bitcoin with cash

The sellers are free to determine their own BTC price, as they want to cover the transaction fees and make a profit by selling smaller units. They do this by asking for a higher BTC exchange rate.  Meaning that the price asked may vary from seller to seller.

Users are also advised to exercise caution when trading on Local Bitcoins because it’s possible to get scammed. After all, the deal is made between individuals and its much like trading on Ebay or Craig’s’ List. 

Also, some of the larger traders may refuse to sell cryptocurrency or limit the size of transactions, for a new user who has no history or any positive feedback. In that case, a new user should make a few minor trades with less-known sellers in order to get a positive ‘activity rating’ in order to be accepted, by the more trusted traders.

Ready to Start

Then once your transaction is completed, your Bitcoins are placed in your LocalBitcoins.com web wallet by the seller. Where you can hold them, pay directly for any purchases requiring Bitcoins, or you can send them to another exchange. 

** This is where you need to paste (the line of code) ‘the Bitcoin Address’ for the location you want to send the Bitcoins to. In this case that will be your Bittrix Trading Account.  

The Process For Buying Bitcoin

Step 1 Register an account with LocalBitcoins. You get a free online bitcoin wallet.

Step 2 Go to the main page and in the search box (see below) fill in the form by using the drop down boxes, selecting the amount you want to purchase,  the currency you want to buy with, and choose a payment method.

how to buy bitcoin with cash

So, once you have found a seller and agreed to a transaction. You are all set to go. Once your transaction is completed, your Bitcoins are placed in your LocalBitcoin.com web wallet by the seller. Once they are received, you can hold them or you can send them to another exchange or pay directly for any purchases requiring Bitcoins.

You can find your wallet in the top right-hand corner.

how to buy bitcoin with cash

So, congratulations you have now purchased some Bitcoins! 

It’s best to do many small transactions first to build up your reputation and get familiar with how everything works before you attempt to find the sharpest price and start accumulating Bitcoins.

Local Bitcoins will become your ‘Purchasing Account’ (Step Two: – Direct Trading) and where you will temporarily hold your Bitcoins when you purchase them.

From there you can now transfer them to your Trading Account (Step One: Trading Account) which is your Bittrix Account.  Which is where you get the ‘line of code’ called the ‘the Bitcoin Address’ and you then paste that code into the LocalBitcoin ‘receiving bitcoin address’ so LocalBitcoin knows where to send them.

Once you open your wallet and select SEND Bitcoins (see below) You can paste in the Bitcoin address code into the ‘Receiving bitcoin address’

how to buy bitcoin with cash

Once you have pasted in the code and you have entered the amount you wish to send. You are now ready to send them to Bittrix. Click the blue CONTINUE icon.

Then You will get a screen that looks like this one (below) letting you know that you have successfully sent Bitcoins to the ‘address’.

how to buy bitcoin with cash

Relax – Don’t Panic

Now don’t panic if after you have sent them that you can’t immediately find it in your Bittrix Account because it can take up to ten minutes for them to show up. It will appear first in the ‘pending deposit’ column before finding its way into the available balance column.

how to buy bitcoin with cash

In the image above, the pending deposit is 0.3018689 and soon it will move over into the available balance (currently has 0.00066595) Once you see it in the ‘available balance’ column (total becomes 0.03085284) you now have your Bitcoin deposited into your Bittrix account and you are ready to start buying (trading) cryptocurrencies.

A Quick Review

  1. Log into your Bittrix account and, ‘Click the Blue +’ on the BTC to get the Bitcoin Address.
  2. Then Copy and Paste that code (address) into your ‘LocalBitcoin wallet’ and select the SEND Bitcoins icon. Because Local Bitcoin needs to know where to send the Bitcoins.

how to buy bitcoin with cash

So again, go to Bittrix first (to get the address) then, go to LocalBitCoin (to paste the address), then send it and then go back to Bittrix (it can take a few minutes to show up) to see the deposit.

Then once you have some Bitcoins (BTC) deposited into your Bittrix account you are now ready to buy other cryptocurrencies or hold them. 

How to Use Bittrex to Buy and Sell 

The buying and selling of other cryptocurrencies is transacted in Bitcoin (BTC). You select the ‘Market’ Tab (either one) at the top left of the main page and new page will open. You now locate and select the Cryptocurrency you want to purchase on the Bittrix Platform. You click the Symbol and a page will display current prices and a graph of real time trading history. 

Buying via Bittrix

The number of Bitcoins (BTC) available is displayed in the top line. In this example, we will be buying 2.0 units of TenX Pay Tokens and it shows the price (in BTC) is 0.001270. The Total which is different, includes the exchange fee and is how much you are going to pay.  

*Note: Make sure the available BTC amount is not exceeded.

The RED icons ‘Limit’ and ‘Good till Cancelled’ can be left at the default settings.

how to buy bitcoin with cashSo, the total price is 0.00254635 BTC for – 2.0000 TenX Pay Tokens. (see example)

To select the ‘Price’ you want to pay for the TenX Pay Tokens. Click on the ‘blue’ Price icon’ and it will open and you will see what your options are.  You can offer to buy at the ‘bid price’ or the ‘last sale’ price, or at the ‘Ask price’.

If you select to pay the ‘Ask Price’ your ‘offer’ will be accepted quickly and you will get your coins almost straight away. Either of the other options may take some time to conclude.

Once you have selected your options you are ready to place your “order”.  Once you are happy with your offer, the amount and the price. To get the process started, you will need to click the blue “+ Buy TenX Pay Token” icon. 

Once initiated, your “order” will go on to the list of bids waiting to be fulfilled. It may take a few minutes or it could take many hours before your order is filled, as buyers and sellers are matched up with their respective (bids) ‘offer’ and ‘ask’ orders.

Once your order has been filled you will find the coins deposited into you Bittrix wallet (you can click on the Wallet Tab) that was automatically set up when you opened your account. Once again they will first appear in the ‘pending deposit’ and then it will move over into the ‘available balance’.

Selling via Bittrix

If you were selling, you would complete the same procedure in the Sell Side and click the blue “ Sell TenX Pay Token” icon. You will be paid in Bitcoins (BTC).

An Overview Of the Process

An overview of the Bittrix Trading Process is;

  1. Click on The Bitcoin Market Tab at the Top of the page.
  2. When you get list of Cryptocurrencies (you can also search for the Cryptocurrency) which you want to buy from Bittrex.
  3. Select the Cryptocurrency and the trend Graph will be Loaded. Scroll down and you can see the section for Buy and Sell Cryptocurrencies.
  4. Next, Enter the Units (Number of Coins) you want to purchase and check the total price which includes the Fees that will be Charged
  5. Select the Price via the Bid Option or use the ‘Ask Price’ if you want to get them faster and at the current rate.
  6. Click on the Buy Button and complete the process of buying.
  7. To Track your Orders,  Click on, ‘Orders Report‘ Tab.

What I like about Bittrex is that it supports multiple cryptocurrencies and has an inbuilt wallet. The fees are reasonable at 0.25%, for every Trade on Bittrex. There is also an option to enable a 2FA (2 Factor Authentication) for increased security which I would highly recommend you do.

Security and Privacy

It’s important to protect your digital currency because in a sense they are a non physical, invisible form of wealth and could easily get lost in cryber space. Which is the reason you need a wallet to store the information necessary in order to transact business with bitcoins.  A ‘wallet‘ in this sense is something that “stores the digital credentials” for your digital currency and is a place to hold and store your Bitcoins.

This digital information can be held in several places.

  1. At the exchange (online)
  2. On your computer
  3. Or on a hardware device (off line)

Highest Security Option

If you want really high security and never have to worry about the exchange being hacked (which has happened on some exchanges) or your computer being compromised, then a Hardware Wallet is the most robust form of security you can have for your cryptocurrency.

The way the hardware wallets achieve maximum security is by storing your private key and signing your Bitcoin transactions offline so anyone trying to “hack” your wallet remotely won’t be able to do so. A Hardware Wallet allows you to send and receive Bitcoins on any computer, even if the computer is compromised, your transaction will still go through unimpeded.

Most hardware wallets use a second screen/device to verify actions within your wallet such as signing in.  Then even if a hacker gains control over your computer, he can’t do anything since he also requires access to the physical device that needs to be connected to your computer as well as your access codes. 

One such device I have found is TREZOR which is very easy and intuitive to use. It is an ideal Bitcoin hardware wallet and suitable for beginners and professional alike.

how to buy bitcoin with cash

TREZOR is a single purpose device which allows you to make secure Bitcoin transactions. With TREZOR, transactions are completely safe and its use is  intuitive. It is an ideal Bitcoin hardware wallet and has excellent security and privacy settings. The web interface is easy to use and the device comes with a built-in screen.

It is a very highly secure and practical device, even though the cost may seem a little pricey at $99. It’s really an inexpensive investment for a very high level of financial security.

For More about the TREZOR Hardware Security Wallet click here

A Good Time to Get an Education

How to Buy BitcoinWhile it seems like a good time to invest in Cryptocurrency (There are more options than just Bitcoin, such as Ethereum, Litecoin and Ripple, to name just a few). In fact there are more than 1,000 digital currencies in existence.

But knowing where to start and how to invest in these new assets could be an overwhelming and daunting task if you don’t know what you are doing.

Which why it is probably a good time to get educated about Cryptocurrencies and learn how you can invest and profit from them.

And is the reason I wrote my book ‘Why Invest in Cryptocurrency and How to Get Started’. It will give you more information about this fast growing, and potentially life changing new currency.  

“You can get a copy for free just by leaving me a comment about this post”.

Also I would like to recommend a Video training course that will give you the additional information needed to explore this fast growing, and potentially exciting profitable opportunity while helping you to avoid the common mistakes with this advanced video series, putting you on the fast track to investing in cryptocurrencies.

IntroducingHow To Buy Bitcoin

The Cryptovator’s Cryptocurrency Course. This is a high quality video training course with easy to follow content from an experience cryptocurrency mentor and will provide you with valuable knowledge on altcoins and getting started in trading cryptocurrencies for profit as well as being a great introduction to Bitcoin and blockchain technology. 

Here’s what the course covers;

  1. INTRODUCTION TO BITCOIN – Understand bitcoin and be able to buy bitcoin to use as a medium or secure as a store of value. 
  2. CRYPTOGRAPHY AND BLOCKCHAIN – Understand how cryptography lead to the creation of bitcoin and how disruptive blockchain technology works 
  3. BITCOIN MINING – Learn how bitcoin and other cryptocurrencies are created and be able to mine your own cryptocurrency.
  4. COINS AND TOKENS – Learn the fundamentals of a range of cryptocurrencies that are part of amazing projects.
  5. TRADING – Learn how to buy and trade cryptocurrencies and make short term and long term gains.
  6. FINTECH – Learn about finanicial technology and entire eco-systems are being created using blockchain technology of exchange.
Click here to see more about This Cryptocurrency Video Training Course

If You Want To Calculate Before You Buy Bitcoin

If you know what you are doing and you have a Bitcoin address and you want to buy Bitcoin with US Dollars, you can calculate and use the form below:

Summary

Money as we know it, is going through a fundamental change. What’s important to understand (and this is crucial), cryptocurrencies don’t need validation from the banks or the government to thrive. This due to their decentralized nature, so they will succeed regardless of whether they receive approval of the governments or participation by the banks.

We’re moving away from the traditional form of money was backed by nothing more than our trust and faith in our government. To money that’s requires  nothing more than trusting the data and the blockchain thats created by thousands of independent computers verifying the validity of each transaction. We are moving into the future.

How To Buy Bitcoin

Finally

If you enjoyed this article “How to Buy Bitcoin” please feel free to socially share and leave a comment below.

And if you do I will reward you with a free copy of my book; “Why Invest in Cryptocurrency and How to Get Started” 

So what are you waiting for?

Accept my bribe and socially share and leave a comment below. Thanks!

To bookmark this page for future reference you can do it now using (Ctrl+D)

About Peter

An International Speaker, Writer and Internet Marketer, living in Shanghai, China, teaching Business / English at a Chinese University and making a difference to the world. As well as bringing you great information and recommending awesome products that will make earning online while living internationally - a breeze. https://onlineaffiliatewealth.com/about-me

32 comments

  • stefanie

    Hi Peter, every time I read your posts I come away more and more enlightened about cryptocurrency. It is just such an interesting topic. At first it all seems quite hard to understand but as you learn more you realise that it is a great opportunity. The one thing I was worried about before is the fact that it isn’t tangible and could therefore just get lost in cyberspace, but now you have explained about the wallet I would be more willing to invest. I think I’m going to look more at your website and get more information on the subject. Thanks

  • burleyboy

    I am a total nube when it comes to bitcoins and the vast opportunity out there to invest in them. I didn’t even know that there were other types of cryptocurrencies out there or trading platforms to make commerce exchanges possible. It blows my mind how cool this whole concept it. I guess the question I have is how do I get started as a newbie?

    • Peter

      Hello, Burleyboy. Great question hence the reason for this post.   You might like to read a couple of other that I have written for a bit more of an overview about this fasinating topic What is Bitcoin About and What is a Cryptocurrency Thank you for your comments I am sure you will also get great value from the eBook How to Invest in Cryptocurrency that is coming your way for leaving a comment. 🙂

  • Roopesh

    Thank you so much for explaining the process of how I can go about purchasing my very first bitcoin.

    One can get bombarded with so much of information overload on the internet, that it is hard to keep focus. I initially read about bitcoin mining. As I am new to the cryptocurrency world, I want to take things in baby steps.

    Your article explained the process of how to go about buying a bitcoin very easily and straight to the point.

    It is a little scary that buying bitcoin on the direct platform can pose some risk.I learned so much here about the bitcoin wallet, and other valuable information.

    You have some amazing books that I am going to register for.

    I have bookmarked your site and will be visiting on a regular basis.

    Thanks
    Roopesh

    • Peter

      Hello, Roopesh. Thank you for your comments and I am pleased you found the article informative and helpful. Yes, I do have some great book and I am sending one your way as a thank you for leaving a comment. 🙂

  • fernglow

    I have heard of many who became become instant millionaire from bitcoin as like you said, it fluctuates a lot! Because of that, I have decided to invest a little on bitcoin!
    Your guide was really comprehensive yet easy to understand and I’ll definitely give it a try and see how it goes. Also do you have any tips for trading or is that something that’s very complicated?
    Thanks and looking forward to your reply!

    • Peter

      Hello, fernglow Thank you for your comments. You will find answers to your questions and more in the eBook that is coming your way as a thank you for leaving a comment. Enjoy 🙂

  • Abe Wine

    This is a very in depth and detailed article on bitcoin. I agree that using traders like local bitcoin where you buy directly from others is much better than using exchanges as they do not require as much info and they are more in light of what bitcoin was intended to be. If I ever get around to buying some bitcoin I will probably use one of those traders to do so.

    • Peter

      Hello, Abe Wine. Thanks for your comments and I hope you enjoy the eBook Why invest in Cryptocurrency? And hoe to get started. that is on its way to you for leaving a comment.  Enjoy 🙂

  • Cameron

    Peter, great article!

    I just barley started investing in bitcoin, and am still new to the idea. Your article answered multiple questions for me. I was always wondering what the difference between different exchange platforms, and how they all worked.

    I’ve heard of localbitcoin and am going to open an account there. I was not aware that you could buy bitcoin there, then transfer it to your wallet at another account.

    It all makes a lot of sense now. I also was not aware of the hardware you could purchase to store bitcoin on to keep it safe and offline. This is genius!

    I started investing in bitcoin a couple weeks ago, and it has already gone up $1000 in price within the last week alone!

    Thanks for the info and clarification on some bitcoin and cryptocurrency topics!

    • Peter

      Hello, Cameron. I am pleased you have found my post helpful and informative.Thanks for your feedback I hope you enjoy the eBook that is coming your way. 🙂

  • Prabakaran

    Thanks Peter for your valuable information about bitcoin.
    So far I was thinking cryptocurrencies like bitcoin are all spam. Now you have invoked an interest in learning about bitcoin.Since I have never researched about bitcoin I am looking forward to learning more. You have explained in an easy way to understand. Since it is new to me I have bookmarked this page.Thanks once again for your valuable post.

    • Peter

      Hello, Prabakaran. Thanks for your comments. I am another couple of post about Bitcoin you and check them out here What is Bitcoin About and What is a Cryptocurrency Together with the information in the eBook Why Invest in Cryptocurrency? And how to get started  you should learn a lot more. The eBook is on its way to you, as my personal thank you for leaving a comment. So watch for it in your inbox.  Enjoy 🙂

  • stefanie

    Thanks Peter for all this fantastic and thorough information on bitcoin. I always learn a lot when I read your posts. It is interesting to know that we can get scammed with bitcoin just like many other things online and so we must be very careful where we choose to buy. So, do you think in the future all money will be bitcoin or something similar? I would like to know your opinion before I think about purchasing some as it seems like you have researched it well. Thanks

    • Peter

      Hello, Stefanie. The future of money will be something like Bitcoin. As I mention in the book, (That I am sending your way) 

      As with any new technology the number of participants entering into the business in the early stages follow a predictable pattern.

      Take the Automobile industry as an example. In 1899 there was only 30 American Auto manufacturers producing motor vehicles. During the next decade, some 485 companies entered the business. Many failed and by 1929 there was only 44 with about 80 percent of the industry’s output accounted for by Ford, GM and Chrysler. Today all but Ford have filed for Bankruptcy. 

      So with cryptocurrencies we will see a rapid increase in the number of participants entering into the business and many will fail. The technology, innovation and advancement will be rapid and dramatic as they compete for market share but only a few will survive and thrive. Bitcoin my well turn out to be the Ford of the Cryptocurrency world.  But who knows for sure.

      As with any investment there are risks so practice caution of course.  I hope you enjoy my Book “Why Invest in Cryptocurrency? and how to get started”. 

      Thanks for your comments. 🙂

  • Patrick

    Hi Peter,
    I have looked over your site and it’s very well presented and laid out, well done.
    This post has created some interest for me in your review on How to Buy Bitcoin with Cash, operations… and how it is valued?
    This a new subject to me and I never give it much thought before, as I did not know what value is in it for me, nor how I could use it to make any profit that could be spent elsewhere…!
    You have covered this subject in great detail and I must hand it to you for such a long review..!
    I wondered just how long a report of this magnitude and depth would take to research and write up with images included take to put together for your website.
    You know I am not convinced that it is something that I would every buy into, even after reading your review twice as you have so much information included here. But thanks for covering this subject and I hope you do well from having this article on your site.
    Cheers,
    Patrick.

    • Peter

      Hello, Patrick. Thanks for your comments. I do have another post that explains what Bitcoin actually is about What is Bitcoin About and another on What is a Cryptocurrency which will give a lot more inside information. Plus I am sending you a free copy of my book  Why invest in Cryptocurrency and how to start. So watch out for it in your inbox. I’m sure that when have finished reading that information you will become a ‘covert’ (so to speak) for the new future of money. Thanks again for your comments. 🙂

  • Andy

    Thanks for this great post, Peter. It looks like buying and selling cryptocurrencies can be a bit complicated for those of us who have never done it, but you’ve definitely provided a lot of good information here.

    I imagine buying and selling cryptocurrencies is a bit like buying and selling actual offline currencies, like US dollars, euros, pounds, yen, etc. I find it a little confusing because assets are typically denominated in a specific currency, but with currency trading, every currency is valued relative to another one, so you can’t just say, “The dollar is going up.” You have to say, “The dollar is going up relative to the euro,” or something like that. I imagine it’s the same with cryptocurrencies.

    • Peter

      Hello, Andy. You are right in that it can be a bit confusing that’s why I have book called Why Invest in Cryptocuurencys and how to get started. Which by the way is coming your way as thank you for leaving a comment. I wrote the post about how to buy Bitcoin because many people found it to be a difficult process after they read my previous posts What is a Cryptocurrency and What is Bitcoin About Once you have some Bitcoins or even a portion of a BItcoin you can start trading many of the other Cryptocurrencies that are available and some are making awesome gains in a short of time. I’m talking about more than 1000% in a matter of weeks. Anyway enjoy the eBook and thanks agai for your comments. 🙂

  • Matt's Mom

    I am so out of the loop when it comes to bitcoins. I have been curious about them, and wanting to possibly purchase some. I sure wish I would have done this a long time ago when they were new and easily obtainable for a low price. I am curious, if you only buy a portion of a bitcoin, that is enough to use as currency? Or do I need to keep buying until I have more. I guess I really don’t understand how much 1 bit coin is worth right now? I would love to know. Thanks!

    • Peter

      Hello, Matt’s Mom. As I write this one bitcoin is worth around $5000 it has reached $6000 and it continues to strenghten in price in amougst highs and lows, no matter what the Governments try to do.  China annonuced a ban on them and price dropped immediately, only to recover and reach new highs. Yes, you can buy and sell units of a Bitcoin (you don’t need a whole coin). I discuss more about Bitcoin in my post What is Bitcoin About and also Cryptocurrency What is a Cryptocurrency I sure you fing both those posts interesting also. I am sending a copy of my eBook “Why Invest In Cryptocurrency and how to get started”. Look out for it in your inbox. Thanks for your comments. 🙂

  • Benjamin Ward

    I never knew that bitcoins fell under as a crypto-currency. Then again I have never dealt with this or similar currencies online before.

    Can you tell me what the primary purpose that bitcoins are used for? Are they used to generate more wealth or perform illegal transactions online?

    The name Bitcoin sounds like some kind of illegal technology to me but i’m sure I am wrong about it.

    • Peter

      Hello, Benjamin. You will find the answes to your question in the eBook that is coming your way for leaving a comments on my post. So watch out for it in your inbox. Thanks for your comments. 🙂

  • Brian

    I didn’t know what all the hype about bitcoins was about, I guess I do know!
    I thought buying Bitcoins would be more shady, however you explain the process very well in this post!
    How can you convert bitcoins into more wealth? Do you just by a portion of bitcoin and wait for the value to go up and then invest in more bitcoins?

    • Peter

      Hello, Brian. Thanks for your comments. I cover this in the eBook that is coming your way as a personal Thank you for leaving a comment. So watch out for the eBook in your inbox. cheers 🙂

  • Edgar

    I was introduced to Bitcoin about 5 years ago and watched a bunch to Youtube videos on how to use and secure Bitcoin. After awhile it became very confusing to keep up and the value tanked. So, I moved on. My interest recently peeked again due to all the media attention and the skyrocketing values. I could just kick myself for not staying involved with Bitcoin. I also liked the way you explained how to use Bitcoin in your post and have bookmarked because I am reconsidering getting back involved with Bitcoin. Thanks for the great information in your post.

    • Peter

      Hello, Edgar. Thank you for your feedback and yes, I am sure there are many people who wish they had got into Bitcoin eariler. But it still could be early days and the future may be even brighter. Well, I think so hence my post about Bitcoin. Enjoy the eBook that is coming your way. 🙂

  • Anita Alig

    Thanks for the interesting post, Peter. Bitcoin trading really seems to be on the up and up. A couple of questions. Do people make a living from trading in cryptocurrencies? Can you make serious cash if you learn all about it first? Do these currencies go the distance like Bitcoin or do some of them vanish after a while? Is it worth getting into cryptocurrencies trading? Also, do you think banks and governments will try to introduce restrictive legislation to limit the scope of these new currencies? It’s great to see the banks losing power, isn’t it?!

    • Peter

      Hello, Antia.  The answer to all your questions are in the eBook Why Invest in cryptocurrency and how to get started, that is coming your way, so watch for it in your inbox. Thank you for your comments. 🙂

  • Izuddin

    Thank you Peter for this great post.

    This is very helpful for every person who wants to understand on how to buy bitcoin.

    At first, a few years back, it was hard for me to understand what bitcoin was. I mean the terminologies and understanding the security involved.

    It took some time but I’m over that.

    The problem I have with bitcoins is that, it sometimes take a while to do retail transactions. What I mean is, it may take about 5 minutes to have a successful transaction.

    The other problem is that, there’s no chargebacks if the seller is a fraud.

    But I have a question and this bugs me a lot.

    With bitcoin currently at an all time high, do you think it will self destruct?

    Thanks again Peter.

    • Peter

      Hello, Izuddin. Bitcoin has been around since 2009 and it has had highs and lows and it hasn’t self destrucred yet. It keeps getting stronger and reaching new highs particularly after something makes it look like it might die. The lastest being the Chinese Government ban on them back in Sept 2017. It took a hit at around $5000 and lost value and then went back up past where it was before to reach a new high of more than $6000. 

      Because this is something new it is going to remain volitile and that will make some people  a lot of money. That’s why its important to get educated about this new technology and hence the training I offer at The Cryptovator’s Cryptocurrency Course Thanks for you comments. 🙂

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