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).
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.
Even 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:
- Trading Platforms
These are websites that connect the buyers and sellers and they charge a small fee for a completed transaction.
- 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.
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.
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.