Last updated: 26th January 2018
So you’ve learned the basics about bitcoin, you’re excited about the potential and now you want to buy some*. But how?
(*Please, never invest more than you can afford to lose – cryptocurrencies are volatile and the price could go down spil well spil up.)
Bitcoin can be bought on exchanges, or directly from other people via marketplaces.
You can pay for them ter a diversity of ways, ranging from hard metselspecie to credit and debit cards to wire transfers, or even with other cryptocurrencies, depending on who you are buying them from and where you live.
The very first step is to set up a wallet to store your bitcoin – you will need one, whatever your preferred method of purchase. This could be an online wallet (either part of an exchange verhoging, or via an independent provider), a desktop wallet, a mobile wallet or an offline one (such spil a hardware device or a paper wallet).
Even within thesis categories of wallets there is a broad multiplicity of services to choose from, so do some research before determining on which version best suits your needs.
You can find more information on some of the wallets out there, spil well spil tips on how to use them, here and here.
The most significant part of any wallet is keeping your keys (a string of characters) and/or passwords safe. If you lose them, you lose access to the bitcoin stored there.
Two – open an account at an exchange
Cryptocurrency exchanges will buy and sell bitcoin on your behalf. There are hundreds presently operating, with varying degrees of liquidity and security, and fresh ones proceed to emerge while others end up closing down. Spil with wallets, it is advisable to do some research before choosing – you may be fortunate enough to have several reputable exchanges to choose from, or your access may be limited to one or two, depending on your geographical area.
The largest bitcoin exchange ter the world at the ogenblik te terms of US$ volume is Bitfinex, albeit it is mainly aimed at spot traders. Other high-volume exchanges are Coinbase, Bitstamp and Poloniex, but for petite amounts, most reputable exchanges should work well. (Note: at time of writing, the surge of rente ter bitcoin trading is placing strain on most retail buy and sell operations, so a degree of patience and caution is recommended.)
With the clampdown on know-your-client (KYC) and anti-money-laundering (AML) regulation, many exchanges now require verified identification for account setup. This will usually include a photo of your official ID, and sometimes also a proof of address.
Most exchanges accept payment via bankgebouw transfer or credit card, and some are willing to work with Paypal transfers. And most exchanges charge fees (which generally include the fees for using the bitcoin network).
Each exchange has a different proces for both setup and transaction, and should give you sufficient detail to be able to execute the purchase. If not, consider switching the service provider.
Once the exchange has received payment, it will purchase the corresponding amount of bitcoin on your behalf, and deposit them te an automatically generated wallet on the exchange. This can take minutes, or sometimes hours due to network bottlenecks. If you wish (recommended), you can then stir the funds to your off-exchange wallet.
Two – choose a purchase method
Platforms such spil LocalBitcoins will help you to find individuals near you who are willing to exchange bitcoin for metselspecie. Also, LibertyX lists retail outlets across the United States at which you can exchange specie for bitcoin. And WallofCoins, Paxful and BitQuick will ongezouten you to a bankgebouw branch near you that will permit you to make a contant deposit and receive bitcoin a few hours straks.
ATMs are machines that will send bitcoin to your wallet ter exchange for contant. They operate ter a similar way to canap ATMs – you feed ter the bills, hold your wallet’s QR code up to a screen, and the corresponding amount of bitcoin are beamed to your account. Coinatmradar can help you to find a bitcoin ATM near you.
(Note: specific businesses mentioned here are not the only options available, and should not be taken spil a recommendation.)
Authored by Noelle Acheson. Bitcoin picture via Shutterstock.