how to buy bitcoin

A Simple Step-by-Step guide on How to buy Bitcoin

Nowadays Bitcoin has become the most profitable investment surpassing real-estate and stocks. One good investment and boom you can be a rich very next day. But you need to be careful bout the risk involved too.

Similarly, Bitcoin mining is also a very profitable business if you have money to invest. But I recommend you to invest in bitcoin instead of bitcoin mining.

Let’s first have a look at how to buy bitcoin step-by-step in the simplest way.

Things needed to buy Bitcoin

In order to buy bitcoins, you need to have the following things:

  • A Digital Wallet

    You need to have a Cryptocurrency wallet in order to store your wallet.
    Coinbase : Buy Bitcoin
    Coinbase: Buy Bitcoin
  • Personal Documents

    You need to verify your identity in order to buy any cryptocurrencies.
    Personal Documents
    Personal Documents
  • Secure Internet Connection

    As you are investing your money you need to have secured connection. Don’t use any wifi to buy any cryptocurrencies.
    Secure Internet Connection
    Secure Internet Connection
  • Bank account, Credit card or Debit card

    You need to have either one of the following in order to buy bitcoin.
    Bank
    Bank

How to buy Bitcoin?

how to buy bitcoin
Credits: BitDegree

These are the 5 simple steps to buy your first ever bitcoin

  • Step 1: Making a Bitcoin Wallet

    To store your bitcoins you need a wallet. You may try out any of the wallets present online and store your bitcoins. But we recommend these 2 wallets Coinbase and Blockchain. If you are investing more than $1000 you definitely need a hardware wallet. Check it out here.
  • Step 2: Verify your Identity

    After creating the account you need to verify your identity through your personal documents. Don’t worry your data will not be leaked.
  • Step 3: Connect your Bank Account

    Now connect your bank account with the cryptocurrency wallet. To convert your cryptocurrency to fiat money you need to have a bank account.
  • Step 4: Join a Cryptocurrency Exchange

    The next step is to join a Cryptocurrency Exchange. You can join any cryptocurrency exchange as per your location. We recommend you Binance, as it is one the secured and easy to use a cryptocurrency exchange.
  • Step 5: Buy Bitcoin

    • Login to your Binanace account and Click on the Buy Crypto tab.
      Bitcoin Exchange
      Bitcoin Exchange
    • Select any of the channels and you are ready to buy bitcoin with your Master Card or VISA card.
      Buy Bitcoin with Binance
      Buy Bitcoin with Binance
    • Enter the number of bitcoins you want to buy and then click on the Buy now button.
      Amount of Bitcoin
      Enter the Amount of Bitcoin
    • Confirm your order and click on Go to payment.
      Confirm Payment
      Confirm Payment
    • Now enter your personal details and card details and complete verification of the order.
      Card Details
      Card Details

Hurray! Now you are the proud owner of the Bitcoin. Spread the word around to your familyand friends and teach them also about how to buy bitcoin.

Safety Measures While buying Bitcoin

Buy bitcoin is easy when you know the correct way. But you can easily fall into a scam and can lose all your money. Follow our simple tips so that you don’t lose your hard-earned money.

  1. Visit the genuine website only while creating your wallet and registering for a cryptocurrency exchange. Check the URL of the website to confirm you are in the correct place.
  2. While creating an account have a very strong password. Always combine letters, numbers and special characters in your passwords.
  3. Avoid using any Wifi.
  4. Enable 2FA in the wallet and cryptocurrency exchange if it is available to ensure more security.
  5. Don’t save your credit or debit cards on any websites.
  6. Invest the money that you can afford to lose.

Investment vs Trading in Bitcoin

Investment and trading are two different things but most of the beginners didn’t know about it. Let’s find out what is investing and trading and which fits best to you.

Investment

Investment is the process in which you buy something with your money and keep it for a long period of time. As you are keeping your money for more time it is more likely that you will earn a profit.

  • Money kept for a Long time.
  • More likely to get profit.
  • Less risk than trading.
  • The analysis is done by Fundamental analysis.

Trading

Trading is the process in which you buy something and immediately sell when you have profits. It is done more faster than Investing.

  • Money is kept for a short period of time.
  • It can get a huge profit or may even suffer from a loss.
  • Riskier than investing.
  • A technical analysis is done.

Should you Invest or Trade Bitcoin?

We have 2 short and simple suggestions for you.

  • If you are a beginner you should always invest in bitcoin rather than trading.
  • You need to learn how to trade and learn to control your emotions before trading in bitcoin or any other thing.

What is the Right Time to Invest in Bitcoin? Secret Revealed

So you now know how to buy Bitcoin and we also know that Bitcoin Investment is better than trading for beginners. Beginners have the following questions while they want to invest in bitcoin:

  • What is the right time to invest in bitcoin?
  • Should I invest when bitcoin price is low?
  • Should I invest when bitcoin price is rising?

These questions always come into the minds of the beginners and here’s where they fail. So what to do? At which time you should invest in Bitcoin. So here is the secret answer.

There is no good or bad time to invest in Bitcoin.

Yes, it’s true. If you invest in bitcoin right now I bet you will be enjoying your profit in the next year or two or even in 6 months.

Bitcoin price will increase because it is in a limited amount like Gold. But as Bitcoin is more volatile you will earn more profit. It depends on you how much profit do you want. Bitcoin has given a profit of 5,895.33% to its early investors.

Don’t think much and invest in bitcoin right now.

Summary

  • You need a wallet, personal documents, secured internet connection, and bank account, debit or credit card in order to buy bitcoins or any other cryptocurrencies.
  • To buy your bitcoin make a wallet.
  • Verify your identity and connect your bank account.
  • Join any cryptocurrency exchange and buy bitcoin.
  • Trading and investing are 2 different things.
  • If you are a beginner you should always invest in bitcoin.
  • You should invest in bitcoin right now.

About the author

Wikicrypto45

I am Vijay Dangi, a Cryptocurrency, and Blockchain enthusiastic from India. I became interested in Cryptocurrency and Blockchain Technology in 2017 when I came across the powerful security of blockchain while browsing Youtube. I was very inspired and keen to invest in Bitcoin at the same time. But rules and regulations in India didn't allow me to do that. So I started a blog to follow my passion for Cryptocurrency and Blockchain Technology.

View all posts

11 Comments

  • I’m impressed, I have to say. Really rarely do I encounter a weblog that’s each educative and entertaining, and let me let you know, you may have hit the nail on the head. Your thought is outstanding; the difficulty is one thing that not enough persons are talking intelligently about. I’m very glad that I stumbled across this in my search for one thing regarding this.

  • I¦ve been exploring for a little bit for any high quality articles or blog posts on this sort of space . Exploring in Yahoo I at last stumbled upon this site. Studying this info So i am satisfied to express that I have an incredibly excellent uncanny feeling I discovered just what I needed. I such a lot without a doubt will make sure to don¦t disregard this site and provides it a look on a constant basis.

  • Have you ever considered about adding a little bit more than just your articles? I mean, what you say is valuable and all. However think about if you added some great visuals or video clips to give your posts more, “pop”! Your content is excellent but with pics and clips, this site could undeniably be one of the best in its niche. Great blog!

  • obviously like your web-site however you have to test the spelling on quite a few of your posts. Several of them are rife with spelling issues and I to find it very bothersome to tell the reality then again I?¦ll certainly come back again.

  • I’ve been exploring for a little for any high quality articles or weblog posts in this kind of area . Exploring in Yahoo I eventually stumbled upon this site. Studying this information So i am satisfied to express that I’ve an incredibly just right uncanny feeling I came upon just what I needed. I most unquestionably will make certain to don’t put out of your mind this web site and provides it a glance regularly.

Leave a Reply

Your email address will not be published. Required fields are marked *