Bitcoin, just like gold, has a finite supply; its supply is capped to 21 million bitcoins. As such, there is a high demand for bitcoin. Buying bitcoin is an easy process, and there are several ways to do it. In this blog post, we will learn how to purchase bitcoins in less than 5 minutes at:
- Cryptocurrency exchanges.
- Teller machines
- Peer-to-peer market exchanges.
Crypto exchanges are platforms that allow cryptocurrency users to buy or sell crypto assets. Purchasing bitcoins from a crypto exchange is as easy as falling off a log. You only need to follow the procedure below:
- Create a Bitcoin wallet.
A wallet is a software that holds all your bitcoin addresses. You can use it to send or receive bitcoins and manage your keys. There are different wallets, for example, Desktop, Web, Mobile, and Hardware wallets. You can choose any wallet of your choice, depending on the amount you want to invest and the frequency of your transactions.
Related: Best Bitcoin Wallets in 2020.
- Join a cryptocurrency exchange.
There are hundreds of cryptocurrency exchanges, but before joining one, there are certain things to look out for, such as the reputation of the platform, payment methods, exchange rates, and geographical restrictions. You can create an account with your preferred cryptocurrency exchange.
Note: Go ahead, and sign up with Nordikcoin; thousands of people trust it, and they are using it flawlessly to buy bitcoins.
- Verify your identity.
Most exchanges require you to verify your identity before making any payments; they do this to prevent fraud and also ensure that no one, except you, can use your payment information to make any payments. Read more about ไพ่บาคาร่าเป. Please stay away from exchanges that allow you to remain unidentified, as they are the most exposed to money laundering and scams.
- Buy bitcoins.
You can pay for these bitcoins using different payment methods, depending on the ones accepted by the exchange; some examples are credit or debit cards, bank transfers, PayPal, and Payoneer. As soon as the exchange receives your payment, they will release the bitcoins to a free online wallet that they provide.
Caveat: Never store your bitcoins with a cryptocurrency exchange, as it exposes your funds to third-party risks. Please transfer your funds to the wallet you created or enable two-factor authentication from the system’s security settings.
Bitcoin teller machines.
Bitcoin teller machines are machines that allow you to buy bitcoins using cash. There is a one-way teller machine and a two-way teller machine. With a one-way machine, you only buy bitcoins, whereas a two-way machine allows you to both buy and sell bitcoins. Purchasing bitcoins from a teller machine is a simple process.
- Find a Bitcoin teller machine close to you.
There are over 6000 bitcoin teller machines in 80 countries. You can use the Bitcoin ATM Map to locate the nearest Bitcoin teller machine.
- Press the “Buy Bitcoin” button.
At the teller machine, you’ll see a “Buy bitcoin” button.
- Choose the amount.
Most teller machines allow you to purchase bitcoins worth $1 – $1000 with no identification; for a higher amount, you will need to verify your identity.
- Choose whether or not you have a bitcoin wallet.
In case you have a wallet, you will need to scan the QR code later; if you don’t have one, the teller machine will provide you with a paper wallet. However, you need to transfer your coins later from the paper wallet to a digital wallet, because once you lose the paper, you lose your coins, too.
- Scan the QR code.
Scan the QR code of your BTC address that will receive the bitcoins. The paper wallet also has your BTC address, so you will need to scan that BTC address.
- Insert cash.
After scanning the QR code, the machine will allow you to insert your cash.
- Get a receipt.
The receipt confirms that the machine has sent the bitcoins to your bitcoin address.
Peer – to-Peer Bitcoin exchanges.
Peer-to-Peer Bitcoin exchanges are exchanges that allow two participants to come together to trade Bitcoin directly, with no third party. The most popular peer-to-peer Bitcoin exchanges are LocalBitcoins, Paxful, and BitQuick. Buying Bitcoins from these platforms is really easy; just follow the steps below:
- Create an account.
All the peer-to-peer Bitcoin exchange platforms require you to sign up with your email address, username, and a strong password.
- Search for Bitcoin traders on the platform.
After creating an account, you can search for any Bitcoin trader according to your preferred location, payment methods, and amount. The peer-to-peer Bitcoin exchanges offer a variety of payment options.
- Choose a preferred trader.
After finding your preferred trader, click on their price, and the system will lead you to the trade page.
- Enter the amount of money (in your local currency) that you want to trade.
The platform will show you the number of Bitcoins that correspond to that fiat value.
- Send a trade request and discuss the payment methods with your preferred trader.
After agreeing with the trader, you can send the payment; the system will release the Bitcoins to your online wallet that the platform provides.
Note: Peer-to-peer exchanges use escrow services to hold funds securely.
The information provided here is for informational and entertainment purposes only. You should not consider it as financial or investment advice. No person should make any kind of financial decision without first consulting their financial adviser or conducting their research.