How to Buy Bitcoin

Updated by Mike Lorente verified symbol on July 12, 2022

Buying Bitcoin probably sounds like something incredibly complicated, but it isn't. You only need a couple of things, including an account at a good exchange, a good internet connection, personal ID documents, a payment method, and, of course, enough money in your bank account. Naturally, there's more to it than that, which will all be explained in this short guide. We'll tell you how to buy BTC with various payment methods works, how to sell it, and so much more.

What to consider before buying bitcoin

Before Buying Bitcoin (BTC)

Before you start making investments, you need to learn some critical information about security and privacy — two crucial things in the world of cryptocurrency. 

The first thing you need to know is that anyone can effectively take control of your Bitcoin assets by getting your private key to your public address found on the Bitcoin blockchain. Therefore, it's essential to keep your key safe and use more Bitcoin addresses if you're serious about investing large amounts. 

It's also essential to invest in a good crypto wallet. Beginners typically use Exodus, Guarda, Electrum, and other free software wallets, while experienced investors buy a hardware wallet like Ledger or Trezor.

What is Bitcoin?

You probably have already heard or read that Bitcoin is a decentralized digital currency used as a payment method or an investment. It was created in 2009 by a person or people using the pseudonym Satoshi Nakamoto.

Bitcoin works with the help of a decentralized ledger system called the blockchain. This technology has powered numerous other cryptocurrencies and other technologies in the online world. Blockchain technology enables Bitcoin to stay decentralized while being safer than traditional payment methods. That is because no one controls the entire network, and it changes based on a majority vote. 

What is Bitcoin Cash? 

Bitcoin has always had the same issue; an inability to scale properly. The more users there are, the slower the network becomes. This is one of the main reasons why some Bitcoin miners and developers have decided to create Bitcoin Cash, a new cryptocurrency based on Bitcoin.

Bitcoin Cash was introduced in 2017, and it effectively solved the scalability problem of Bitcoin while keeping its fundamentals. However, it still isn't as popular as Bitcoin.

Discover how to buy bitcoin in a few easy steps

Process of Buying Bitcoin

You can buy Bitcoin following the step-by-step instructions below.

1. Choose Your Crypto Exchange

You can choose any good crypto exchange or brokerage. Ensure the service operates in your country and that it's a reputable one with a reasonable fee structure, lots of payment options, high liquidity, and excellent security features.

It's typically best to use cryptocurrency exchanges as they are the most popular option for buying and selling Bitcoin and most other cryptos. The most popular options include Coinbase, Binance, Gemini, Kraken, eToro, FTX, and Crypto.com.

Once you choose the platform, all you need to do is create an account. The registration process is essentially the same at all exchanges, and it requires you to undergo a standard Know Your Customer (KYC) procedure. In other words, you will have to prove your identity by supplying the site with your name, address, ID, and any other required documentation. 

2. Choose Your Payment Option

Once your account is ready, you can proceed by depositing with a payment method of your choice, by following the instructions on the cryptocurrency exchange. 

Most exchanges offer a wide variety of payment options, including a bank account, credit or debit card, e-wallet, or other options. Deciding which one to choose depends on what you usually use and the exchange charges related to the deposit and withdrawal fees.

3. Place an Order on the Exchange

Crypto exchanges and brokerages have become as complex as stock brokerages, especially in terms of features. You'll get to use the market and limit orders, stop-loss orders, and many other options that matter to all experienced investors.

However, buying Bitcoin can still be as simple as typing in the amount you want to purchase and confirming the transaction. Then you only need to wait for your BTC to arrive in your account. In this way, exchanges are as easy for beginners as for veteran investors. 

4. Ensure Safe Storage of Your BTC

Once you receive your Bitcoins, you can keep them on the exchange, trade them for other cryptocurrencies like Ethereum, or you can sell them once the price is high enough. It's entirely up to you, but if you want to store them, it's best to do it in your own crypto wallet, as it's the safest method of storing crypto.

There are a few valid options to buy the Bitcoin

Ways to Buy Bitcoins

There are different ways you can use FIAT to buy Bitcoins. Here are the more common ways of doing it.

Buy Bitcoin With a Credit Card

Buying Bitcoin with a credit card works the same as all other payment methods. You only need to connect your card to your crypto exchange account and make a deposit. 

However, this doesn't mean it's a good option for buying crypto. Using a casino credit card can be very expensive as you might be paying additional processing fees if any. What's more, your credit card issuer might have different fees and interest rates for Bitcoin purchases. 

Buy Bitcoin With PayPal

Buying any cryptocurrency with casino PayPal is possible on many trading platforms, and you can choose to use one of two methods:

  • Buy with your PayPal account connected to your bank account or debit card. The most widely available and most convenient option. 
  • Buy using your PayPal balance. Many exchanges don't allow this option.

Alternatively, if you are a US citizen (not living in Hawaii) or from the UK, you can also buy Bitcoin directly on PayPal. The famous e-wallet has introduced this feature for casino Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. However, this option comes with a significant disadvantage. You cannot transfer your digital assets outside of PayPal, meaning you can't move them to your crypto wallet.

Other Ways to Buy Bitcoin

Besides the previously described methods, you might also get the chance to use these methods:

  • Bitcoin ATMs: They work like regular ATMs. Bear in mind that they might not be available in your location and always charge high purchase and conversion fees. 
  • P2P exchanges: Similar to regular exchanges, but act as a more direct way of connecting BTC buyers and sellers. 
  • Brokerages: Some mainstream brokerages offer cryptocurrencies besides regular assets like stocks. Robinhood is a good example.
  • ETF: Some ETFs are offering the option to buy cryptocurrencies, including Bitcoin and Ethereum.

Thinking of selling bitcoin find the instructions here

How to Sell Bitcoin

Selling BTC is as simple as buying it. You can do it on the same platform or use another trading platform. You only need to choose the currency you wish to sell it for, either fiat currency or some other crypto. Then, you need to input the amount and confirm the payment, the same way you did when you bought Bitcoin. 

If you are very new to cryptocurrencies, we suggest you avoid selling on the exchange where you need to set the price yourself. This could lead to mistakes and big losses for you. Some websites, such as Coinbase, make it easier to sell by selling automatically to the highest price.

Safety and Security of Cryptocurrency Trading 

Cryptocurrency itself is inherently safe, but trading is a different story. You have to rely on the security measures of the trading platform, and you need to ensure you're using the recommended safety practices for storing bitcoins. 

It would be best to use good passwords and 2FA on your wallet and cryptocurrency exchange account.  

Should I Buy Bitcoin?

This is a question only you can answer, as buying Bitcoin is a risky endeavour like all other investments, possibly even more so. However, we can help you by presenting you a set of few questions you need to ask yourself, as the answers will help you decide:

  • Do I know what Bitcoin is and how it works?
  • Do I understand the risks of crypto investments?
  • Do I have the money I am willing to invest, considering risk factors?
  • Am I comfortable with the level of risk BTC buying entails?
  • Do I know how the cryptocurrency market works?
  • Is there a reason to believe that the price of BTC will go up soon?

FAQ

How do beginners buy Bitcoin?

They usually do it by creating an account at a notable crypto exchange, depositing money, and then using those funds to buy BTC at its current market value.

What is the best way to buy Bitcoin?

The best way to buy BTC is through crypto exchanges, as they are the easiest to use. Plus, they allow you to deposit fiat currency through numerous payment methods.

What is the minimum amount to invest in Bitcoin?

There is no minimum amount for investing in Bitcoin. However, most exchanges where you get to purchase Bitcoin will have a minimum deposit amount, usually $10.

Is it worth putting money in Bitcoin?

Investing in any cryptocurrency is always risky due to its volatile nature. However, it can potentially be very lucrative as its value can quickly soar, as it did for Bitcoin many times in the past. It's still a decision you need to make on your own, and we recommend you start investing lower amounts if you think you are ready to start.

Why is it so hard to buy Bitcoin?

It isn't. It might take a while to get used to the buying process, but with the help of this guide, you should be ready in no time.

Can I buy less than 1 Bitcoin?

Yes, you can. You can buy as many or as few Bitcoins as you like because it, like all other cryptocurrencies, has a large number of decimals, so you can effectively buy 0.001 BTC or even less. However, bear in mind that each BTC transaction comes with fees, so it might not be worth buying $10 worth of BTC if the transaction fee is typically between $1 and $2.

Can I cash out Bitcoin?

Yes, of course. You only need to convert it to cash by selling it for USD or another fiat currency. You can do that on the same exchange. Then, you can withdraw the money to your bank account or some other supported payment method.

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Mike Lorente
Mike Lorente verified symbol Author
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Mike has worked as a freelance writer, focusing mostly on writing reviews and opinions on online casinos. In these past years, he has come to know in-depth how casinos operate and what to look for when choosing a casino. He is always happy to share new tips and strategies aimed to help you in your gaming journey. Based in Spain, Mike is a specialist in casino games and a master when it comes to online slot machines, sharing his strategies and tips on our website.
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