How to Buy Bitcoins

Bitcoin is what started the cryptocurrency boom in 2008, as it was the catalyst that was needed to get the crypto ball rolling. Since then we have seen an explosion in the crypto space, giving birth to a plethora of many different forms of virtual currency, that have many different characteristics that offer many different benefits. However, for the purpose of this article we will be examining bitcoin and how to buy it.

Bitcoin is the most prominent of all the cryptocurrencies that are currently available and it experienced an exponential level of growth over the past couple years. The largest jump started back around mid-2017 where the price of a single bitcoin was worth approximately $3,000 and by the end of the year the BTC price had rocketed to nearly $20,000.

No other cryptocurrency has come close to such a valuation. Ever since its continual upwards trend people have been trying to jump on the bandwagon and get a slice of the virtual pie as it were, with people taking very drastic measures such as taking out loans to remortgaging their homes just so they have access to enough capital to purchase a meaningful amount of bitcoins in the hope that they can reap the reward.

But how exactly do you go about buying the most valuable cryptocurrency in the world? Where do you go? Fortunately the process is relatively easy and can be done by almost anyone. To buy bitcoin you first need to obtain a wallet, and this is what is going to store your bitcoins and keep them safe which is crucial, as I cannot stress enough the importance of having tight security for your digital currency.

You have a number of choices when it comes to cryptocurrency wallets such as hardware wallets that resemble USB devices, or software wallets that reside on your computer. Hardware wallet do offer better protection than most software wallets, but they can be easily lost or misplaced and software wallets do have the capacity to safely store bitcoins, but they are more likely to be hacked so it is your prerogative with which wallet you choose.

Once you have obtained your wallet, you then need to create an account on a cryptocurrency exchange platform such as Coinbase, which is one of the most popular platforms online.

In order to create an account you will need to have some form of identification like a passport or driving license that you can send a picture of, this procedure will verify your identity and is part of the security protocol. Once you have gone through the account creation phase, and proved your identity, you can then navigate to the buy and sell area which will allow you deposit fiat currency in exchange for bitcoins. You need to connect your bank account to Coinbase in order to initiate a transfer successfully, which should normally take a few minutes to process. Upon exchanging fiat currency for cryptocurrency; Coinbase will take a small fee.

Once you have your hands on this virtual money you are free to do with it as you will, and if you feel like exchanging those newly bought bitcoins for other types of cryptocurrency then you can simply join a crypto trading platform such as Binance, which is one of the world’s largest and most liquid crypto trading platforms.

The option to trade your bitcoins for other forms of cryptocurrency are entirely up to you, but it should be known that cryptocurrencies can experience a severe period of volatility and should be approached with extreme caution.