Where to buy Bitcoin (BTC)
Where to purchase Bitcoin in a few transparent steps explained. As big companies now also invest in cryptocurrencies, this is the time to own your own crypto-coins like Bitcoin.
The easy beginners guide will take you safely and step by step through the process of buying Bitcoin. When you follow these steps you'll own your first Bitcoin today! How exciting!
TIP! Before starting with the article below, make sure you create an account (within 1 minute) so you can follow the steps below directly.Where to purchase Bitcoin BTC for beginners
- Step 1 - Create & secure an account
- Step 2 - How much Bitcoin (BTC) should I buy?
- Step 3 - Payment methods buying Bitcoin
- Step 4 - Trade or buy your first Bitcoin
- Step 5 - Prepare for the crypto future!
- Step 6 - More information about buying Bitcoin
Step 1 - Create an account
Bybit is one of the biggest platforms in the world. Big plus is that it is very simple to buy Bitcoin on Bybit. As per normal currency trading you pay a small fee on every trade you make and Bybit has good rates. Once you bought Bitcoin you can choose to keep your coins online or send them to a hardware wallet if available for your coins.
Below in super simple steps explained, how to create a new and safe account.
1.1 Safe account
Click on this link to go to Bybit Exchange to create an account.
1.2 Strong password
Enter your email & strong password, tick off I agree to the Bybit Term of Use and click register.
1.3 Verify email address
After this step is completed a verify email will be send to you.
Check your inbox and confirm your email address
1.4 Secure your account
Awesome your Bybit account is created! Now follow the next steps and make sure your account is 2FA secured. This is highly recommended.
What is 2FA?
With 2FA you will generate a security code every time you login with a new session. This will help to prevent other people to get access to your account. Most used 2FA authentication options are SMS and authenticator apps like Google Authenticator.
1.5 You've an account now!
You're account is ready to use and buy Bitcoin (BTC)
Step 2 - How much Bitcoin (BTC) should I purchase?
The good thing on cryptocurrencies are that you can divide them and buy just a (small) piece. This way you still own your piece of Bitcoin and you can use it or hold it.
To build up your confidence its good to try with a small amount to learn about the process of purchasing Bitcoin after that you know the process and can easy scale up your transactions and purchase more Bitcoin. (be aware of the fee's that are involved when you purchase and sell cryptocurrencies)
Two SMART reasons it's good to be active on multiple exchanges
The demand of people are increasing and sometimes you want to trade quickly. As some exchanges have waiting times for approval what can take weeks. Therefor its smart to have already accounts on multiple exchanges.
Another reason to have an account on multiple exchanges is that not all exchanges list the same cryptocurrency coins. When you discover a new coin that you want to buy you don't want to end up in line waiting for approval but just take action before the price goes up. Click here for a FULL list of popular exchanges including our personal TOP 5.
Step 3 - Payment methods buying Bitcoin
On Bybit you have over 100 payment options to deposit money and buy your Bitcoin. Simply select your currency and the payment option you want to use. Of course they also provide the most used payment options like Credit Card, Bank Transfer & PayPal.
Note: every country has different payment options, simply login and check the payment methods for country. In the cryptoworld and on exchanges like Bybit you can't purchase every coin directly with FIAT currency. Therefor they created stable coins like Tether USDT.
These are cryptocurrencies you can purchase to later swap them over to the currency you want to buy. Before purchasing your preferred coin its good to look-up what what coins are paired to the coin you want to purchase.
Step 4 - Trade or buy your first Bitcoin
In the cryptoworld and on exchanges like Bybit you can't purchase every cryptocurrency directly with FIAT currency. Therefor they created stable coins like Tether USDT.
These stable coins are cryptocurrencies you can buy to later swap them over to the currency you want to purchase. The name stable-coin is from the USD as the price of these coins just use the price of the USD. Before buying your preferred coin its good to look-up what what coins are paired to the coin you want to buy. For example some coins only pair with Bitcoin and Ethereum other also pair with stable coins.
Benefit of using stable-coins
As some cryptocurrencies can be volatile stable coins are often linked to the USD. Therefor their price stays very similar what will reduce the risk while trading fiat currency into other crypto coins and visa versa.
Step 5 - Prepare for the crypto future!
As mentioned earlier this guide is all about buying Bitcoin (BTC), prepare yourself and create multiple secured accounts on exchanges. This way you will be prepared for the future when you want to purchase a new cryptocurrencies that are not listed on the one exchange you are using
Top 5 - help yourself
List of exchanges including our TOP 5 to purchase Bitcoin (BTC) or other alt-coins. Most of these exchanges have large trading volumes.Step 6 - More information about Bitcoin
DYOR - Do Your Own Research
When investing in Bitcoin always make sure you do your own research on the coin, technology of the coin and the team behind the coin. Before you're investing in a coin its important to do you your own research on the coin, technology of the coin and the team behind the coin.
DCA - Dollar Cost Averaging Strategy
Dollar Cost Averaging is a strategy that is famous in the investment- and crypto-world. It's a tactic where you purchase systematic a certain amount of a certain coin / investment you believe in. For example every month $100. As you purchase systematic it will reduce the emotional involvement and as you spread the money you invest you spread the risk of a unstable market.
- Invest small amounts
- Less stress about volatile markets
- Less chance on losses as you never purchase full amounts on peaks
Cons DCA
- Won't make optimal trades as you don't invest all on the bottom
- Takes longer, as you're not rich after one trade
- If you DCA on one investment you can pick a loser investment what will only go down. Better is there to spread your investments while doing DCA.
Explanation Video DCA Dollar Cost Averaging
Explanation Video How to Buy Bitcoin
Below you'll find a video tutorial about how to buy Bitcoin (BTC). Simply replace BTC with Bitcoin in this video and you'll learn how to buy Bitcoin within a couple of minutes.Official Bitcoin BTC sources
