How to Purchase Bitcoin?

December 14, 2021

Bitcoin is one of the most trustworthy cryptocurrencies out there. Yes, you can choose another promising crypto to invest in, but Bitcoin seems to be the most reliable coin. Now that some popular payment systems release info about accepting Bitcoin as a currency to pay for everyday goods, it’s understandable that people want to invest in BTC even considering the prices. Read the article to learn how to purchase Bitcoin.

You can even buy Bitcoins with credit card these days thanks to modern exchange systems. But before the purchase, learn some important information.

Methods of Purchasing Bitcoin

There are quite a few ways of buying Bitcoin. Thankfully, you no longer need to buy expensive equipment to mine Bitcoin. Now you can buy coins within minutes by using the following methods:

  • crypto exchange platforms;
  • PayPal;
  • Bitcoin ATM.

The last option isn’t available in most countries, plus, it’s a rather expensive option. The fastest and most convenient way to buy some BTC coins is to use crypto exchanges. The best thing about crypto exchange platforms is that you may even use your credit card to make a purchase.

The general instruction to buy Bitcoin on most exchanges is as follows:

  • Create and verify an account.
  • Go to the exchange section and choose the currency you want to use to buy Bitcoin.
  • Make sure you also choose Bitcoin as the currency you wish to receive.
  • When you fill in how much money you want to spend, you will see how much Bitcoin you get.
  • Proceed with your purchase by choosing a payment method – credit/debit card, e-wallet, or crypto wallet if you are selling another cryptocurrency.
  • Confirm the purchase.

Usually, the exchange doesn’t require you to add the public address of your crypto wallet. You get a public address on your exchange account, that’s where coins are stored. But most people recommend immediately transferring coins to your crypto wallet. Check out how to choose a safe crypto wallet below.

Where to Store Bitcoin: Choosing a Wallet

There are two most popular types of crypto wallets used today by people with cryptocurrency savings:

  •  Software, or “hot” wallet. It’s a software app that you download online. It could even be a browser extension. The program stores your private key. The wallet is always connected to the web.
  • Hardware, or “cold” wallet. It’s a more expensive, but safer option. It’s a tool that you need to plug into your PC. The private key is stored safely without being connected to the web.

Experts recommend using hardware wallets if you have significant savings. If you need your coins to buy goods or services, you can use a small amount of BTC and store these coins in a software wallet. Hot crypto wallets are in general easier to use, but less protected. 

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