By EWN • 21 March 2022 • 9:29
Although many investors did not know what to do with it at first, Bitcoin has rapidly transformed itself into the most prominent and profitable asset. Today, individuals, corporations, and institutional investors want to own it. It has inspired a revolution in finance, and investments like never seen before. Merchants and individuals worldwide are also increasingly adopting Bitcoin as a transaction currency. If you are interested in bitcoin trading, visit bitql.
Bitcoin’s adoption is still in its early phase, but its roots have already dug deeper into the global economic fabric. Its reputation has grown exponentially despite criticisms of high volatility and regulatory pressures. Bitcoin is now recognized and accepted as payment and a store of value in several parts of the world. However, buying Bitcoin is one of the most convenient ways to own the tokens. Here are the steps for beginners to buy Bitcoin.
A Bitcoin wallet is among the essential requirements for transacting Bitcoin. Like a physical wallet that holds your cash and credit cards, a Bitcoin wallet keeps your private keys for authorizing transactions. There are different crypto wallet types, including desktop wallets, mobile wallets, online and hardware wallets.
Mobile and online wallets are convenient for daily Bitcoin transactions such as money transfers and trading but are also vulnerable to cyber threats. Hardware wallets are, perhaps, the most secure because they don’t have an internet connection. Nevertheless, beginners should select Bitcoin wallets mainly based on security and functionality.
Although there are several places where you can buy Bitcoin, crypto exchanges are the most convenient and safer marketplaces. However, Bitcoin prices usually vary across crypto exchanges. So, compare the prices to find one that offers better rates.
Novices should consider using local crypto exchanges based in their home countries to buy Bitcoin. That will enable you to avoid foreign transaction fees and currency conversion costs. Crypto exchanges also charge a small fee for processing transactions. Overall, your choice of a crypto exchange should mainly depend on its location and transaction fees.
You must register with the chosen exchange and complete security checks to buy Bitcoin. Most crypto exchanges will ask for personal details, including your name, email address, and phone contacts. Then, they will send you an email to verify and confirm your account. However, you may still need to complete more security checks to start buying Bitcoin.
Depending on their location, some exchanges usually require their customers to comply with the Know Your Customer and anti-money laundering rules. Others will ask you to include a valid phone number to facilitate two-factor authentication. That gives your account an extra layer of protection against potential cyber threats. You may also have to upload a selfie or a photo scan of your passport or driver’s license.
Many crypto exchanges will also require you to add your bank account, credit card, or debit card number to purchase Bitcoin. Adding a bank account when purchasing large amounts of Bitcoin usually lowers transaction fees. Most crypto exchanges only recommend credit cards and debit cards for smaller purchases. Nevertheless, Bitcoin transaction fees are generally less than 1%, some may even waiver the charges.
The last step is to deposit funds into the newly created account on the exchange platform. That way, you will have the money to buy Bitcoin at your convenience.
Buying crypto might seem like a complex process to beginners. However, the above guidelines can help you buy Bitcoin seamlessly and safely.
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