You’ve already learned how Bitcoin works and you`re excited about the perspectives and ready to buy. But the question is how can you get some? It is possible to buy Bitcoinon the exchange or directly through the marketplace.
There are many different ways how to pay for Bitcoin. It can be cash payment, credit, debit card, wire transfer or even other cryptocurrency.
Step 1: Set up a good Bitcoin wallet.
A Bitcoin wallet is the first step to using Bitcoin. A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive Bitcoins, store them, and send to others. Wallets also track your balance, which is stored in one or more Bitcoins. Typically, wallets also have a function that stores the history of your transactions. There are many various types of wallets: online, mobile, hardware, desktop or paper one. These different types of wallets offer a wide range of services. There is no single best option available for everyone. It is better to search a bit more information in the internet about how they work and how to use them before deciding which type you need. The important thing of every wallet is to keep your keys and passwords secret. If you lose them, you will no longer have access to your Bitcoins.
Step 2: Choose the right Bitcoin trader and open an account.
Nowadays there are huge number of existing cryptocurrency exchange platforms with different level of security and liquidity. Some of them in-demand, while others on the contrary lose their relevance and end up closing down. As with wallets it is better to do a research before you deposit your money somewhere.
Almost all exchanges accept payment via bank transfer, credit card and even some of them work with PayPal system. To make an exchange you have to pay a fee which is completely different everywhere and depends on the policy of the platform.
As soon as the exchange receives payment, it will acquire the appropriate number of Bitcoins and deposit them into the automatically generated wallet on the exchange. It may take several minutes or sometimes hours, because of the network bottlenecks.
Step 3: Select your Bitcoin purchase method.
There are some crypto exchange platforms where you can find someone who wants to exchange cash for Bitcoins. This exchange is also called OTC trading. People prefer to buyand sell Bitcoinsover-the-counter, because in this case, transactions are faster and you can use different methods of payment.
Bitcoin ATMs allow you to buy Bitcoin for cashin reconcilable wallets. These ATMs are available in a limited number of cities, but provide an alternative to withdrawing money using an exchange. Again, most exchanges and online wallets will not deal directly with cash.
We described only a few possible Bitcoin purchase methods, you can find a lot of others on the assumption of what is the most convenient and available in your region.