How to Purchase Bitcoins — Step-by-Step Guide

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Buying bitcoins is easy, popular, and smart! Why? Let’s find out. Let’s answer all of these three questions! First of all, buying bitcoins is a lot easier than mining them or investing in them through a mining cloud. Buying this cryptocurrency online is the best solution for those who want to own bitcoins but don’t want to invest their time and money into mining them. So why is buying so easier than mining?

To mine bitcoins by yourself, you need to invest in GPU and electricity usage. Also, you need to do some research on mining software and/or mining pools. Additionally, you can “mine” bitcoins through cloud mining — you make a contract with a mining company, invest your money, and the company pays you out for your investment. To buy bitcoins, on the other hand, you need to set up your wallet, choose a good timing, and click “Buy” — it’s that easy! Now, let’s answer why buying this digital currency is so popular.

Is It Better Than Mining?

First of all, it’s popular because only a few clicks stand between you and your digital coins, while mining them takes a lot of research, investment, and planning. Second, owning bitcoins has shown over time to be quite a lucrative investment — you can trade them, you can use them for online trading, you can save them. Now, let’s see why it is smart to do it.

Well, buying bitcoins isn’t always a smarter option, to be honest. So when is it, and when is it not? If you are only looking for small bitcoin investments or using them in small online transactions, but you don’t own appropriate mining GPU, then it’s smarter to buy them. Mining these coins makes sense only if you have big plans with this currency. If not, you should carefully consider the costs of mining. So for those who want to try their stock trading skills on a smaller scale, buying bitcoins is a better way to go. Now, let’s see how to buy them!

The Full Guide

There are three different ways of buying this popular cryptocurrency. Before you choose your method, you should set your wallet. Opening your bitcoin wallet is simple too, and we shall talk about it later on.

1. Bitcoin Exchange

You can leave you bitcoin purchasing to others, more precisely, to companies. So if you want to acquire some digital coins using this method, visit the Bitcoin Exchange. There, you will see a list of companies that offer their services of online bitcoin trading. You will see those companies sorted by the country in which they operate. Let’s meet some of the most popular ones!

Name Country
bitFlyer USA
Bittrex USA
Gemini USA
itBit USA
BitBuy Canada
Coinsmart Canada
BitBay Poland
Kuna Ukraine
Binance U.K.
CoinCorner U.K.

2. Visiting the ATM

Also, you can obtain some digital coins by visiting an ATM. At this moment, there are 5,223 Crypto ATMs in the world, and they are available in 77 countries. The total number of Crypto ATM operators is 549. The USA has Bitcoin ATMs at 3,375 locations, Canada at 692, and Austria at 266.

Cash girl stading close to ATM

3. Peer-to-Peer Method (Direct Method)

This method works like almost any other online exchange — you browse sellers, order your purchase, and leave your feedback as a buyer. The P2P (peer-to-peer) method is easy, safe, and very popular, and many use it to buy and sell bitcoins.

Coinbase

These are the three main methods of buying your bitcoins. Now, since you learned how this trade works, let us introduce you to Coinbase — a super-easy-to-use Bitcoin trading application. This app was designed for buying, selling, and using cryptos. Before you start trading, Coinbase will ask you to verify your identity. So just as many other apps, the first step here would be setting your personal account. When you click on Coinbase app, the app will ask you to provide your name, surname, email, and to create a password. And guess what, that’s half of the work!

Coinbase is available both for PC and as a mobile app. It offers you the option to trade with bitcoin, ethereum, litecoin, and bitcoin cash. You can also follow a history of all of your transactions, and of course, current bitcoin prices on this app. Also, Coinbase offers various payment methods — you can use a debit card, bank account, or even wire transfer. However, credit or debit cards are not available for all investments and all countries, so this is something you should have in mind. Also, the waiting time for bank transfers can vary from country to country.

Wallets and Safety

Since you are now an expert on buying and selling bitcoins, let’s talk about one more thing — wallets. As you may know, to trade bitcoins, you are going to need to set your bitcoin wallet with its own private key. While this action is as easy as it can be, there is a safety factor involved here. So you can open your online wallet or set up your own offline wallet, a wallet that stores your coins on hardware that is not connected to the internet. There is not a huge difference, if there is any at all, between these two methods when it comes to dealing with your coins. However, there is one crucial difference when it comes to safety — hardware wallets are a lot safer! So we advise you to always go for an offline wallet version instead of an online one. No matter how well protected, unfortunately, online wallets can be hacked.

Conclusion

As you can see, trading bitcoins is a breeze — you need a device with an internet connection, personal account, and a payment method of your choice. However, it would be ideal if you also acquired a great sense of timing. Through smart bitcoin trading, you can earn a lot of money. So the trick isn’t in learning how to buy but when to buy! However, apart from turning bitcoins in a short-term investment, you can also choose to save them in your wallet or use them for various online transactions. Many businesses, shops, and games, accept bitcoins today — this cryptocurrency is gaining more and more popularity. So buying bitcoins isn’t just easy, it is pretty smart too.

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