How to buy Bitcoin (BTC)?
Bitcoin is the first cryptocurrency with which the financial sector of digital coins began its development. Today, this digital currency is the most highly capitalized. Accordingly, it is in constant demand. VTS is actively used not only as a means of payment. This coin is an effective tool for trading and investing. Profit is generated due to the constantly changing exchange rate against the backdrop of changes in supply and demand. Therefore, the natural question is how to buy Bitcoin so that it is as profitable and safe as possible, taking into account the current situation on the market.
Preparing to Buy Bitcoin
Before you start using digital assets, you need to understand the basic principles of operation of the entire cryptocurrency financial system. It operates in the following positions:
anonymity of each participant in the cryptocurrency community;
data privacy;
non-refundability of payments;
commercial course for regulating the value of bitcoin.
Before you buy Bitcoin, you need to create a special cryptocurrency account.
Creating a cryptocurrency wallet for Bitcoin
The storage and use of digital coins is carried out through special software called a cryptocurrency wallet. Bitcoin purchases are available on most services. First you need to select the type of wallet:
cold - ideal for long-term storage of digital coins for profit, as well as if you plan to use large amounts;
hot - these are separate applications for smartphones or software for PCs, sites through which the purchase of Bitcoin is carried out quickly, the ideal method of use is for frequent and small transactions.
Regardless of the type of cryptocurrency wallet you choose, you must create your own unique BTC account. Identification is one of the stages of the procedure. Before entering personal data, especially when choosing a website, you need to make sure that the resource is reliable and exclude scams or phishing.
The algorithm for creating an account is extremely simple: enter your email address and mobile phone number. After the account has been successfully verified, you need to select a reliable storage location for the private key, which is access to the assets. His theft promises a complete loss of his cryptocurrency capital.
Choosing the right trading platform or exchange
Depending on the purpose for which all the ways to buy Bitcoin are studied, the type of platform also changes. Conversion can be done via:
online cryptocurrency exchangers;
exchanges;
P2P services.
Where to buy Bitcoin so that it is profitable is not difficult to decide. To trade with the aim of making a profit only in fiat, without having experience in using cryptocurrencies, it is better to give preference to a cryptocurrency exchange. Here you can initially practice how to buy Bitcoin in demo mode. You can also try different strategies and ultimately evaluate the potential profit margin.
If you have experience trading in the cryptocurrency market, exchangers will be your priority. Such services have a number of advantages:
high speed of transaction processing - debiting and crediting when using the automatic mode is carried out instantly;
high level of reliability - for this it is important to choose exchangers that have a high user rating and are included in the TOP on monitoring sites;
profitability - the commission on such resources where you can buy Bitcoin is low, and the exchange rate is adequate to the current situation on the market.
P2P are specific exchangers. Their main feature is that the opponent in the transaction will not be the company, but another private user of the cryptocurrency system. Financial conditions on such platforms are usually the most favorable, but there are questions regarding legal liability. Therefore, it is better to conduct transactions with special attention to security and fraud risks.
Methods for purchasing Bitcoin
Despite the fact that Bitcoin is such a popular currency, not everyone knows how to buy it. There are quite a lot of newcomers in the cryptocurrency sector who have difficulty understanding the specifics of all processes. For example, it is clear that there is no direct technical connection with the fiat system. Therefore, you need to use the services of intermediaries. There are several ways to do this.
Buying Bitcoin through bank cards
The easiest way to buy bitcoin is to use the services of an online exchanger and a bank card. To make a payment you must:
register on the selected service;
if necessary, verify your account by confirming your personal data;
indicate the Bitcoin wallet to which the money will be credited (enter the public key and wallet address);
indicate bank card details;
select a currency pair;
select the transfer amount;
set up verification methods and confirm the transaction using these methods.
Then you just need to wait for the money to be debited from the card and credited to your Bitcoin wallet. This usually happens within a few minutes.
Using bank transfers to purchase Bitcoin
This service is provided primarily on cryptocurrency exchanges. The step-by-step instructions assume the same algorithm as described above. Only the platform will be different, and when completing a transaction you must select the appropriate type - bank transfers.
When choosing this option, it is important to understand that money is credited to an account in the exchange system, as is withdrawal, within several days, and not instantly. When conducting a transaction, it would be a good idea to obtain a bank receipt, which will need to be provided to the support service if it takes too long for the money to be credited to the account.
Buying Bitcoin through P2P platforms
Since P2P platforms have their own specifics, before you buy bitcoin, you must:
make sure of the reliability of the service itself, for which, at a minimum, you need to check the duration of its operation, the availability of legal documents, and the rating on monitoring sites;
make sure of the reliability of the opponent in the transaction, for example, through personal correspondence;
familiarize yourself with various fraud schemes in advance in order to be on guard in case of incomprehensible reactions of the second party to the transaction.
You must remember that under no circumstances should you provide your private key to third parties. This is equivalent to giving your cryptocurrency assets to a stranger.
Making a Bitcoin purchase
The transaction execution algorithm is described above. However, when working with the exchange there are some nuances. Therefore, before finding out how to buy Bitcoin through the selected service, you need to rationally evaluate the proposed conditions:
exchange rate;
commission size.
You definitely need to make sure of the authenticity of the service, because today there are a lot of phishing sites and scam projects where either monetary assets in a certain amount, or personal and payment data are stolen according to various schemes.
When working with an exchange, you need to understand that most often it does not provide full ownership of cryptocurrency. That is, you can buy btc on the service and use them for trading, using various tools (paid or free). However, profits are usually withdrawn only in the fiat currency selected during registration. It is not possible to become a full-fledged owner of digital coins.
Security when buying Bitcoin
Whether you have a free Bitcoin wallet or an expensive hardware wallet, you must not forget about the security of your personal data. Therefore, it is important to adhere to the following recommendations when working with any services that support transactions with cryptocurrencies:
do not transfer your passwords and logins to third parties;
always check the site for authenticity and originality;
study reviews on thematic forums on trading, investing, cryptocurrencies in order to form the correct opinion regarding the level of security and trust;
perform regular backups to eliminate the risk of losing your own assets in the event of technical problems;
do not use the browser to store passwords and other personal data;
when choosing an intermediary service, be sure to make sure that the documents provided (registration of a legal entity, license) are not fake.
By observing simple precautions when working on different services, there will be no problems with losing your capital.
Conclusion
Bitcoin is not just the first cryptocurrency, but a truly working tool, which, if used correctly, can quickly improve your financial situation significantly. It is enough to figure out once how to buy Bitcoin and other types of digital coins, and then such simple questions will not arise. You can focus on compiling an investment portfolio, choosing strategies, and diversifying risks.
