As the demand for cryptocurrencies continues to grow, many enthusiasts became eager to know the basics of how to buy Bitcoin (BTC). If you’re an aspiring crypto beginner, you should consider getting a BTC as soon as possible. This way, you can enter the thrilling scene of crypto trading and blockchain project developments.
Buying a Bitcoin (BTC) is easy and straightforward. This comprehensive article will guide you through the basics of buying BTC and keeping your investment safe.
Bitcoin (BTC) Buying Guide
Step 1: Find An Exchange That Supports Bitcoin (BTC)
First, you need to look for an exchange that accepts Bitcoin (BTC). You won’t have any problems looking for an exchange because Bitcoin is widely adopted and popular around the world.
Binance and Coinbase are some of the best cryptocurrency exchanges that accept Bitcoin (BTC). These exchanges have intuitive UIs, and their rates are also reasonable for beginners.
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- 300+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.020%*-0.070%*
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- Fees (Maker/Taker) : 1.49%*-3.99%*
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- Available in North America, South America, Europe, Asia, Oceania, Africa
Signing up in an exchange will take only a few minutes of your time. In the registration page, you must enter your personal details like full name, email address, and a custom password. Some exchanges might require you to leave a phone number for extra verification. Typically, the verification process for most crypto exchanges is fast.
You might also encounter a KYC (Know Your Customer) form during the registration. This is a common procedure among well-regulated crypto exchanges and financial websites.
Step 2: Deposit Funds to Your Account Through Any Method
You need some funds before you can buy a Bitcoin (BTC). Fortunately, it’s easy to add funds to your account because most exchanges allow users to buy crypto using fiat currency. The popular types of fiat currency are USD, EUR, AUD, and CAD. The popular methods of depositing funds are credit cards, bank transfers, and e-wallet transfers.
Before choosing a payment method, you must be ready to cover the transaction fees. Some methods have higher fees than others, so you must have proper research. Remember, these fees will pile up throughout your trading journey!
Step 3: How to Buy BTC Immediately
It’s actually easy to learn how to buy Bitcoin or any other cryptocurrency. The process takes only a few minutes. First, you need to find the crypto exchange’s search bar. This bar is commonly located on top of the web page. Upon finding the search bar, start looking for Bitcoin (BTC). Just observe the crypto ticker in order to spot BTC in less than five seconds. You can also search for Bitcoin trading pairs for easy transactions.
After your quick crypto search, just type the amount of BTC that you intend to purchase. Be sure to double-check all details to avoid possible errors. It’s better to be safe than sorry because crypto transactions are difficult to reverse.
Before the transaction, your chosen crypto exchange might refer you to an affiliated wallet app. This app is useful if you don’t have an electronic wallet for holding cryptos. Otherwise, you can always proceed in a transaction without installing anything.
Everything You Have to Know About Bitcoin (BTC)
Bitcoin is the world’s original cryptocurrency. The conception of Bitcoin started when a person or a group under the pseudonym Satoshi Nakamoto published a detailed whitepaper and mailed it to a cryptography list. Months after the release of the Nakamoto whitepaper, Bitcoin went live and started changing the world.
On the surface, Bitcoin is a digital currency meant to circulate without the influence of a central authority or a governing body. Bitcoin is decentralized and it can be transferred to anyone at any time. Since there’s no central authority, a reliable system is needed to automate and verify transactions. This is where Blockchain technology enters the frame.
The Blockchain is a complex list of immutable digital records linked by cryptography. Each block in the chain contains the hash (recorded data) of the previous block, a timestamp, and complete data of a transaction. The primary validation method of the Blockchain is Proof-of-Work. Basically, the Proof-of-Work means that computational work has been expended, raising the validity of a transaction.
Since the Blockchain relies on combined processing power and cryptographic computation, it nullifies the need for a central authority. Every transaction is announced publicly, and the whole system runs on a peer-to-peer basis.
To get a Bitcoin, you must have a dedicated Bitcoin wallet. Your wallet contains a public key and a private key. The public key is needed for BTC transactions, while your private key is a transaction validator. You must keep your private key secret at all times. Don’t leave digital footprints of your private key unless you want to expose your BTC wallet to the world!
What Makes Bitcoin (BTC) Unique?
Bitcoin is unique because it is decentralized and free from the control of any governing entity. Since Bitcoin is decentralized, its price can’t be affected by a specific group or person’s influence. Anyone around the world can also get Bitcoin as long as they have a crypto wallet.
When it comes to supply, Bitcoin has a hard cap of 21 million BTCs. Currently, up to 19 million BTCs have already been mined. This is the reason why Bitcoin is valuable and its price will continue to increase over the years.
Lastly, Bitcoin is immutable. Nothing or no one can alter the information within the network. Due to Bitcoin’s immutability, it is safer and more reliable than traditional currencies.
Who Are the Founders of Bitcoin (BTC)?
Up to this day, no one knows who the real founder of Bitcoin is. The world can only speculate that the Bitcoin founder is an anonymous person dubbed Satoshi Nakamoto.
The pseudonym Satoshi Nakamoto is often linked to several influential people:
- Dorian Nakamoto – His name is very close to the pseudonym, but he denied the allegation. Also, he wasn’t working as an engineer at the time of Bitcoin’s launch.
- Craig Wright – Though Wright claimed that he was one of the people behind the rise of Bitcoin, many experts released evidence against the claim.
- Nick Szabo – Nick is a computer engineer who was behind BitGold – the precursor to Bitcoin. Experts believe that his experience with BitGold allowed him to branch into the more innovative Bitcoin.
- Elon Musk – Crypto experts and enthusiasts believe that Tesla mogul, Elon Musk, is behind Bitcoin. However, Musk denied the allegation a couple of times.
- Paul LeRoux – A former cartel boss, drug dealer, and programmer, LeRoux was often touted as Satoshi Nakamoto. One strong point is the fact that LeRoux is the creator of an E4M encryption platform known as Truecrypt.
What Are the Use Cases of Bitcoin (BTC)?
There are many ways to use a BTC. Most of these use cases are related to fund transfers and participation in the BTC ecosystem.
These are the popular use cases of Bitcoin (BTC):
- Speculative trading
- Payment options
- Asset for investment
- Diversification option
- Earning opportunity for people without bank accounts
Official website: https://bitcoin.org/en/
Essential Points of the Bitcoin (BTC) Whitepaper
The Bitcoin Whitepaper is purely technical and straightforward, exploring topics like cryptography, blockchain, and the prevalence of cryptocurrency.
Here are the strong points of the BTC Whitepaper:
- The global benefits of Bitcoin
- Bitcoin as an ‘electronic cash system’
- Blockchain and the Proof-of-Work method
- Mining incentives
- How Bitcoin protects users’ identities
The Best Cryptocurrency Wallet for Bitcoin (BTC)?
Knowing how to buy Bitcoin (BTC) is just the first step of your cryptocurrency adventure. Next, you must think about the security aspects of your crypto investments. Thanks to the Internet, you can now choose from a broad range of free cryptocurrency wallets.
Somehow, hot storage wallets are the first types of wallets that you’d encounter. In a nutshell, hot wallets are the same as digital wallets. Since these wallets are always connected online, they allow unlimited access at your convenience. Registering to a hot wallet is free and it will take only a few minutes.
You will also encounter cold storage wallets. These cold wallets are also known as physical storage wallets. One clear advantage of a cold wallet is its advanced security function and portability. You have direct control over the security of the wallet because you can store it anywhere you want. The downside is that cold wallets are not free – they have the potential to set you back by as much as $300. Don’t worry, if you look hard enough, you can find some affordable cold wallet deals.
What Factors Can Affect My Choice of Crypto Wallet for Bitcoin (BTC)?
Listing down your direct preferences will make it easier for you to shop around for reliable crypto wallets.
- Pick a hot storage wallet if you’re an active crypto trader and not a HODLer
- Always choose a hot wallet that supports multiple cryptos. This wallet will make your trading life easier.
- If you have money to spare and precious cryptos in your portfolio, just get a cold storage wallet. It may be pricey, but the security benefit is worth every penny.
- To simply test things, just register to a free hot wallet and upgrade your membership later.
- Hot wallets are capable of technical analytics. This function can help you formulate some trading and investing insights.
The Best Cold Wallet Brands That You Shouldn’t Miss
Now that you know how to buy Bitcoin (BTC), you should invest in a high-quality storage wallet. Buying a cold wallet is always a wise choice because it has better security, improved functionality, and reliable durability.
The best cold wallet brands right now are Ledger, Trezor, and Keepkey.
Ledger is a popular brand because of its advanced security features and additional technical functions. The Ledger interface will only allow you to send crypto if the storage is connected to a personal computer or a mobile phone. Think of this feature as an extra layer against hacking and online vulnerabilities.
Trezor is an award-winning choice because of its functionality, style, and portability. The Trezor UI is also easy to use, and the security level is even at par with Ledger.
Keepkey is great for crypto beginners with tight budgets. The Keepkey physical wallet may be cheap but it has a bank-grade security level that can put other coded locks to shame.
General Market Overview for Bitcoin (BTC)
Are you determined to learn more about Bitcoin (BTC)? In that case, feel free to visit our crypto blog and read our recent articles and news.
These are the common topics and categories from our crypto blog:
- Trading speculation about Bitcoin (BTC)
- Accurate market prices and news
- Cryptocurrency charts with detailed histories
- Whitepaper summaries