How to buy BTC


How to Buy BTC: If You Are Novice You Can Get All Here!

Despite the constant volatility of the cryptocurrency market, Bitcoin is still relevant and causes a desire to make a purchase or investment. Still precarious Bitcoin exchange rate may inhibit decision making. Someone is afraid to invest because of the risk of a sudden decline, while someone simply does not understand where to start.

This article will not discuss whether you should buy cryptocurrency or enter this market now if you are a beginner. We will talk about how to purchase Bitcoin for those who have already decided to enter this market.

Despite the shakiness of the market, buying such a popular cryptocurrency is still not so simple. Especially if you are a beginner and have never encountered such a lot of pitfalls that can expect you. In this article, you will learn about the types of wallets and what are the best places to buy BTC.

What Kinds of Wallets Exist?

Most likely, you already understand that BTC does not have a physical form and this is not a familiar bill that you can put it in your usual wallet with other cash. But still, there are specialized wallets for such a currency. So, such wallets mean a public/private key that allows you to store currency, make a purchase or sale. As already mentioned, there are different types of wallets that you will learn about later.

The Most Common Type: Online and Mobile Wallets

This type of wallet is in high demand since it allows you to get quick access to cryptocurrency and also make a purchase or sale in accordance with Bitcoin price live. In such wallets, crypto is stored in the cloud. By the way, you can create several wallets for each currency separately.

Talking about security, if you use the most popular platforms, the degree of their reliability is high. But still, there is one drawback. If your mobile phone is lost, an attacker can gain access to your currency. Some wallets provide offline storage for added security.

The main benefits of such type are the following:

  1. The quick process of registering and creating a wallet.

  2. Preservation of anonymity, as there is no process of confirmation.

  3. Performing operations with several types of crypts.

  4. Fast transactions and quick access to currency.

Hence, there are some ponderable disadvantages:

  1. There are risks of cracking wallets.

  2. Additional costs in the form of a commission to the operations and additionally to the service. 

For What Purposes You Can Use Hardware and Software Wallets

Today it is one of the safest wallets that allow you to store currency for a long time. How to invest in Bitcoin? It’s vital to find a safe place for this. And such an option is ideal for those who are interested in investing in Bitcoin or for storing a large amount of currency.

It is significant to mention that this is a physical wallet that looks like a medium but works by generating random numbers to create both public and private keys. In other words, it is a cold wallet, and the keys are stored on the media itself. But still, despite all the advantages, the hardware wallet has a special pain point. We are talking about various problems that may arise inside the firmware. And of course, this is not the best alternative for those who need a lot of transactions since instant access to the savings is not possible.

As for the browser, they look like extensions to popular browsers (Chrome or Firefox). Such wallets have a minimalist and convenient design. But when using this type, you must be completely confident in the reliability of your computer and high protection against hacker attacks.

Let’s Discuss Paper Wallets

This type of wallet is striking in its uniqueness because it looks like a piece of paper with a QR code. This paper contains a public address and, of course, a private key. This option is suitable for long-term storage, but there are some nuances. Although the risk of breaking such a paper is minimal. The main disadvantage is that it is difficult to make transactions with such a wallet.

To make it clearer, let's look at an example. Let's say you have 15 bitcoins on such a wallet. You want to make a purchase worth 5 bitcoins. You will have to transfer the entire amount that is contained in this type of wallet to another, and then make a purchase. And you will have to return the remaining amount by transferring to a new paper wallet. That is, this option of storing currency is suitable for sending the entire balance immediately. Actually, this wallet is one-time, but as you understand, it is maximally resistant to hacker attacks.

The Top Platforms Where to Buy BTC

If you make a decision to start working with crypto, then you certainly must get a reliable wallet and the best Bitcoin exchange. You can choose the most suitable wallet due to your needs, but this is not enough to embark. You will also need a reliable place to carry out operations. Let's move on to the selection of the most suitable places where to buy Bitcoin.

Bitstamp

Is this the best place to buy Bitcoin? Despite this platform first appeared on the market, at the moment, you can find many negative reviews on the Internet. This is due to the complicated registration and affirmation procedure. But this only shows the level of security. And the advantage is the completion of transactions without any delay.

As for the commission, it ranges from 0.1 to 0.25 percent. Hence, it’s vital to emphasize that the larger the amount, the lower the commission. As you already understood, to replenish the account you will need to go through the check. It is worth noting that you can replenish your account with fiat money (real currency). If you strive for security, then on this platform you should not concern about it.

Bittrex

It is also a no less popular platform that offers many useful tools for the trade. As for commission fees, it is 0.25% for the purchase/sale. To replenish your wallet, you have to select the currency and enter the address where the money should be credited. The operation will be carried out after the check for the blockchain passes.

It is also important to note a good level of protection in all respects. Of the shortcomings, it is vital to note the change in the registration procedure which does not allow everyone to become a member of the platform.

Binance

This place is known for having its own BNB token. Also, this platform charges a fairly low commission of 0.1 percent. There is also a wide range of currencies, so if you want to go beyond Bitcoin, then this is quite realistic in this place.

But an important drawback should be noted. It’s better to refuse to use the mobile application for Android. Since failures in transactions have been repeatedly noticed, and transactions on this platform are not subject to insurance.

Coinbase

Perhaps this is the best place for beginners because it offers both the opportunity to create a wallet and Bitcoin exchange transactions. After the registration process, you can reinforce your bank account and transfer cryptocurrency to your account, or vice versa, transfer your funds from your account to cryptocurrency. Of course, there are commission fees.

It is worth noting that the wallet from this platform is safe. It’s possible to access your wallet both through the web and mobile applications. Get ready for the strict check. Actually, the security level is a business card of this platform.

Robinhood

This place opens an opportunity to control everything from the device. Another advantage is that there is no commission. And this is a real advantage. Therefore, this is a good place for novices to start selling/buying Bitcoin and, of course, Ethereum.

Your funds will be in your account. A particular disadvantage of this site is that operations are only available in 16 states. Hence, most likely in the near future this will be fixed. But if you are lucky and you live in one of these states, then do not pass by. It provides really good deals!

Coinmama

How to buy Bitcoin here? This is a universal wallet with which you can buy both BTC and some additional currencies in dollars and euros. In just a few clicks, you can make a purchase of bitcoin in value of 100, 200,1000 and even 5000 dollars. As you already understood, real-time transactions are possible here and it is popular due to the speed of transactions. But it is worth noting that the platform charges a high commission, unlike previous platforms. If you make a purchase with a credit/debit card be prepared for a fee in the amount of 5 percent. It is also worth noting that the platform provides a higher degree of protection compared to other open platforms.

Let’s Discover How to Buy Bitcoin with Credit Card

After you have opened your wallet, take care of how to get Bitcoins. If you decided to use your credit cards for this, you need to check out whether this is possible. It is about whether your bank supports cryptocurrency transactions. For example, not only some banks do not provide the possibility of operations with crypto, but some platforms do not allow the use of certain cards. Therefore, the first thing you should start with is to familiarize yourself with this information both within the platform and within the bank.

The next step is to familiarize yourself with the fees. Please note that with card transactions, this is a very significant issue. Each platform has its own tariffs for a deposit, so you should be aware of this in advance.

But let’s discover the common process, usually, you need to register, go through the affirmation procedure and wait for the check of your bank card. Only after this, you’ll be possible to buy or sell BTC. After, you should confirm the operation. Sometimes this will need to be done via email or phone number. 

BTC and PayPal: Is It Possible?

Today it is one of the most inaccessible ways to buy BTC. Previously, this could be done without problems, but now this process is more complicated. How to Buy Bitcoin with PayPal? To use PayPal you will need to use specialized sites. Typically, on such sites, the procedure is as follows:

  • Creating an account on a specialized platform.

  • Check out the options where the seller provides a form of payment such as PayPal.

  • Take care of your safety, eliminate the risk of fraud.

  • Make payment regarding the destination you have agreed with the seller.

  • Wait for confirmation from the seller. 

It is needed to emphasize that today it is extremely difficult to find platforms where you can use PayPal. But with a strong desire, you can find sellers who agree to the sale. Hence, you should be extremely cunning so that the risk of encountering scammers is extremely high. Therefore, if you have the opportunity to use another method, then do it inappropriately.

Is There the Chance to Buy Bitcoins with Cash?

In fact, this is the most reliable way, but it takes time and effort. So if you care about your safety, then this is the best way. Just check out if your place of residence has coin-operated ATMs. They come in different brands and differ in check methods. But still, the procedure algorithm has similarities. You need to choose a service to buy Bitcoin and then confirm your identity. How this will be implemented depends on the ATM, but in most cases, it is a confirmation of the code that will be sent to the mobile. Next, you will need to enter the address by scanning the QR code of the wallet. Then you need to enter cash and print a receipt at the end of the operation.

What is the best way to buy Bitcoin with cash? It’s possible to use specialized sites that act as an intermediary between the buyer and seller. When you find a relevant offer, then you meet with the seller and make the purchase directly in cash. Sometimes this can be done by bank transfer to the seller’s account. In this case, you definitely need to keep a receipt that you made the transfer. But still, in this case, no one cancels the risks of fraud, so be very careful. Of course, it is better when the deal will take place face to face, so to speak, rather than through the bank transfer of money.

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