The world is headed towards a totally cashless system. Bitcoin currency is one of the digital currencies that has made the cashless system a reality. To tap into this world of cryptocurrency, read this guide on how to buy bitcoin.
Choose an Exchange
Bitcoins are not purchased through an investment firm or bank. To buy BTC cryptocurrency, you need to pass through a trading platform. The platform allows you to exchange your currency for bitcoin.
For example, you can exchange your U.S. dollars for bitcoins. There are a wide variety of cryptocurrency exchanges where you can buy bitcoin online. Some popular ones include Gemini, Coinbase, and Kraken. These are online platforms where you buy and sell digital currencies. When choosing an exchange, base your decision on the fees, security, and variety of cryptocurrencies.
Connect to a Payment Option
After choosing a cryptocurrency exchange, gather your personal information. This includes your social security number, driver's license, and information regarding your source of income. The information required will vary depending on where you live and the laws of your state.
After the exchange verifies your identity, you can link a payment option. Many exchanges allow you to connect your bank account either through a debit or credit card or directly. It is not advisable to purchase bitcoin using a credit card because of the volatility of cryptocurrencies. You can buy bitcoin through digital payment platforms such as PayPal and Venmo.
In this phase, you need to select the amount of money and deliver it to the exchange. The fees you will have to pay and the time it takes will vary depending on the payment system. Card purchases are usually instantaneous, whereas bank transfers take time to be processed. After completing this step, the money will be delivered to the flat wallet of the exchange account. Now, you can use the money to buy bitcoin. In the exchange wallet, you have the option of buying or selling.
You now select the value of bitcoins you want to buy, and the transaction is completed. Alternatively, you can buy BTC crypto with solid cash, debit or credit cards, and wire transfers. Remember, you do not have to buy a whole bitcoin. You can buy fractions of bitcoins.
When it comes to crypto, bitcoin is one of the most popular ones. Learning how to mine, buy, and sell bitcoins is an earning opportunity you do not want to miss. To get started, research extensively and put your knowledge into action by trading on a reliable platform.