How to Buy Bitcoin for The First Time?

How to Buy Bitcoin for The First Time?


Obviously powered by Blockchain, Bitcoin is the most popular cryptocurrency out there. Its extensive acceptance around the world has provoked masses to know where to buy bitcoin and how to get bitcoin instantly.

If you are aware about the basics of Bitcoin and excited about the potential and now you want to buy some. Then here you go this step-by-step guide can teach you the quick and easy way to buy Bitcoin.

Be ready to turn into an active participant in the Bitcoin Economy!

famous bitcoin buy guide

Also Read: Famous Blockchain Games

How to buy Bitcoin?

Follow the steps to make your first Bitcoin Purchase:

Step 1- Find & Sign Up for a Good Bitcoin Wallet

Before you proceed to buy some bitcoin, you need to have a Bitcoin wallet. Digital wallets are used to store your digital currency before you can use it to spend, sell or exchange (acts like a bank account).

You can have wide variety of wallets to choose from, so it would be better to do some good research and then sign up for a Bitcoin wallet which suits your needs.

–    Read about different Types of Bitcoin Wallets You Can Use right here. Also, you can opt for third party wallets apps, which you can look here.

NOTE: Don’t forget to put the strongest password for your wallet, because if you lose them, you lose access to the bitcoin you’ve stored there.

buy bitcoin guide
Image Source: Space-O Technologies

Step 2- Look for a Bitcoin Trader

Next you have to gaze for the right Bitcoin Exchange, which can buy and sell on your behalf. Bitcoin exchange is the place where buyers and sellers meet and conduct business. Bitcoin Exchange or Trader acts as a go-between buyers and sellers of cryptocurrency.

There are numerous Bitcoin exchanges that are currently operating. You can look for Best International Bitcoin Exchanges here.

bitcoin trader
Image Source: Quora

Also Read: How will GDPR affect Blockchain?

Step 3- Choose a Purchase Method

Just for an example we are using Coinbase (World’s largest Bitcoin Broker) Signing up for it, is damn easy, you just have to provide basic information, ID Proof and may be live image of your face using a webcam.

Bitcoin Exchanges supports several types of Purchase Method. If we talk about to Coinbase it proffers payment through credit or debit card. It doesn’t support payment through cash or PayPal.

choose bitcoin purchase method

How to buy Bitcoin with Credit Card or Debit Card?

As Coinbase supports payment through credit/debit card, you just have to sign up for Coinbase account > Connect your Bank Account > Buy/Sell Bitcoin.

Remember when using your credit card, inform your bank previously that you’re about to buy bitcoin.

If you want to buy bitcoin instantly then you can shoot other platforms (CEX.IO, BitPanda, & CoinMama), which proffers payment through credit/debit card and accepts both Visa and Mastercard, with charging a small fee.

bitcoin with credit or debit card
Image Source: CryptosRUs

How to buy Bitcoin with Cash?

Platforms like LocalBitcoin, LibertyX (Android, iOS) , Bitcoin ATMs, WallofCoins, BitQuick, and Paxful allows you to exchange Bitcoin for Exchange.

These platforms are quite private to buy Bitcoin. Just fulfill the average charges and buy Bitcoin with Cash or they will direct you to local Bitcoin ATM.

bitcoin with cash
Image Source: Quartz

How to buy Bitcoin with PayPal?

Since cryptocurrency exchanges not support buying Bitcoin using PayPal, but you can still buy Bitcoin with PayPal with a direct trade. There are some websites which become an intermediate to bring people together who are looking to Buy/Sell Bitcoin and accepts PayPal as a mode of payment.

These websites are VirWox, XCoins, Local Bitcoin, Wirex, and Paxful.

bitcoin with paypal
Image Source: CryptosRUs

There are more options available in the market to make purchases, so these should not be taken as a recommendation, you can explore for more platforms!

Also Read: Famous Companies using Blockchain Technology Today

Step 4- Buy & Store Bitcoin in Your Wallet

Now after you have chosen your payment mode to buy Bitcoin, be ready to make your first trade, select the amount of Bitcoin you want to buy. Using any of the platforms above, place your order and purchase Bitcoin at the best market rate.

Remember not to invest more than you can afford to lose, as Bitcoin are volatile and the prices can ever go down/up.

NOTE: Be patient while you trade Bitcoin as it can be bit sporadic, as the transactions have to be recorded in Blockchain it can be time consuming.

bitcoin in wallet
Image Source: SecurityZap

We hope this blog has helped to clear your vision about how to buy bitcoin as a beginner. Once you have bought some bitcoin you can sell them, save them in your wallet, spend them to make any purchase or exchange them for cash.

Learn various trading ideas and strategies and earn unexpected gains.

So, Happy Bitcoin Trading!

What Do You Think?

Leave a Reply