Buying bitcoin online is quick, secure and easy. All you need is to sign up for an account and create a wallet where you can hold your cryptos.
A bitcoin purchase process consists of four steps, including choosing a venue or exchange, connecting with a payment method, placing an order, and ensuring safe storage for purchased cryptocurrency.
1. Sign up for an account
The first step in buying bitcoin online is to sign up for an account. This process typically involves creating an email address and a strong password, and enabling two-factor authentication to increase your security.
Once you’ve registered, you will need to verify your identity with the exchange. This is an essential part of preventing fraud and meeting federal regulatory requirements.
After you’ve verified your identity, the next step is to link a bank account or credit card through which to deposit fiat currency and spend it to buy crypto. This can be done quickly and easily on most exchanges.
Using your bank account to purchase cryptocurrency is an excellent way to save money on transaction fees, as well as reducing the risk of chargebacks. However, there are some risks involved in this process, so make sure you know all the details before purchasing.
2. Create a wallet
A wallet is a digital tool that safeguards the secret code needed to use Bitcoin and helps manage transactions. Wallets are available in different forms, including software, hardware, and web-based ones.
The type of wallet you choose depends on your needs and level of experience. For example, if you’re just starting out, you may prefer to use a software or mobile wallet, which are usually free and require no personal information.
Regardless of the type of wallet you choose, it’s important to make a backup of your private key. That’s a series of 12 or 24 randomly generated words, which you can write down and keep in a safe place.
Once you’ve backed up your private key, you’re ready to start storing your Bitcoins. However, it’s important to remember that if you lose this key, you won’t be able to access your funds. That’s why it’s important to always be able to recover your key, and never forget it!
3. Place a buy order
To buy Bitcoin, you first have to sign up for an account with a reputable exchange. This requires some personal information, which helps the exchange comply with anti-money laundering regulations.
Once you’ve verified your identity, deposited money into your account and created a wallet, you can place a buy order. Depending on the exchange you choose, this process may be as simple as tapping a button or entering the ticker symbol for the cryptocurrency you’re interested in buying.
Many peer-to-peer exchanges like Bybit https://www.bybit.com/en-US/ allow you to post a buy order directly with other peers, who are usually located near you. You must identify a seller who offers you the lowest price, adheres to your buy order terms and accepts your preferred payment method (bank transfer or PayPal).
4. Make the payment
The best way to go about this is to use a reputable exchange and stick to their terms and conditions. Fortunately, most of the major players are licensed and regulated to boot. To get you started, we’ve rounded up the most trustworthy exchanges in the business for you to check out. In particular, we’ll be looking at the top notch players in Germany, Switzerland, and the Czech Republic. You can even set up an account in one of these jurisdictions for free. We’re here to help you make the most informed bitcoin purchasing decision possible. Our team of experts is always ready to assist with any questions you may have in the name of good karma.
